Madagascar Oil Appoints George B Nilsen as COO

Monday, 06. November 2006 18:36

NEW YORK and LONDON, Nov. 6, 2006 (PRIMEZONE) -- Madagascar Oil
Limited (MOL), a privately held exploration and production company
holding the largest current onshore exploration and development
rights in Madagascar, has announced the appointment of George B
Nilsen as Chief Operating Officer.

In announcing the appointment, Alex Archila, MOL's Chief Executive
Officer, said: "George Nilsen joins MOL with a proven industry track
record which spans over 28 years and I am looking forward to working
closely with him to develop the company's significant assets. His
upstream oil and gas industry experience in various management and
technical positions, domestic and international, with a major oil
company and other mid-sized independents will provide the company
with fundamental operational and technical direction."

Mr. Nilsen's extensive oil and gas experience includes senior
positions with Nuevo Energy, where he served as Senior Vice President
for Strategic Planning and Asset Management and worked as part of a
new management team that transformed the company by instituting
disciplined capital spending, operating cost reductions, improved
hedging strategies, monetizing non-core assets and acquisitions.
Prior to that, Mr. Nilsen managed the Gulf Coast Division of Santa Fe
Snyder where he was in charge of engineering, production and
operations. Mr. Nilsen also held a variety of operational and
engineering positions with Santa Fe Energy, Petro-Lewis Corporation
and Gulf Oil Exploration and Production Company, spending more than
half of his career involved with heavy oil developments and many
years in international projects including new field developments in
remote locations. Mr. Nilsen holds a B.S. in chemical engineering
from Bucknell University.

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.

CONTACT: Madagascar Oil (London)
Tim Nelson
011 44 207 812 60 53

Hill & Knowlton (New York)
Peter Poulos
+ 1 212 885 0588

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