Hoifu Energy acquires complete stake in Madagascar’s Block 2101

oil madagascar-rsvstks sxc.huThe block covers 10,400 square kilometres in the northern part of the southeast African country. (Image source: rsvstks/sxc.hu)Hoifu Energy has announced that it has acquired 100 per cent interest in onshore Block 2101 in Madagascar

The block covers 10,400 sq km in the northern part of the southeast African country, but no exploration work has been carried out there, according to the Hong Kong-listed firm

It added that signs of oil and gas were found in those wells using legacy technologies, but not in amounts deemed to be commercial.

Madagascar Northern Petroleum Company (MNPC) initially held the rights to engage in oil and gas exploration on Block 2101 for eight years, with possible extensions of two years and five years for oil and gas respectively.

It also holds the rights for exploitation and operation of the block for 25 years, with a possible five-year extension, and gas for 35 years, with a possible 10-year extension.

Hoifu Energy officials said that it planned to appoint professional institutions to start the relevant work needed to commence exploration and exploitation operations at the block once it completed its acquisition of MNPC.

 

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