OMV is to invest in an offshore exploration block west of Madagascar. OMV will acquire a 40% stake in the Grand Prix block from Niko Resources (Niko).
OMV will farm-in to the area for the planned drilling of an exploration well. OMV will take over as the operator of the block prior to the start of drilling, currently expected to be early 2015.
The other partners in the permit are Niko (35%) and EnerMad Corp (25%). The large block covers about 16,845sq km and extends from the coast to water depths of more than 1000m.