Madagascar Oil CEO looking for strategic partners to realise long-term export plan

Apr 15, 2015, 07:29 AM

Madagascar Oil (LON:MOIL) CEO Robert Estill tells Proactiveinvestors that there are potentially fifty years of development ahead at their Tsimiroro field, once the Madagascan government endorse the explorer’s heavy-oil development plan. “As long as we continue to develop the asset and develop it profitably then it is a long-term return that investors can take advantage of,” he said.

Estill said the company looks to produce tens of thousands of barrels of heavy oil and that since the local market can only support so much, the long-term plan will be to export to international markets. Then the company will look to striking strategic partnerships. Estill says that while Madagascar Oil does have a certain level of expertise, they do need additional support including drilling, a pipeline capacity and facilities capabilities.