28th Oct 2014 09:30
LONDON (Alliance News) - Madagascar Oil Ltd said Tuesday it has submitted its Tsimiroro Development Plan for Block 3104 in the field and is now working to secure funding to proceed.
The country's Office des Mines Nationales et des Industries Strategiques has 30 days to make any comments and if none are made, Madagascar Oil can assume its plan is approved. If approved, the company expects to receive a 25-year licence.
At 0908 GMT, shares in the company were unchanged at 8.50 pence.
By Ian Edmondson
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