October 23, 2020

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Madagascar Oil: Appointment to the Board

SINGAPORE, March 20, 2020 /PRNewswire/ — Madagascar Oil, the developer of the Tsimiroro oil field, is pleased to announce the appointment of Kiran Raj to the Board, as a non-executive director, with immediate effect.

Kiran brings over 25 years of corporate, investment banking and advisory experience to the Company. Most recently, from 2013 to 2019, Kiran was Chief Financial Officer and an Executive Director of KrisEnergy Ltd., an upstream oil & gas company listed on the Singapore Exchange.

Prior to KrisEnergy Ltd., Kiran accumulated nearly 20 years in investment banking and corporate finance, where he was directly involved in raising more than US$13 billion. Kiran currently holds, and has previously held, numerous board positions, with companies in multiple jurisdictions, enabling him to bring industry, financial and governance expertise to Madagascar Oil.

Kiran graduated from Monash University, in Melbourne, where he studied Accounting & Finance, before qualifying as a Chartered Accountant, with the Institute of Chartered Accountants Australia and New Zealand.

Al Njoo, Chairman of Madagascar Oil, commented:

“I am pleased to confirm the appointment of Kiran Raj to Madagascar Oil’s Board. Kiran brings with him a wealth of experience and knowledge, from his time in finance and the oil & gas sector. This will be invaluable to the management team and the wider Board as we look to progress the sustainable development of the world class Tsimiroro oil field in Madagascar”.

Kiran Raj, added:

“I am very pleased to join Madagascar Oil’s board today. I believe that the Company’s success in proving the significant reserve potential and the pending production of cleaner and very low sulphur fuel oil that meets IMO2020 standards, will not only ensure the greener development of the Tsimiroro oil field but the energy security for Madagascar. The Company is working hard to roll out its development plans whilst navigating through these volatile market conditions.”

About Madagascar Oil:

Madagascar Oil (MOIL) is a producer of IMO2020 compliant low sulphur fuel from one of the world’s largest heavy, sweet crude oil reserves. The company has 2P reserves of 614 million barrels and 3C resources of 1.6 billion barrels. MOIL is a low cost producer focused on the ongoing development of the Tsimiroro Field, which has a medium term production target of 45,000 bpd, and projected peak production of 90,000 bpd. MOIL is committed to the highest standards of Environmental, Social and Governance (ESG) performance. Given the Tsimiroro crude’s low sulphur content (0.3%), it is helping to significantly reduce global sulphur pollution, and in sustaining global shipping and trade. The project itself is designed to have a low carbon footprint, using solar to power crude production. The Company’s major shareholder, Singapore-based Benchmark Group, is a proven developer of heavy oil projects and brings a strong corporate governance framework. Madagascar is a proven hydrocarbon country with USGS estimates of 10 billion barrels of recoverable oil and 167 TCF of gas.

For more information, visit www.madagascaroil.com

For further information, contact:

Celicourt Communications
Mark Antelme
Philip Dennis
Jimmy Lea

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