SacOil Holdings Limited Block III, Albertine Graben, DRC: Update (0662M)

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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