Operational Update Block III, DRC (3292M)
August 15 2011 - 2:00AM
UK Regulatory
TIDMSAC
RNS Number : 3292M
SacOil Holdings Limited
15 August 2011
Embargoed 7am: 15 August 2011
SacOil Holdings Limited
("SacOil" or the "Company")
Operational Update Block III, Albertine Graben, Democratic
Republic of Congo
SacOil Holdings Limited (AIM/JSE), the independent African
upstream oil and gas company is pleased to provide an operational
update on the Block III oil concession ("Block III"), Albertine
Graben in the Democratic Republic of Congo ('DRC'), in which SacOil
has an effective 12.5 per cent. interest.
As announced on 4 March 2011, Semliki Energy SPRL ("Semliki"), a
50 per cent. owned subsidiary of SacOil, successfully concluded a
farm-in agreement in March 2011 with Total E&P RDC ("Total")
pursuant to which Total acquired an effective 60 per cent.
undivided interest in, and became the operator of, Block III. The
Government of DRC holds an effective 15 per cent. interest and DIG
Oil holds an effective 12.5 per cent. interest respectively in
Block III.
Work Programme
SacOil is pleased to announce the establishment of the Block III
Operations Committee ("Committee") for the management of Block III
joint venture operations. The Committee consists of members from
SacOil, Total, DIG and a representative of the Government. The
first meeting took place in Kinshasa in June 2011 and further
meetings are scheduled to take place on a bi-annual basis to
monitor and report back on the execution of the work programme.
The work planned and agreed on Block III includes an airborne
gravity and magnetic survey over the licence area, the results of
which are expected in Q4 of 2011. This will form the basis for the
next stage of the programme which will include the acquisition of a
targeted 2D seismic survey. The performance of the work programme
is subject to first obtaining the relevant ministerial
authorisation.
Bradley Cerff, Vice President Commercial of SacOil commented
today:
"I am pleased with the progress we are making at Block III with
our partners Total. Work will shortly commence on carrying out the
preliminary aeromagnetic surveys which is the precursor to targeted
seismic surveys. The Block III project in the DRC has an
exceptional postcode in terms of recent neighbouring discoveries in
Uganda. We look forward to updating shareholders on further work
programmes as we move towards drilling a maiden well on Block III
during the first phase of the exploration period."
JSE Sponsor
Standard Bank
ENDS
For more information please visit www.sacoilholdings.com
For further information, please contact:
SACOIL
United Kingdom Enquiries South African Enquiries
Tavistock Communications The Riverbed Agency
Jos Simson/ Ed Portman Raphala Mogase/Bongiwe Moeli
Tel: +44 (0)20 7920 3150 Tel: +27 (0) 11 783 7903
finnCap Limited Shore Capital Stockbrokers Ltd
(Nominated Adviser and Joint Broker to SacOil) (Joint
Broker)
Matthew Robinson/Ed Frisby Jerry Keen/Bidhi Bhoma/Toby Gibbs
Tel: +44 (0) 20 7600 1658 Tel: +44 (0) 20 7408 4050
TOTAL S.A.
Press department
Phenelope Semavoine/ Florent Segura
Tel: +33 (1) 47 44 46 99
About SacOil
SacOil is a South African based JSE and AIM listed independent
E&P company focused exclusively on operations in Africa, where
SacOil has a competitive advantage at the point of entry. To date
it has operations in the DRC (and since partnered with Total),
Nigeria and South Africa and continues to evaluate a number of
opportunities to secure new value accretive acreage in other
established and prolific African hydrocarbon basins.
Block III, DRC
Block III is situated in the Albertine Graben, DRC and comprises
an area of 3,177 km(2), which is mostly lowland (Semliki river
plain) and is flanked by rift margins. Block III is on trend with
Lake Albert discoveries in Uganda. The largest discovery in the
Escarpment/Near-shore Play is Kingfisher (200MMbbl) and the largest
discovery in the Victoria Nile Delta Play is Giraffe-Buffalo
(300MMbbl). Over 800 million barrels of recoverable oil have been
discovered in the Albertine Graben, and the total resource base is
estimated at two billion barrels. To date, the majority of the
exploration has been within the borders of Uganda, but the DRC
concessions are considered to be highly prospective, with Block III
being close to recent significant discoveries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDKQDKCBKDFFD
Sacoil (LSE:SAC)
Historical Stock Chart
From May 2024 to Jun 2024
Sacoil (LSE:SAC)
Historical Stock Chart
From Jun 2023 to Jun 2024