Madagascar raises Tsimiroro funds

Funded: Madagascar has raised the cash needed to fund its Tsimiroro heavy oil development

Madagascar Oil

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Josh Lewis

 12 February 2013 09:09 GMT

London-listed junior Madagascar Oil has raised the funds needed for its Tsimiroro cyclic steamflood project in Madagascar.

The company raised about  £49.5 million ($77.3 million) via the issuance of, in aggregate, more than 275.2 million new common shares.

The money raised will likely be used to fund the $65 million Tsimiroro cyclic steamflood project on Block 3014, which has been hit with rising costs since its original forecasted outlay of $36 million.

In 2011 Netherland Sewell & Associates Incorporated gave the Tsimiroro field a contingent best estimate of original oil in place of 1.7 billion barrels.

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