ACQUSITION OF INTEREST IN MADAGASCAN OIL PROJECT
SUMMARY
The Company is extremely pleased to announce that it has signed a conditional term sheet to acquire up to an 80% interest in the Bezaha Oil Project, located in southern Madagascar. The acquisition of the Bezaha Oil Project complements Copper Range’s existing copper assets in South Australia and its phosphate assets in the Northern Territory of Australia.
Company to acquire up to an 80% interest in the Bezaha Oil Project (Concession Block 3114).
10,160km2 Onshore Block highly prospective for oil and gas.
Located in the prolific Morondava Oil Basin in southern Madagascar.
Recent oil discovery by Sino Union Energy Investment Group Limited located immediately to the north of Block 3114 on Block 3113. Block 3113 has been estimated to contain approximately 270 million tonnes (approximately 1.8 billion barrels) of un-risked gross original oil in place.
The Company’s independent technical experts have reported that Block 3114 has significant potential for the discovery of large light oil and gas accumulations.
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