SacOil Holdings Limited Operations Update (8041B)
March 10 2014 - 3:00AM
UK Regulatory
TIDMSAC
RNS Number : 8041B
SacOil Holdings Limited
10 March 2014
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")
SacOil Holdings limited
("Sacoil" or the "Company")
Operations Update
SacOil, the South African based independent African oil and gas
company listed on the JSE and AIM (JSE: SCL / AIM: SAC), is pleased
to provide the following update on its on-going operational
activities in Nigeria and Malawi.
Satisfactory progress has been made across the existing
portfolio of exploration and appraisal assets. The Company also
continues to evaluate a number of opportunities to secure new value
accretive acreage in established and prolific African hydrocarbon
jurisdictions and basins.
Highlights:
-- Nigeria, OPL 233: 3D Seismic Data Acquisition project
contractor commences mobilization process
-- Malawi, Block 1: Completion of the environmental screening study and approval of 2014 budget
Nigeria, OPL 233: 3D Seismic Data Acquisition project contractor
commences mobilization process
In preparation for the scheduled 3D Seismic Data Acquisition
project, the Environmental Impact Assessment ("EIA") on the block,
handled by Tidalflow Nigeria Limited, has been completed with both
wet and dry season sampling carried out. While the wet season
sampling has been completed and the result approved by the
Department of Petroleum Resources ("DPR"), the dry season sampling
is presently undergoing processing before being forwarded to the
DPR. The Federal Ministry of Environment has also carried out the
required site verification and EIA registration processes. The
final report on the Seabed Hazard Survey by Epanoe Nigeria Limited
has been delivered to, and accepted by the Joint Venture Partners
as well as the field's seismic data acquisition contractor,
Geomarine Systems Limited, following successful completion of the
work.
SacOil and its OPL 233 partners have commenced operations for
the 3D Seismic Ocean Bottom Cable (OBC) survey, with mobilization
of equipment for the survey in progress.
The timeline envisages full mobilization to the site to be
completed by the end of March 2014. To this extent, various
equipment including the requisite gun boats and seismic recording
cables have been delivered, whilst navigation equipment and seismic
sensors are being air-freighted to compress the lead time to actual
recording of data. Following mobilization, the 3D OBC acquisition
work is expected to commence early April 2014 and be completed by
the end of July 2014, subject to operational contingencies and
weather related issues. Finalisation of formalities for the seismic
data processing contract is ongoing.
The 3D seismic data will provide valuable subsurface information
relevant for the quantification of the licence's resource
potential, as well as the selection of an optimal drilling
location. The Company expects the processing of the raw data and
interpretation of results to be completed by Q3, 2014. SacOil holds
a 20% interest in OPL 233.
Malawi, Block 1: Completion of the environmental screening study
and approval of 2014 budget
In April 2013, SacOil initiated a satellite screening study
associated with an environmental risk assessment for a proposed
exploration program over the license area, covering approximately
16 000 sq km across northern Malawi. The study was successfully
completed in December 2013.
At a meeting held in Lilongwe in December 2013, the results of
the satellite study was presented to the Malawi Department of Mines
and the 2014 budget and work program was also presented and
approved.
With the positive results associated with the satellite
environmental work, planning of the environmental and social impact
assessments has now begun. In consultation with the Malawian
government, SacOil is currently targeting to have all environmental
work completed by Q3 2014. The company holds a 100% interest in
Block 1.
Qualified Person Review
This release has been reviewed by Bradley Cerff, Vice President
Operations, who is a member of the Society of Petroleum Engineers
with over 15 years' experience in petroleum exploration and
management. Bradley Cerff has consented to the inclusion of the
technical information in this release in the form and context in
which it appears.
10 March 2014
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
FirstEnergy Capital (Joint Broker UK)
Majid Shafiq
Travis Inlow +44 (0) 20 7448 0200
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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