(Ecofin Agency) - Madagascar Oil SA, oil and gas company listed in London, announced on 7^th September having equipped itself with a technical data-room in order to attract the maximum number of strategic partners for the financing and realisation of the initial phases of the development of the Tsimiroro oil project.

It showed a constant progress in its search for partners, with the support of its strategic adviser Jefferies International Ltd, which could continue until the end of 2015 in order to finalise possible transactions by the end of the first quarter 2016.

Madagascar reports that it still continues in parallel negotiations with investors, among which previous shareholders, in order to secure new financing to amass working capital among other things.

This, while awaiting the end of the process started with Jefferies which could lead to funding in the form of loans or shares or a combination of both for this important oil project.

Madagascar Oil was awarded, a few months ago, a mining development concession with a validity of 25 years for the sharing production agreement on the Tsimiroro 3104 block. This title covers the whole block of about 6,670 km2 including Tsimiroro Main Field which is meant to hold 1.7 billion barrels of potential basic oil resources.

Robert Estill, CEO of Madagascar Oil, was pleased with the level of interest shown by a great number of potential strategic partners, including international companies, despite the difficult market conditions, explaining this enthusiasm by the volume of basic resources of the project.

According to Mr. Estill, Madagascar Oil is looking to secure, in the short term, an appropriate intermediate financing while it assesses alternative financing options including proposals put forward by some of its current major shareholders.