OIL

In 2013, we completed the acquisition of Madagascar Northern Petroleum Company Limited (MNPC), which owns 100% of the exploration, development and operations rights of Madagascar oil field Block 2101.

Covering a total area of 4,015 square miles, we entered into a drilling agreement with Yunnan Kaiyuan Oil and Gas Drilling Engineering Company Limited. Yunnan Kaiyuan was responsible for drilling two exploration wells in the Madagascar 2101 Oilfield, depth ranging from 1,800 meters to 2,500 meters.

In 2014, we aqcuired exploration rights of the St Louis Profond and Cayar Profond Offshore Basin in Senegal. Partnering with Kosmos Energy, the project was completed within three years. Over USD$400m was invested on exploration, with 50 Tcf of natural gas reserves discovered, plus a further potential upside of 100+ Tcf.

In 2017, the project was successfully exited via sale to BP Plc.