21 Oct 2015 10:00
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 2015JSE 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 broker) +44 (0) 20 72200 500
Christopher Raggett and James Thompson
FirstEnergy Capital (Financial Adviser and Joint Broker UK) +44 (0) 20 74480 200
Hugh Sanderson / David van Erp