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.