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Madagascar Oil Subscribed $26.5 Milion Placing

Source: www.gulfoilandgas.com 2/22/2012, Location: Africa

Madagascar Oil is pleased to announce it has successfully raised, through Mirabaud Securities LLP and GMP Securities Europe LLP, gross proceeds of approximately US$26.5 million (based on the prevailing USD/GBP exchange rate) (the "Placing") through a placing of 59,900,000 new common shares of par value US$0.001 (the "Placing Shares") at a placing price of 28 pence per Placing Share (the "Placing Price"). The Placing Price represents a discount of 3.45% to the closing middle market price of 29 pence per common share on 21 February 2012, being the last trading day prior to this announcement. The subscription for Placing Shares will be in accordance with, and subject to, the terms and conditions set out in the appendix to this Announcement. In addition, Mirabaud Securities LLP and GMP Securities Europe LLP have placed out 24,953,180 existing common shares, previously held by Touradji Capital. Accordingly, Touradji Capital no longer has a notifiable interest in the Company.

In order to accelerate the Company's active work programme in Madagascar, the net proceeds will primarily be applied towards:
Extending the funding for completion of the testing phase of the Tsimiroro steam flood pilot through to August 2014.
Additional development drilling on Tsimiroro in 2012, following the success of the recent drilling campaign, which significantly increased the Company's contingent and prospective resources.
Undertaking Fugro Airborne Gravity Gradiometry survey and the acquisition of additional seismic on the exploration blocks in 2012 and 2013.

This additional funding significantly strengthens the Company's financial position to execute this next key stage of development as the Company works towards commercialisation of the Tsimiroro oil field.

Commenting on today's announcement, Laurie Hunter, Chairman and CEO of Madagascar Oil, said:
"We are very pleased with the response from the market and to have successfully completed today's Placing. This strengthening of our balance sheet marks another important step towards the successful development of our assets and enables us to further prove up our significant resource base."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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