Madagascar Oil Former Co-CEO Sam Malin Completes Transition Process
NEW YORK and LONDON, Nov. 29, 2006 (PRIME NEWSWIRE) -- Madagascar Oil
Limited, a privately-held exploration and production company holding
the largest current onshore exploration and development rights in
Madagascar, announced today that, with the completion of the
transition period with Alex Archila who was appointed joint Chief
Executive on July 26, 2006, company founder Sam Malin relinquished
the chief executive post and stepped down as director from the Board
effective November 10, 2006, but will remain as a consultant to the
company.
Mr. Malin said: "It has been 12 years since I was introduced to the
Malagasy heavy oil fields and the projects have now achieved world
prominence. Alex has the experience and capability necessary to take
these projects further, and, after a successful transition period
between us, I look forward to his building on the success and growth
that the company has enjoyed to date."
Mr. Archila said: "Sam's contribution, which will be ongoing through
his consulting role, has been instrumental in building the company to
where it is today and to moving forward the dream of bringing
Madagascar's onshore heavy oil fields into development."
About Madagascar Oil
Madagascar Oil Ltd is an oil and gas exploration and production
company focusing on the development of onshore heavy oil fields and
exploration of onshore conventional oil and gas prospects in
Madagascar. Through its subsidiaries, Madagascar Oil SA and Majunga
Oil SARL, Madagascar Oil holds production sharing contracts for oil
and gas exploration and development on six onshore blocks covering
nearly 53,000 square kilometers (20,500 sq mi) in Madagascar,
including a heavy oil field at Tsimiroro and an ultra heavy oil field
at Bemolanga. Madagascar Oil and its management team are committed to
supporting the country of Madagascar's efforts to develop its oil and
gas resources in an efficient and environmentally sensitive manner
and to contributing actively to the social and economic advancement
of the island nation.
CONTACT: Madagascar Oil (London)
Tim Nelson
44 207 812 60 53
timnelson@madagascaroil.com
Hill & Knowlton (New York)
Peter Poulos
+1 212 885 0588
peter.poulos@hillandknowlton.com
