Swiss Energy Partners AG is a holding company incorporated in Baar, Switzerland in January 2014. It amalgamates interests in upstream oil and gas projects associated with the following companies:
Owned and operated by former management, CanArgo Limited issued royalty interests to SEP from its 50 per cent interest in three production-sharing contracts in Georgia. The remaining 50 per cent is held by MND, a Czech-based oil production company and SEP’s joint venture partner. SEP remains Operator of all joint venture projects in Georgia.
Madagascar Oil Plc is an oil exploration company listed on the AIM board of the London Stock Exchange. The partners behind SEP negotiated, led and secured a $78 million financing for Madagascar Oil in 2012. Resolving a period of management and financial difficulties, the financing allowed the business to reorganise and restore its focus on the execution of value-creating projects. In May 2014 Madagascar Oil declared commerciality of its major project, the Tsimiroro steam flood pilot project. SEP took a leading role in Madagascar Oil’s latest fundraising in October 2014. This helped the company to move toward its goal of commercial production from the first phase of the Tsimiroro field.
In April 2015 Madagascar Oil received a 25-50 year production license for the Tsimiroro Block which allows Phase 1 of the development to commence.
SEP owns a significant minority stake in Madagascar Oil. It has no operating role in the company’s projects in Madagascar.
SEP’s founding partners have a long history of investing in upstream oil and gas projects around the world. They formed SEP in 2014 in order to facilitate growth and development of outstanding assets in their portfolio. SEP’s two primary assets were selected from among many projects in which the SEP partners are and were involved.