| Wed 21 Oct 2015, 11:00 | | SACOIL HOLDINGS LIMITED - Licence extension for block iii Albertine Graben Democratic Republic Of Congo |
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SCL 201510210011A
Licence extension for block iii, Albertine Graben, Democratic Republic Of Congo
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”)
LICENCE EXTENSION FOR BLOCK III, ALBERTINE GRABEN, DEMOCRATIC
REPUBLIC OF CONGO
Following application to the Ministry of Hydrocarbons of the
Democratic Republic of Congo (“DRC”), the joint venture
partners, with Total E&P RDC as operator, were informed that
the Block III licence was extended for an additional two
years.
With this extension, the current exploration period of Block
III is extended from 27 January 2016 to 26 January 2018, which
will allow more time to complete the acquisition and
processing of 2D seismic data.
To date, the joint venture partners have successfully
completed the acquisition and processing of a gravity and
magnetic survey on the northern part of the Block III area,
outside the Virunga National Park.
SacOil holds a 12.5% effective interest in Block III.
Johannesburg
21 October 2015
JSE Sponsor
PSG Capital Proprietary Limited
For further information please contact:
SacOil Holdings Limited +27 (0)10 591 2260
Bradley Cerff
finnCap Limited (Nominated Adviser and +44 (0) 20 72200 500
broker)
Christopher Raggett and James Thompson
FirstEnergy Capital (Financial Adviser +44 (0) 20 74480 200
and Joint Broker UK)
Hugh Sanderson / David van Erp
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