NEW YORK and LONDON, Dec. 4, 2006 (PRIME NEWSWIRE) -- Madagascar Oil Limited (MOL), a privately-held exploration and production company holding the largest current onshore exploration and development rights in Madagascar, has announced that company co-founder Robert Nelson has stepped down as Chairman and Director of the company effective November 7 and November 23, 2006 respectively. Alex Archila, CEO of Madagascar Oil, will assume the position of Chairman on an interim basis.
"As co-founder and the company's first Chairman, Robert Nelson played an integral role in the creation and development of Madagascar Oil and I know that I speak for the entire Board and staff of the company in recognizing his entrepreneurial vision and business skills which have helped guide the company to where it is today," said Mr. Archila in making the announcement.
"I am honoured and proud to have played a role both in the creation and development of Madagascar Oil," said Mr. Nelson. "With the company moving its operational headquarters to Houston, a global center of the oil and gas business where the company will have access to a pool of experienced potential employees, contractors and suppliers, now is the time for me to step down and let experienced industry veterans take the company to its next stage of development. I leave confident that the company is in the capable hands of a strong Board and management team led by Alex. As a major shareholder, I look forward to closely following the company's progress as it moves ahead with development of Madagascar's oil potential.
"On a personal level, I remain deeply committed to the nation and people of Madagascar and, going forward, will play an active role in philanthropic activities that contribute to the social and economic development of the nation."
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.