SWISS ENEGRY PARTNERS Announces Participation in Madagascar Oil Limited Financing
Swiss Energy Partners (“SEP”) today announces that it has participated in the recent $20m financing announced by Madagascar Oil Limited. SEP, through its subsidiary SEP African Ventures Limited (SEPAV) invested approximately $7.1m to help the company continue preparations for the first phase of development of the Tsimiroro field ahead of securing a 25 year Exploitation Permit following its imminent submission of a Field Development Plan.
In addition to the capital investment, SEPAV has reiterated its ongoing support for the company and has initiated a number of governance changes, including an increase in the Board size to, amongst other things, accommodate the enhanced technical skills required as the company moves into the development phase.
The additional investment increases SEPAV’s shareholding from approximately 20.86% of the existing issued share capital of the Company to approximately 23.51% of the Company’s issued share capital as enlarged by the financing.