Oil & Natural Gas in Madagascar
CryptoReal entered into the agreement in August 2016 with Hoifu Energy to buy Madagascar Petroleum Block 3112, which is a 9,320 km2 field located in the Southern Morondava Basin.
The Madagascar Area 3112 contains 22.94 billion cubic meters of natural gas reserves under the 1P category, and 37.48 billion cubic meters of natural gas reserves under the 2P category, according to the oil and gas reserve assessment report and valuation report on March 18, 2014 prepared by the professional valuation institutions Greater China Appraisal Limited and Greater China Mineral & Energy Consultants Limited.
The Morondava Basin includes the Karoo rift zone and the Jurassic rift zone, as seen in Figures 1.1 and 1.2 from the aforementioned valuation report.
Specifically, the Eastern Structural Belt of Madagascar Area 3112 is considered a favourable gas accumulation zone with several structural traps that have gas accumulating in each trap separately, based on a professional logging evaluation of three exploratory wells, analysis of reservoir-forming patterns and a comprehensive geologic evaluation of the Block. Photos below show parts of the evaluations and tests being conducted.
Because of the reliable and ever-growing global demand on oil and gas, CrytoReal is optimistic about Madagascar Area 3112’s continued development. “Natural gas supplies about a fifth of world energy, and its use is growing,” according to Bloomberg's Liquefied Natural Gas QuickTake, and the acquisition of the natural gas and oil field will move CrytoReal into this promising market.