Delivering Madagascars first commercial heavy oil NOVEMBER 2014
Outline Introduction Operational Update Steam Flood Pilot Oil Sales Tsimiroro Development Plan Financing Future Plans Appendices 1
Investment Highlights The Tsimiroro Block 3104, onshore Madagascar (Madagascar Oil S.A. (Madagascar Oil SA) (100%) A giant heavy oil reservoir - Netherland Sewell 2011 Contingent Resources o P10 1.100 Billion Barrels o P50 1.688…
Madagascar: A new Political Beginning President Hery Rajaonarimampianina Was democratically elected and became the new President in January 2014, five years after the coup of 2009 President and his new Government is receiving…
Tsimiroro Steam Flood Pilot (SFP) Conceived after 2008 Cyclic Steam Stimulation (CSS) or Huff and Puff success Designed as a test of the thermal recovery method successfully applied in California and Indonesia Recovery Factor (RF)…
Steam Flood Pilot - 18 months on Progress Achieved Thermal Recovery Mechanisms are working in the Steam Flood Pilot Area Cyclic Steam Stimulation (CSS): Cyclic Steam Stimulation Oil Rates are Good averages over 20 BOPD Steam is…
Steam Flood Pilot Operations Oil Production CSS has been successful - oil production rates per well have demonstrated averages of over 20 barrels of oil per day (bopd) rates of 16-24 bopd can be expected from CSS phase from Tsimiroro…
CSS (Huff and Puff) Operations Initial Pilot wells have completed 6 or 7 Huff and Puff Cycles (eg PSF-3 currently in its 7th cycle) Tsimiroro Steam Flood Pilot - PSF-3 CSS Well Performance 350 Cycle 1 Cycle 2 Cycle 3 Cycle 4 Cycle 5…
Temperature Observation Well Monitoring Temperature Observation wells allow tracking of the thermal response OBSF-1 Temperature Observation Well Temperature [C] 0 25 45 OBS-01 Response 65 85 24-nov-12 26-Apr-13 1-May-13…
Tsimiroro Oil - Sweet, heavy, marketable crude Extensive analysis has been performed on the crude that confirms: Tsimiroro Crude Oil API 14-15. Low Sulphur Refinery Tests Tsimiroro (Saybolt, Rotterdam) raw Crude Study completed in…
Submission of Development Plan [Front cover of Development Plan document] [Back cover of Development Plan document] Block 3104 Development Plan submitted on 27 October 2014 which requires approval under the PSC Process and…
Key Themes of the Development Plan The Development Plan covers the entire acreage of Block 3104 and covers: Tsimiroro Main Field description Geology and Geo-Physics Reservoir engineering Numerical and Analytical modelling…
Intended Phased Development Licence area to be retained, developed and appraised on a step by step basis Steam Flood Pilot Phase 1a Phase 1b Phase 2 Reservoir target 3 Million Barrels 54-75 Million 135-200 Million 600 Million…
Tsimiroro License Development Anticipated Timeline for Tsimiroro Development Source: Block 3104 Development Plan submitted 27 October 2014 Company estimates of timeline 13
Ready to move onto Phase 1(a) Company intends to raise around US50m in early 2015, subject to Development Plan approval, to commence Phase 1(a) activities. Phase 1(a) of the work programme under the Development Plan based upon…
Overview of Placing and Open Offer Gross proceeds of up to US26.1 million (net US24.8 million) to be raised from new and existing investors at 10.25p per share: Approximately US20.0 million raised through a placing (Placing) in…
Use of Proceeds Placing & Open Offer Placing & Fully subscribed Placing only Income and Costs from 1 September 2014 Open Offer US US Total US US Total Available Funds: Cash in Hand 31 August 2014 5.2 5.2 Estimated net revenues…
Strategic Fund-Raising Options Interest has been shown by strategic parties and the Board believes that: progress with the Tsimiroro Block, including the Declaration of Commerciality, the submission of the Development Plan and the…
Summary Seeking to move from Exploration & Appraisal to Production & Development (*) World class strategic asset multi billion barrel resource in place with exploration upside A Country with momentum: Located in the East African…
Appendices 19
Tsimiroro Field History Timeline Tsimiroro Field history - a +100 Year Timeline 20 Source: As presented by Company to OMNIS Development Plan Working Group 30 May 2014
Steam Flood Operations Steam Flood Pilot wells The Steam Flood Pilot Area is a 5 spot pattern with 16 production and 9 injection wells 21 Source: Internal Company diagram
Actual CSS Performance per Well Oil Production per CSS cycle has been increasing for most wells signs are positive Tsimiroro SFP CSS Performance - Oil Rate per CSS cycle to end October 2014 4,000 1st Cycle Source: Company daily…
Steam Flood Operations - Steam Injection Steam Injection Rates good individual well rates at low injection pressures are preferred 250-350 BWEPD…
Tsimiroro Steam Flood Pilot Steam Flood Operations Typical Well Wireline Log The Amboloando sandstone is encountered at 110-120 metres depth - 70-80 metres thick 24 Source: Appraisal Report submitted to OMNIS in April 2014
Tsimiroro Steam Flood Pilot Good Uniform Reservoir Quality in the SFP Area A Log Cross Section shows the oil column and reservoir continuity across the SFP Area SW PSF-05 OBSF-01 PSF-06 ISF-05A OBSF-02 ISF-09 OBSF-03 NE Amboloando…
Steam Generation and Distribution Facilities 26
Production, Separation and Oil Storage Facilities 27
Madagascar Oil - Community Projects Working with local villages to provide health, education and sanitation improvements Health Clinic Handover in Ankisatra Water well completion in Beravina Income Generation Nursery Plantation…
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