BEZAHA OIL PROJECT, MADAGASCAR: The Company has the right to earn up to an 80% interest in the Project subject to certain conditions. The interest acquired is in Concession Block 3114, an approx. 10,160km2 onshore block highly prospective for oil and gas. The Block is located in the prolific Morondava Oil Basin in Southern Madagascar. The Company's independent technical experts have reported that Block 3114 has significant potential for the discovery of large light oil and gas accumulations. As a result of the settlement of the transaction, the Company s technical advisors have commenced planning a 2-d seismic campaign. It is anticipated that mobilisation work will commence in July and seismic acquisition will commence in August 2012.
if successful could add significant value, also spudding uptick will kick in.
becareful still early days.
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CRJ Price at posting:
1.9¢ Sentiment: None Disclosure: Held
