Exxon Mobil Corporation (NYSE: XOM) announced today that its affiliates in Madagascar have received extensions to their production sharing contract licenses, which will enable the resumption of exploration activities on the Ampasindava, Majunga and Cap St. Andre licenses offshore Madagascar.
The decrees formalizing the extensions to all three licenses were signed on July 17 by Madagascar President Andry Rajoelina.
The affiliates intend to resume exploration work and environmental assessments for shore-based and offshore operations in preparation for deepwater drilling.
ExxonMobil Exploration and Production (Northern Madagascar) Limited operates the Ampasindava PSC license and holds 70% interest. Sterling Energy holds 30% interest.
ExxonMobil Exploration and Production Madagascar Majunga Limited operates the Majunga license and holds 50% interest. BG International holds 30%, PVEP 10% and SK Innovation 10%.
ExxonMobil Exploration and Production Madagascar Limited is the operator and holds 100% interest in the Cap St. Andre license.
Cautionary Note: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans and schedules, may differ materially due to factors including changes in long-term prices for oil and gas and other market conditions affecting our industry; the results of exploration activities; political and regulatory factors; the outcome of commercial negotiations; technical or operating conditions and unexpected difficulties; and other factors discussed under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at www.exxonmobil.com/investors.