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Madagascar Oil CEO: Tsimiroro asset attracting potential partners

Robert Estill, chief executive of Madagascar Oil (LON:MAD), says there is plenty of interest from potential partners in the firm's Tsimiroro asset.

Earlier this week Estill told investors that four major shareholders have agreed to provide a US$21.9mln bridge financing facility, which will allow it to kick start a drilling programme.

The company has more than 130,000 barrels of crude oil in its storage tanks at Tsimiroro, and has decided to cut down its output until an off-take agreement has been signed and it has secured a partner for the next phase of development.

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