Two small Houston-based firms each have gigantic projects under way in Africa. Offshore the east side of the continent, on the island nation of Madagascar, privately held Madagascar Oil is pushing forward on projects that range from light-oil exploration to bitumen mining and processing. The company, which just relocated its headquarters to Houston, has arranged an $85-million capital facility with several institutions, led by Credit Suisse. Madagascar Oil's major assets are its 100% interests in two large onshore blocks in the Morondava Basin, on the country's western side. Tsimiroro Block contains a heavy-oil deposit that should be amenable to thermal recovery via cyclic steam injection. This block, on which 61 wells have already been drilled, covers 6,670 square kilometers. It holds a billion barrels of 14- to 16-degree oil in place, according to an appraisal done by Netherland Sewell & Associates. For more on this, see the June issue of Oil and Gas Investor. For a subscription, call 713-260-6441.
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