SacOil Holdings Limited Block III, Albertine Graben, DRC: Update (0662M)
September 12 2012 - 4:00AM
UK Regulatory
TIDMSAC
RNS Number : 0662M
SacOil Holdings Limited
12 September 2012
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL AIM share code: SAC
ISIN: ZAE000127460
("SacOil" or "the Company")
12 September 2012
Johannesburg
Block III, Albertine Graben, DRC - Update
Successful completion of airborne gravity and magnetic
survey
SacOil announces that Total E&P RDC ("Total"), the Operator
of Block III, Albertine Graben in the Democratic Republic of Congo,
has successfully conducted an airborne gravity and magnetic survey
on the northern part of the Block III area, located outside the
Virunga National Park. SacOil holds a 12.5% effective interest in
Block III.
Preliminary processing of the Block III gravity and magnetic
data broadly confirms the trend observed in the adjacent
concessions in Uganda. It is expected that more detailed processing
will identify features similar to those that were found to be
oil-bearing in Uganda.
Planning for the acquisition of a 2D seismic survey, to map
potential oil and gas prospects, is underway and Total has
initiated a tendering process. Subject to the positive
identification of structures that may contain oil and gas, Total
intends to drill an exploration well, in order to determine the
presence of oil and/or gas and the potential commercial viability
of Block III.
In terms of the Farm-in and Joint Venture Agreements on Block
III, Total bears all the costs associated with the acquisition of
the airborne gravity and magnetic survey and will carry SacOil
through the seismic survey, any subsequent exploration and
appraisal wells, up to a final investment decision.
ENDS
JSE Sponsor
Nedbank Capital
For further information please contact:
finnCap Limited (Nominated Adviser and
Broker) +44 (0) 20 7220 0500
Matthew Robinson / Christopher Raggett
First Energy Capital (Joint Broker UK)
Majid Shafiq
Travis Inlow +44 (0) 20 7448 0200
GMP Securities Europe LLP (Joint Broker
UK)
James Pope
Chris Beltgens +44 (0) 20 7647 2800
Keyter Rech Investor Solutions (SA)
Vanessa Ingram +27 (0) 11 447 2993
Lynne Bothma
The Riverbed Agency (SA)
Raphala Mogase +27 (0) 11 783 7903
Pelham Bell Pottinger (UK)
Philip Dennis +44 (0) 20 7861 3919
Nick Lambert +44 (0) 20 7861 3936
Rollo Crichton-Stuart +44 (0) 20 7861 3918
This information is provided by RNS
The company news service from the London Stock Exchange
END
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