Tellus Resources to buy Caracal Energy’s share in Madagascar’s onshore asset

oil africa-rsvstks sxc.huThe oil block is located one hour from a major airport and the port of Madagascar. (Image source: rsvstks/sxc.hu)Australian company Tellus Resources will acquire Caracal Energy’s 25 per cent interest in the oil exploration asset Bezaha Oil Project Concession (Block 3114) located in Madagascar for 85mn company shares

Located off the southeast coast of Africa, Tellus Resources also has the right to acquire up to an 80 per cent interest in the stake.

Block 3114, which comprises around 10,000 sq km of onshore acreage, has recently been the subject of a seismic campaign which has identified large scale oil targets together with at least one drill ready prospect. The drilling campaign is planned to commence later this year, Tellus Resources said.

The acreage the subject of the acquisition has recently been the subject of a seismic campaign which has identified large scale oil targets. As such, a drilling campaign is planned to commence in the latter part of this year, the company added.

Carl Dorsch, MD of Tellus Resources, said, “This onshore oil prospective asset in Madagascar will add significantly to the company’s suite of high impact oil exploration assets. I have considerable experience in working in franchophone Africa and I’m looking forward to the opportunities in neighbouring Madagascar, which is located off the south east coast in one of the most prospective exploration areas remaining in the world.”

Under the sale agreement, Caracal’s Energy 25 per cent shareholding interest in PetroMad (Mauritius) Limited, which owns a 100 per cent interest in the concession located in southern Madagascar.

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