Madagascar resolves Tsimiroro dispute

Back to work: Madagascar Oil has resolved its dispute with the government relating to Block 3104 which holds the Tsimiroro discovery

Madagascar Oil

related stories

Josh Lewis

, Josh Lewis

 24 June 2011 08:59 GMT

Houston-based Madagascar Oil has resolved its dispute with the government of Madagascar over onshore Block 3104, which contains the Tsimiroro heavy oil discovery, and is looking to resume trading on the London Stock Exchange.

The company only began trading on the Alternative Investment Market in November but suspended trading the following month after the government of Madagascar approached it about buying its 100% stakes in four onshore blocks, including 3104.

In March the company declared a force majeure under four production sharing contracts for Blocks 3104, 3105, 3106 and 3107 and in April filed a request for arbitration for breach of contract by the government and the country’s regulatory agency Omnis.

However today Madagascar Oil said its 2011 and 2012 work programme was…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index