Madagascar Oil Limited reported unaudited consolidated earnings results for the six months ended June 30, 2014. For the period, the company's loss from operations was $5,045,000 compared with $4,894,000, a year ago. Loss before taxes was $5,885,000 compared with $4,894,000, a year ago. Net loss attributable to equity holders was $5,885,000 or $0.01 per basic and diluted share compared with $4,900,000 or $0.01 per basic and diluted share a year ago. This was mainly as a result of foreign exchange losses caused by the depreciation of the Ariary against the US Dollar. Net cash used in operating activities was $3,555,000 compared with $13,659,000, a year ago. Payments for equipment and intangible assets were $116,000 compared with $2,184,000, a year ago. This was primarily relating to the operation of the SFP.

As of August 31, 2014, cumulative oil production had reached over 124,223 barrels from a cumulative steam injection of over 575,936 barrels of water equivalent. As of August 31, 2014, 62,703 barrels of crude oil were held in the storage tanks at the SFP.