Madagascar Oil Sells $80 Million in Shares to Tap African Field

Bloomberg.com reports that Madagascar Oil Ltd. plans to sell $80 million in shares on London’s Alternative Investment Market to fund its heavy crude pilot project.

The market news is quoted as saying:

The company plans to develop the project at its Tsimiroro field to pump about 1,000 barrels a day of heavy oil using steam, said Chief Executive Officer Laurie Hunter. The deposit may hold 965 million barrels of oil resources in place, Madagascar said today in a statement.

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