SacOil Holdings Limited Further Announcement Regarding the Acquisition (0420V)
October 23 2014 - 4:00AM
UK Regulatory
TIDMSAC
RNS Number : 0420V
SacOil Holdings Limited
23 October 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")
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, Malawi and Botswana.
Satisfactory progress has been made across the existing
portfolio of exploration and appraisal assets. The Company
continues to evaluate a number of opportunities to secure further
new value accretive acreage in established and prolific African
hydrocarbon jurisdictions and basins.
Highlights:
-- Nigeria, OPL 233: 3D seismic data acquisition commences.
-- Malawi, Block 1: start of the Environmental Social Impact Assessment.
-- Botswana, PELs 123, 124 and 125: Completion of a satellite
imagery survey and risk avoidance assessment.
Nigeria, OPL 233: Perfection of Title and commencement of 3D
Seismic Data Acquisition
As reported in the announcement dated 19 August 2014, SacOil
received official notification of the approval by the Nigerian
National Petroleum Corporation ("NNPC") for the transfer of 20%
participating interest in OPL 233 to SacOil. This concludes the
perfection of SacOil's title in this Prospecting Lease, OPL
233.
Following successful mobilisation to site of all the seismic
equipment, vessels and personnel, acquisition of the Ocean Bottom
Cable ("OBC") 3D seismic survey commenced on the 9(th) September
2014. Based on the current project timeline the seismic acquisition
is expected to be completed by the end of 2014 with a final
processed volume available by Q1 2015. The contract for the seismic
processing has been awarded to Verity Geosolutions Limited,
following a successful tender and bid evaluation process.
Malawi, Block 1: Start of the Environmental Social Impact
Assessment.
SacOil, as 100% interest holder and operator of Block 1, has
contracted Golder Associates Africa to conduct an Environmental
Social Impact Assessment ("ESIA"). The initial stakeholder
engagements commenced at the beginning of October and it is
envisaged that the ESIA and the various processes will be completed
by Q2 2015. The ESIA should form the basis for SacOil to continue
its exploration activities during 2015.
Botswana, PELs 123, 124 and 125: Completion of Satellite Imagery
Study.
SacOil, as 100% interest holder and operator of Petroleum
Exploration Licences ("PEL") 123/2013, 124/2013 and 125/2013,
contracted Golder Associates Africa to conduct a satellite imagery
study over the three concession areas. The study was completed at
the end of August 2014 and the results will be used to identify
areas of focus for a more detailed environmental survey over the
PEL's.
Qualified Person Review
This release has been reviewed by Bradley Cerff, Executive
Director, 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.
9 October 2014
Johannesburg
JSE Sponsor
Nedbank Capital
For further information please contact:
finnCap Limited (Nominated Adviser and
Broker)
Matthew Robinson / Christopher Raggett +44 (0) 20 7220 0500
FirstEnergy Capital (Financial Adviser
and Joint Broker UK)
Majid Shafiq / Travis Inlow +44 (0) 20 7448 0200
Instinctif Partners London (UK Investor
Relations)
David Simonson / Anca Spiridon +44 (0)20 7457 2020
Instinctif Partners Johannesburg (SA
Investor Relations)
Nicholas Williams / Fred Cornet +27 (0)11 447 3030
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQZLLFLZBFZFBD
Sacoil (LSE:SAC)
Historical Stock Chart
From May 2024 to Jun 2024
Sacoil (LSE:SAC)
Historical Stock Chart
From Jun 2023 to Jun 2024