16th Apr 2015 07:22
LONDON (Alliance News) - Madagascar Oil Ltd shares rose early Thursday after the company said its development plan for the Tsimiroro oil and gas project in Madagascar has been approved.
The company said it has been awarded the Development Mining Title for Block 3104 at the Tsimiroro site. It is the first production sharing contract to enter the development phase in the country and awards a 25-year development mining title, with potential extensions to enable a development period of up to 50 years.
"We are delighted to have reached this significant milestone in the growth of Madagascar Oil. Being the first company to reach the development phase within Madagascar is a truly exciting opportunity, both for us as a company, but more importantly for the people of Madagascar," said Madagascar Oil Chief Executive Robert Estill.
Shares in the company were up 62% on the news to 8.25 pence, one of the best performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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