Sponsored Report MADAGASCAR BACK TO THE INTERNATIONAL SCENE

MADAGASCAR On the road to stability and development

With its return to the international scene, 2016 stood out work with us.” There are already a number of US companies working as a key year for Madagascar and 2017 is forecasted to be with Malagasy partners, such as the country’s year for reconstruction Caterpillar, Ford and Symbion Pow- er, who have all chosen to do busi- There is no question that Madagas- na, stresses, “We aim to achieve a ness with local players, and Groupe car made progress in 2016, as high- growth rate in GDP of 4,5%, and Star, Coca-Cola’s oldest partner in lighted by the Malagasy President, we believe that our current policies the world dating back to the 1950s, Hery Rajaonarimampianina: “Look- will help us reach this goal in 2017. is the leading beverage manufactur- ing back at 2016, we can really talk We are trying to attract investors er and distributor in the country. Hery Rajaonarimampianina about political, social and economic by improving the business environ- Sara et Cie is a Malagasy compa- President of the Republic achievements, as demonstrated by ment. We are a country blessed with ny specialized in working with inter- of Madagascar the strengthening of our relations resources of wealth, but we cannot national donors. As a leader in con- with donors and the hosting of claim that we can achieve our goals struction, the company is a prime Cie’s Managing Director, David world-class summits which, in turn, without external aid.” The govern- example of a Malagasy business that Ranaivo, believes foreign investors helped consolidate the country’s ment will be investing the funding managed to survive the 2009-2013 would benefit from working with stability.” At the Francophonie and into specific sectors. Agriculture will crisis period, during which it lost local partners: “If foreign investors COMESA summits, the coun- be at the forefront, a sector which 80% of its turnover and was close to choose to do business in Madagas- try hosted more top international 80% of the population depends on. bankruptcy. Sara et Cie’s strategic car, they have a vested interest part- representatives than ever before. Others sectors that will play an im- turnaround was triggered by for- nering with Malagasy local compa- Furthermore, the successful ‘Do- portant role in the country’s growth eign direct investment which had a nies which, whatever the situation, nors and Investors Conference for include infrastructure, energy, live- tremendous impact on the compa- will always be present in the coun- Madagascar’ held in Paris resulted stock, fishing and tourism. ny, and has since led it to become a try. Sara et Cie has existed for more in record funds (10 billion USD) be- The Malagasy government is reference in the eyes of international than 50 years in Madagascar, and ing promised to the country. With currently implementing initiatives institutions investing in Mada- foreign companies regularly request 6.4 billion USD of the total coming to favor investment into the country gascar. The company particularly partnering with us.” He says that from international funding agencies, – it has made significant progress seeks to build partnerships with US this shift should happen as soon as it is clear that the private sector has with regards to public finances, in- counterparts, in order to buy tech- possible: “What we need is an accel- also pledged extensively to contrib- cluding the improved collection of nologies that will help Madagascar eration of the process, so that the ute to Madagascar’s development. taxes, and in modernizing a num- develop its infrastructure. Sara et donors concretize new projects with ber of the country’s public com- 2017: A year for reconstruction panies. Eric Razafimandimby, the Although Madagascar has the re- Malagasy Minister of Public Works sources necessary to become a lead- says, “2017 is a year of stimulus and ing African nation, it has lacked the continuity. At the level of the Minis- means to turn these resources into try, we will strengthen road quality a sustainable source of income and controls, increase partnerships to growth. However, the country has raise the funding required, through now been given the means to rebuild agreements between the private itself. The Malagasy Prime Minister, sector and public authorities. Our Olivier Mahafaly Solonandrasa- priority is to encourage investors to

1 MADAGASCAR BACK TO THE INTERNATIONAL SCENE Sponsored Report

the Malagasy State, and that private car. The bank provides value-added has a great environmental impact. country will strengthen the contri- foreign investors return as quickly services such as mobile and online However, the mining code that we bution of the mining sector to the as possible to Madagascar.” banking, and is the first bank in are going to ratify in the near future economy, which to date amounts The Société du Port à gestion Madagascar to be ISO 9001:2015 attaches great importance to the to 2% of GDP. By 2018, the share Autonome de Toamasina (SPAT) certified on all of its banking oper- protection of environmental and of the mining sector is expected to has also made successful PPP agree- ations. BMOI’s Managing Director, social resources.” reach 12-15% of GDP.” ments with international partners. Alain Merlot, is truly optimistic BCMM has managed mining In 2017, BCMM will achieve a The government authority is re- about the country’s potential and permits, administration fees and major milestone with the opening of sponsible for three quarters of the says that the Malagasy economy is the distribution of taxes for decen- its new Mining Business Center, set maritime trade on the island and on the verge of accelerating drasti- tralized territorial authorities in up to facilitate investments, com- in charge of managing and mod- cally: “The potential of Madagascar Madagascar for 16 years. The state- munication and interaction between ernizing the Toamasina port, Mad- has existed for a long time, and ev- owned company is a central plat- mining stakeholders. All of the Mal- agascar’s most important gateway eryone is convinced: the question form for the Malagasy mining busi- agasy mining administration struc- to the Indian Ocean. The Japan that arises is not why Madagascar ness. With its overall goal to turn tures related to mining operators International Cooperation Agency has not developed, but when the Madagascar into a destination for will now be gathered on one site (JICA) has been the principal inves- country is really going to take off, mining projects and investments, and the Mining Business Center is tor in the development of this port because this is inevitable.” With the company works to improve the expected to become the gateway to and this year it will be launching a regards to the Paris Conference he synergies between public authori- mining investments in Madagascar, plan for its extension, which will says, “The promises have started to ties and mining companies across as well as a platform for trade and enable port traffic to increase five- be realized in 2017, primarily those the country, promote the interests exchange with domestic and for- fold upon completion. The port involving the budget releasing. De- of the mining sector and enhance eign companies in the sector. This has become the largest provider of spite the crisis, the Malagasy econ- mining investments. is bound to increase the potential jobs in Toamasina, Madagascar’s omy was able to resist mainly due In 2016 it issued almost 10,000 for the forging of partnerships with second largest city, accounting for to a resilient private sector. The in- licenses. BCMM’s General Manag- companies and international opera- more than a third of the total em- jection of these funds from donors er David Ratsimbazafy says, “2017 tors. Ratsimbazafy says, “Thanks to ployment. Christian Eddy Avellin, will have a very important multiplier is a pivotal year as several compa- this new business center, BCMM is Managing Director of SPAT empha- effect.” nies will move from the research able to accompany investors in all sizes, “The Indian Ocean is becom- stage to the exploration stage, par- back office procedures, throughout ing a major hub, so we need to take Developing the mining sector ticularly in the field of graphite and the whole value chain (research, advantage of this strategic opportu- With gold, nickel, cobalt, chrome, rare earths”. He adds, “We believe exploitation, exportation, etc.), and nity… It is the PPP that brought sapphires and rubies, and new proj- that in the longer term, the explo- even help them set up a company us where we are today. PPPs create ects foreseen in uranium, Madagas- ration of five major mines in the under Malagasy law.” win-win situations: the private sec- car has extensive mining potential. tor gets the required return on in- The government has made notable vestment, and at the same time the progress in enhancing the ease of infrastructure development benefits doing business in this sector and the country and the population.” according to the Malagasy Minister Other key PPPs in Madagascar of Mines and Oil, Ying Vah Zafilahy, include projects with the Swiss “We are in the process of finalizing a group SGS, which provides world new mining code and we will estab- leading inspection, verification, test- lish a mining observatory to ensure ing and certification services, and better traceability. All relevant min- with one of its subsidiaries, Gasyn- istries and governmental bodies at a et, which played an important role provincial and regional level should in the modernization and digitaliza- be involved so that we can guarantee tion of trade in the country. that the extracted resources benefit To help concretize the initiatives the population of Madagascar.” The presented during the Paris Confer- government’s overall objective is to ence and to support foreign inves- ensure a sustainable exploration, tors with the launch of new projects which will benefit future Malagasy in the country, BMOI, a subsidiary generations, whilst ensuring that of the French bank BPCE, stands as the environment is protected. Zaf- a partner of choice for top compa- ilahy says, “Madagascar is a blessed nies, institutions and high-end cli- country in terms of biodiversity, and ents wanting to settle in Madagas- we all know that open pit mining BCMM: A platform for trade and exchange The Mining Business Centre is a public mining entity managing extraction licenses. We are a platform for trade and exchange for mining operators, serving as a central meeting point for investors and for forging local and international partnerships. 50 years of infrastructure excellence Sara et Cie Contact us: Bureau du Cadastre Minier de Madagascar Avenue du General Ratsimandrava TANANARIVE MADAGASCAR Phone : +261 20 22 400 29 | Email : [email protected] Tel: +261(0)20 222 1832 | [email protected] Website : www.bcmm.mg

2 Sponsored Report MADAGASCAR BACK TO THE INTERNATIONAL SCENE

An improved climate for oil investments in Madagascar

Madagascar is exploring and exploiting oil blocks to boost economic development and strive towards energy independence, spearheaded by OMNIS

In the words of the President of the ing steadily, and it is achieving the Democratic Republic of Madagas- increased interest from foreign in- car, Hery Rajaonarimampianina, vestors that it desires. “Madagascar is a country under construction, if not reconstruction. Mining in the hands of OMNIS 100,000 to 150,000 barrels per day is anticipated (Block 3104 Tsimiroro) So, there are infinite economic and The Malagasy state agency, OM- be sold to companies interested in social opportunities.” Oil explo- NIS (The Office of National upstream oil sector and strategic investment. ration in the country is currently Mining and Strategic Resources), mining products. OMNIS’ overall OMNIS celebrated its 40th anni- a booming sector. Madagascar was created in 1976 to promote mission is to enact Madagascar’s versary in 2016, and its successes was ranked 2nd place in Africa’s and exploit strategic natural re- petroleum and mining policy and to date are widespread, with heavy top destinations for oil and gas sources and extractive industries in turn contribute to the develop- oil and dry gas among them. At investments at the inaugural Af- across Madagascar. Oil exploration ment of a prosperous nation. the start of 2017, 13 international rica Oil and Power conference in has a long history in the country, Four years after the foundation of oil companies were working on 20 2016, the purpose of which is to dating back to 1900 with the drip- OMNIS, the first oil code was ad- offshore and onshore oil blocks. facilitate investment and turn the ping of shallow wells at Tsimioro opted in 1980. Over the years, the The exploration work has reached spotlight to Africa, arguably the and Bemolanga. OMNIS has been company has acquired seismic data an advanced stage and, as a result, world’s most overlooked oil and managing, developing and pro- and drilled wells, often in collabo- many have been granted a license gas region. Madagascar’s reputa- moting Madagascar’s petroleum ration with partner companies. Its extension. tion for its petroleum and mineral and mineral resources for the past first discovery of gas was in 1987 Heavy oil represents one of the resource potential is certainly grow- 40 years, and is responsible for in West Manambolo in the Mo- rondava basin. In 1996 a revision biggest successes in the coun- of Madagascar’s oil code led to the try’s oil exploration history. Point of View signing of a number of new oil con- Following the discovery of an oil tracts. Since then there have been deposit, a commercial authoriza- various international companies tion was granted in 2014 for Block FP 1976-2016: How has OMNIS developed? succeeding one and another in the 3104 Tsimiroro, which has a cer- BR For 40 years, OMNIS has worked towards devel- field of oil exploration in the coun- tified reserve capacity of around oping strategic natural resources in Madagascar. Since its try. With the aim of increasing 1.7 billion barrels. Production is foundation in 1976, it has undertaken several studies on investment into Malagasy oil sec- expected at 6,000 to 10,000 barrels the country’s strategic mineral soils and analyzed the po- tor, a revised oil code is on process. per day, which will be dedicated tential of resources such as uranium and crude oil. to local consumption. In the long The great Malagasy subsoil term, a production of 100,000 to FP What are OMNIS’ key priorities? The potential for further oil ex- 150,000 barrels per day is antici- BR OMNIS intends to carry out new studies of Mada- ploration in Madagascar is vast. pated for exportation. As a result of gascar’s basins and resources. We hope that these studies The Great Red Island has five this success, a 25-year exploitation will increase Madagascar’s potential. In addition, several sedimentary basins, covering an license has been granted, which has Bonaventure Rasoanaivo seismic studies have already been carried out, and we ac- Managing Director tively encourage potential investors to use the data made “Madagascar was ranked 2nd place in Africa’s top OMNIS available. destinations for oil and gas investments in 2016.”

FP With 20 out of 200 potential oil blocks having been explored, how will new 2016 Africa Oil and Power conference investors be attracted to increase exploration further? BR OMNIS, in consultation with all concerned entities, is currently working on the area of 820,000km2, with a strong led Madagascar to enter the exclu- reform of the petroleum code. Once this code is adopted, OMNIS will start promoting and hydrocarbon potential. Yet, the sive list of oil-producing countries. issuing calls for tenders for the unexplored oil blocks. OMNIS will focus on providing oil system is under-explored, and The future output of heavy oil will incentives to attract investors, and on providing technical and administrative assistance. today there is only one oil well for contribute to the development of As soon as the revised oil code gets the official go-ahead, we intend to launch a bidding an area of 10,000km2. The basins the Malagasy economy, allowing campaign for 40 additional offshore blocks. are very similar to those recently the country to reduce imports and uncovered in East Africa, where save on foreign exchange. FP Do you see Madagascar becoming an oil-producing economy in the future? oil and gas were discovered in Developments in dry gas are also BR The various exploration works that have taken place in Madagascar since 1900 Mozambique and Tanzania. Geo- underway. In 2012, high-quality attest to Madagascar’s oil potential. The continued arrival of new companies also sup- physical prospecting companies dry gas was discovered 2900m deep ports this potential. There is therefore no reason why Madagascar should not become an are currently leading speculative in the South West region. A de- oil-producing country in the years to come; perhaps not as big a producer as the OPEC surveys to demonstrate explora- posit of around 20bn m3 was also member countries, but with considerable potential nevertheless. tion possibilities, and the data will discovered in the south, for which

00 MADAGASCAR BACK TO THE INTERNATIONAL SCENE Sponsored Report

Opening the doors for increased investment The Malagasy mining hydrocarbons code is being revised to facilitate foreign investment into the sector

44°0'0"E 48°0'0"E ³ MADAGASCAR PETROLEUM BLOCKS

Ambilobe 1002

Pura Vida

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EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEAntsohihy EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE2101 Seismic operations EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Madagascar Northern EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Petroleum company EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE a feasibility study for the electrifi- (ONHYM) visited Madagascar EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE cation of the region is currently in for the Malagasy hosted 2016 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEBekodoka EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE2104 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEMadagascar Petroleum Energy EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE progress. Once an advanced stage Francophonie Summit. Moroccan EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE TambohoranoEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE 3101 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Varun EnergyEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE of this development is reached, it is experience in the field of mining EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEBemolanga EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE3102 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEMadagascar Oil SA EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE 18°0'0"S EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE 18°0'0"S EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE expected that the gas produced will and oil is evident, and ONHYM EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEETsimiroro EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE3104 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEMadagascar Oil EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE identified OMNIS as a partner of EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEESA provide sufficient energy for all of EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEManambolo EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE3105 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEMadagascar Oil Belo profond EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Grand prix SA Madagascar. choice, which led to the signing EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE South Atlantic Petroleum/ EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE OMV Exploration and Production/EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Marex Enermad EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEMorondava 3106 of an agreement between the two EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEMadagascar Oil EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE SA EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEManandaza EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE3107 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEMadagascar Oil EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEESA EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Fostering partnerships counterparts. EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Manja EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE 3108 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Today, Madagascar Oil is OMNIS’ This is one example of many to EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Amicoh CoorporationEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE most advanced exploration partner. come: several US companies have EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEBerenty 22°0'0"S EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE3111 22°0'0"S EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEETullow Oil EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Created under Malagasy law in also already expressed their pref- EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Toliary EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE 3112 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEESakaraha EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Madagascar Southern 3113 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Petroleum company EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEMadagascar International EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEnergy EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE 2004, the company operates on ma- erence for some of the future oil EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE blocks. Bezaha EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE jor oil blocks such as the Tsimiroro EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE 3114 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Petromad EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Block 3104, which is currently in EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEELEGEND EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE its heavy oil pilot production and Sustainable development EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEOnshore block granted (14) EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE sale phase and has approximately OMNIS’ future prospects include EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEOffshore block granted (3) Onshore free blocks (110) Offshore free blocks (307) 160,000 barrels in stock. the assessment of the oil potential 26°0'0"S 26°0'0"S OMNIS highly values the for- of sedimentary basins. The com- mation of partnerships with pany and its partners continue to 44°0'0"E 48°0'0"E 0 45 90 180 270 360 international oil and mining com- study and evaluate oil blocks by Kilometers OMNIS december 2016 panies. For more than 40 years, the reprocessing past data to highlight company has sought to diversify the current configuration of the The Malagasy government set Director Bonaventure Rasoanai- vo emphasizes that “the objective “OMNIS, in consultation with all concerned entities, out clear objectives for 2017: The Malagasy Prime Minister Olivi- of the revised oil code is first and worked on the reform of the petroleum code. We are er Mahafaly Solonandrasana said foremost to implement an incentiv- now promoting and issuing calls for tenders for the “We aim to achieve a growth rate izing law that encourages investors unexplored oil blocks.” in GDP of 4.5%, and we believe to come to Madagascar.” that our current policies will help According to Ying Vah Zafilahy, Bonaventure Rasoanaivo, Managing Director, OMNIS us reach this goal.” The revised the Minister of Mines and Oil, version of the mining and hydro- “Our objective is to ensure a ratio- its partnerships with entities from subsoil. carbons code aims to improve the nal and sustainable exploitation all over the world. According to Efforts are focused on offshore ba- conditions for exploration and for future generations... The code the President of the Democratic sins that are known to present high exploitation of hydrocarbons to attaches great importance to the Republic of Madagascar, “Looking potential and have already been facilitate FDI and offer incentives protection of environmental and back at 2016, we can really talk subjected to exploration analyses. to potential investors. The Prime social resources.” The Minister about political, social and econom- Geophysical service companies Minister adds: “We are convinced adds: “We encourage foreign com- ic achievements, as demonstrated will be contracted for seismic data that foreign investment is key to en- panies to participate in the tender by the strengthening of our rela- acquisitions. Looking ahead, the suring the growth of Madagascar.” offer we will be launching.” tions with donors and the hosting overall objective is to establish of world-class summits, which in good governance and transparency OMNIS is continually carry- turn, helped consolidate the coun- and ensure for the sustainable de- ing out studies of Madagascar’s try’s stability.” velopment of Madagascar, whilst basins and potential resources in Last year, the Moroccan National safeguarding the interests of the the aim of attracting increased Office of Hydrocarbons and Mines Malagasy people. foreign investment. Managing

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