SacOil Holdings Limited Award of onshore Malawi licence (4711T)
December 13 2012 - 7:00AM
UK Regulatory
TIDMSAC
RNS Number : 4711T
SacOil Holdings Limited
13 December 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")
Award of the onshore Petroleum Prospecting Licence Block 1 in
Malawi
SacOil, the African independent upstream oil & gas company,
is pleased to announce the award of 100% equity interest and
operator status in Block 1, an onshore petroleum prospecting
license in Malawi. Following due process and intensive negotiations
between SacOil and the Malawian government, the prospecting licence
was awarded to SacOil on the 12 December 2012. The license was duly
signed by the Honourable, John Bande, Minister of Mining in the
Republic of Malawi.
Block 1 is located in the North Western part of Malawi bordering
Tanzania to the North and Zambia to the west. At 12,265 square
kilometres, Block 1 is the second largest petroleum exploration
licence demarcated in Malawi. The licence is located on trend with
the East African rift system which is a proven exploration province
with prolific oil discoveries in Sudan, Chad, Kenya and Uganda. It
is anticipated that the same Tertiary rift system will be present
in Malawi. This award dovetails with SacOil's strategy of building
a balanced upstream oil and gas portfolio through the acquisition
of early stage opportunities in Africa similar to that which has
already been demonstrated by the company in the DRC.
The term of the exploration licence is divided into an initial
four (4) year period followed by two subsequent three (3) year
renewal periods. During the initial four (4) year period it is
envisaged that desktop studies and the acquisition of gravity and
magnetic data will take place in order to evaluate the petroleum
potential of the block. The financial obligation on SacOil for the
initial 4 year period is a total of US$2 million.
Commenting on the acquisition, Robin Vela, CEO, said:
"We are delighted at the award of the licence; it represents our
firm commitment to grow our asset base on the African continent and
drive shareholder value. This is in line with SacOil's strategy of
building and developing a uniquely African portfolio. In addition,
it gives effect to our drive to unlock under-explored regions in
Africa."
13 December 2012
Johannesburg
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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