SacOil Holdings Limited Update on the Company's interests in OPL 281 (7125G)
May 09 2014 - 5:30AM
UK Regulatory
TIDMSAC
RNS Number : 7125G
SacOil Holdings Limited
09 May 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")
Update on the Company's interests in OPL 281
The Company refers its shareholders to previous communication
relating to its contractual interests in relation to the Oil
Prospecting Licence 281 ("OPL 281"), which is located onshore the
Federal Republic of Nigeria ("Nigeria").
On 06 October 2010 SacOil through its wholly-owned subsidiary
SacOil 281 Nigeria Limited ("SacOil 281") concluded a farm-in
agreement with EER 281 Nigeria Limited ("EER 281") and
Transnational Corporation of Nigeria PLC ("Transcorp"). In terms of
the farm-in agreement, SacOil 281 will acquire from, and be
assigned a 20% interest in the OPL 281 concession by Transcorp. The
assignment to SacOil 281 of the participating interest in OPL 281
requires the prior approval from the Government of Nigeria. A
pre-requisite to seeking such approval has been for Transcorp to
have entered into a production sharing contract ("PSC") for OPL 281
with the Nigerian National Petroleum Corporation ("NNPC").
Transcorp has informed SacOil that the NNPC has signed the PSC
for OPL 281. NNPC's signing of the PSC for OPL 281 now clears the
way for Transcorp and SacOil 281 to prepare and to lodge an
application to seek the approval from the Government of Nigeria for
Transcorp to assign a 20% participating interest to SacOil 281.
With the signing of the PSC, Transcorp, as operator of OPL281,
will now proceed to execute the PSC commitments and work programme
to appraise the contingent resources estimated at approximately 100
million barrels of oil equivalent.
The Company will now liaise with Transcorp in order to pursue
the preparation of the application to seek Government's approval,
as well as to attend to the lodging of same with the appropriate
authorities in Nigeria. Shareholders will be kept apprised of any
further material developments in this regard.
Johannesburg
09 May 2014
ENDS
JSE Sponsor
Nedbank Capital
For further information please
contact:
finnCap Limited (Nominated Adviser +44 (0) 20 7220
and Broker) 0500
Matthew Robinson / Christopher
Raggett
First Energy Capital (Joint
Broker UK)
Majid Shafiq +44 (0) 20 7448
Travis Inlow 0200
Pelham Bell Pottinger (UK)
+44 (0) 20 7861
Philip Dennis 3919
+44 (0) 20 7861
Nick Lambert 3936
+44 (0) 20 7861
Rollo Crichton-Stuart 3918
This information is provided by RNS
The company news service from the London Stock Exchange
END
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