Madagascar

Gippsland Offshore applied for exploration acreage from the Government of Madagascar in November 2006. Gippsland Offshore (60%) and its joint venture partners have been negotiating final terms with the Office for National Mining and Strategic Industries (OMNIS) for some months. The recent attempted coup and change in government in Madagascar has left the status of the award of this acreage unclear at this time. Gippsland Offshore remains committed to securing and exploring the offshore area of Madagascar and will advise the status of the project in due course.

The Cape D’Ambre area is 16,000km2. In line with Gippsland Offshore's strategy to fast track the exploration and targeting process, the company will commence the exploration program as soon as practical after the signing of the PSC.

To date, there is an estimated 20 billion barrels of oil in the yet undeveloped tar sands and heavy oil accumulations on the island’s west coast. With only 10 exploration wells having been drilled in the offshore basins, the area is truly underexplored. Early mapping indicates excellent opportunity for oil and gas accumulations in the permit.

Updated 23 Oct 2009