Madagascar Oil Limited (AIM:MOIL) said that an information memorandum has been finalised and a technical data room has been opened with the view to attract a strategic partner to assist the company with the funding and delivery of the initial phases of its Tsimiroro development. "We are making steady progress in our search to secure a potential strategic partner(s), despite the prevailing difficult market conditions, and are very pleased with the level of interest being shown by a number of large international companies. The size of our resource base in Madagascar, the recent approval of our Development Plan for the Tsimiroro Block and the long-term nature of the Tsimiroro licence (at least 25 years from April 2015), is attracting companies of real scale and we will continue to work closely with Jefferies to secure a transaction which adds value for all of our shareholders," Chief Executive Robert Estill said.