Madagascar Oil: Set to delist

Madagascar Oil is set to lose its listing on London’s AIM as a condition for drawing on an additional $2m of debt. A framework agreement with the company’s major lenders and shareholders outlined in February set delisting as a condition for further financing. The group continues to operate the steam flood pilot facility in Madagascar and has over 150,000 barrels of Tsimiroro heavy crude in its storage tanks at the Tsimiroro Block 3104, but has yet to find a buyer, though it is in talks with Symbion Power on a fuel supply agreement for the Mandroseza power station.