SacOil Holdings Limited Participating interest in Oil Prospecting License (5233P)
August 19 2014 - 8:00AM
UK Regulatory
TIDMSAC
RNS Number : 5233P
SacOil Holdings Limited
19 August 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")
Assignment of 20% participating interest in Oil Prospecting
License ("OPL") 233
SacOil, the African independent upstream oil and gas company, is
pleased to announce the assignment of 20% equity in Oil Prospecting
Licence ("OPL") 233 offshore Nigeria ("the participating
interest"). The assignment of the participating interest was duly
granted and authorised by the Nigerian National Petroleum
Corporation ("NNPC") as per the submitted Deed of Assignment under
the OPL 233 Production Sharing Contract ("PSC"). This perfects
title of the Company's 20% working interest in OPL233 and will
allow the Company to commence a broader and more proactive work
programme over the asset.
Accordingly, the assignment of the participating interest is a
milestone in the Company's evolution and is the first asset over
which the Company has perfected title in Nigeria. The focus now is
to continue the progress made on the assets by working in
collaboration with the joint venture partners to deliver reserves
and production.
OPL 233 is an offshore oil block that is located in the shallow
marine area of the prolific Niger Delta region. It encompasses an
area of approximately 126 square kilometres and is located in water
depths ranging from 3 to 10 metres.
As reported previously, SacOil and its joint venture partners
have commenced operations for the acquisition of 3D Seismic Ocean
Bottom Cable ("OBC") survey, with mobilisation of equipment for the
survey completed. Following a number of operational delays in the
course of mobilisation, the 3D OBC acquisition work is expected to
commence immediately, with completion scheduled for the end of
October 2014, subject to operational contingencies and weather
related downtime. 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 optimal
drilling locations.
Commenting on the official award of the participating interest,
Dr Thabo Kgogo, SacOil CEO said "This is an important milestone in
the history of the Company which reflects on our commitment to
progress our assets and ensure the growth of the existing
portfolio. OPL233 fits with our strategy of acquiring and
exploiting assets with discovered hydrocarbons. This award now
moves us to the next phase of unlocking the resource potential and
delivering production."
Johannesburg
19 August 2014
JSE Sponsor
Nedbank Capital
For further information please contact:
SacOil Holdings Limited
Tariro Mudzimuirema +27 (0)11 575 7232
Nedbank Capital, a division of Nedbank
Limited (Sponsor)
Michelle Benade +27 (0) 11 294 3524
finnCap Limited (Nominated Adviser and
Broker) +44 (0) 20 7220
Matthew Robinson / Christopher Raggett 0500
FirstEnergy Capital (Joint Broker UK) +44 (0) 20 7448
Majid Shafiq / Travis Inlow 0200
+44 (0) 20 7861
3919
Bell Pottinger (UK) +44 (0) 20 7861
Philip Dennis 3936
Nick Lambert +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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