30th Jun 2015 08:57
LONDON (Alliance News) - Madagascar Oil Ltd on Tuesday said it has hired an adviser to identify a partner for the Tsimiroro project and it secured a USD5 million financing facility, as it posted a slightly narrower loss in 2014.
The company said it has hired Jefferies International Ltd to work as its strategic adviser and to secure a partner for Tsimiroro. In addition, the company has secured a USD5 million financing facility from shareholder Outrider Management LLC to back continuing work at the site.
For 2014, the company said its pretax loss was USD12.0 million, slightly narrowed from a USD12.1 million loss a year earlier. The company does not generate any revenue.
Madagascar says it currently has 110,000 barrels of oil in storage, with plans to target domestic sales of the oil and talks currently ongoing with several potential customers in Madagascar. It added that talks on securing a partner for Tsimiroro are ongoing and that the discussions held so far have been positive.
Shares in Madagascar were up 0.5% to 9.5502 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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