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MADAGASCAR'S LOW-SULPHUR OIL TARGETS SHIPPING FUEL SECTOR

Friday, March 20, 2020 

Madagascar Oil (MOIL), a producer of low sulphur fuel oil from the Tsimiroro fields on the island of Madagascar, has made a new appointment to its Board and is focusing on shipping's requirement for oil with sulphur content of under 0.5%.

The company has 2P reserves of 614 million barrels and 3C resources of 1.6 billion barrels. MOIL is a low cost producer focused on the ongoing development of the Tsimiroro Field, which has a medium term production target of 45,000 bpd, and projected peak production of 90,000 bpd.  MOIL is committed to the highest standards of Environmental, Social and Governance (ESG) performance. 

Given the Tsimiroro crude’s low sulphur content (0.3%), it is helping to reduce global sulphur pollution, and sustain global shipping and trade.  The project itself is designed to have a low carbon footprint, using solar to power crude production. The Company's major shareholder, Singapore-based Benchmark Group, is a developer of heavy oil projects and brings a strong corporate governance framework.

MOIL has appointed Kiran Raj to the Board, as a non-executive director, with immediate effect. Raj has over 25 years of corporate, investment banking and advisory experience to the Company. Most recently he was CFO and an Executive Director of KrisEnergy, an upstream oil & gas company listed on the Singapore Exchange.

Raj said: “I am very pleased to join Madagascar Oil’s board today. I believe that the Company’s success in proving the significant reserve potential and the pending production of cleaner and very low sulphur fuel oil that meets IMO2020 standards, will not only ensure the greener development of the Tsimiroro oil field but the energy security for Madagascar. The Company is working hard to roll out its development plans whilst navigating through these volatile market conditions.”

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