Petroleum Africa
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Thursday, June 12, 2014
Tellus Resources has entered into a deal that will have it exploring in Madagascar. The company will acquire a 25% interest, with an option to acquire up to 80%, in the Bezaha Oil Project concession (Block 3114). The deal was entered into with Caravel Energy.
The terms of the deal have Tellus issuing 85 million shares in the company; 65 million of this will go to Caravel and 20 million will go to certain other creditors. Under the Sale Agreement the company has agreed to acquire Caravel’s 25% shareholding interest in PetroMad (Mauritius) Ltd, the company that holds 100% interest in the acreage.
The asset, which comprises approximately 10,000 sq km of onshore acreage, has recently been the subject of a seismic campaign which has identified large scale oil targets together with at least one drill ready prospect. As such, a drilling campaign is planned to commence in the latter part of 2014.
Simultaneously, Tellus has entered into agreements which provide it with debt facilities to borrow up to $550,000. The company is expecting an R&D rebate from the ATO later this year which will more than cover any amounts drawn down from these facilities.
Commenting on the deal, the company’s MD, Carl Dorsch, said: “This onshore oil prospective asset in Madagascar will add significantly to the company’s suite of high impact oil exploration assets. I have considerable experience in working in franchophone Africa and I’m looking forward to the opportunities in neighboring Madagascar which is located off the south east coast in one of the most prospective exploration areas remaining in the world.”
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