OMV acquires onshore interest in Madagascar


OMV acquires onshore interest in Madagascar

VIENNA, Austria -- After acquiring an interest offshore Madagascar last year, OMV is expanding its position in the country by signing a farm-in agreement with Tullow Oil.

With this new deal, OMV is expanding its footprint in Madagascar to onshore exploration acreage of more than 14,000 sq km.

As part of the ongoing exploration campaign in these permits, OMV will participate in additional 2D seismic acquisition in the Mandabe block and the drilling of the first well in the Berenty block.

OMV will acquire a 35% participating interest on Block 3109 (Mandabe) and Block 3111 (Berenty). Tullow will keep 65% and continue as operator. The 2D seismic in Block 3109 is to be shot during the course of 2014. And the first well in Block 3111 will be spud in Q1 2015.

Jaap Huijskes, OMV Executive Board member responsible for Exploration and Production: "It is part of OMV’s strategy to build up a new exploration business in the region of Sub-Saharan Africa. The first steps were taken with entries into offshore Madagascar and more recently Gabon and Namibia. We are delighted to announce another farm-in agreement, this time onshore Madagascar."

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