Go Back Email this Link to a friend

SACOIL HOLDINGS LIMITED - Award of the onshore Petroleum Prospecting Licence Block 1 in Malawi

Release Date: 13/12/2012 14:00:00      Code(s): SCL     
(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?)

Award of the onshore Petroleum Prospecting Licence Block 1 in Malawi

SacOil, the African independent upstream oil & gas company, is pleased to announce the award of
100% equity interest and operator status in Block 1, an onshore petroleum prospecting license in
Malawi. Following due process and intensive negotiations between SacOil and the Malawian
government, the prospecting licence was awarded to SacOil on the 12 December 2012. The license
was duly signed by the Honourable, John Bande, Minister of Mining in the Republic of Malawi.

Block 1 is located in the North Western part of Malawi bordering Tanzania to the North and Zambia
to the west. At 12,265 square kilometres, Block 1 is the second largest petroleum exploration
licence demarcated in Malawi. The licence is located on trend with the East African rift system which
is a proven exploration province with prolific oil discoveries in Sudan, Chad, Kenya and Uganda. It is
anticipated that the same Tertiary rift system will be present in Malawi. This award dovetails with
SacOil?s strategy of building a balanced upstream oil and gas portfolio through the acquisition of
early stage opportunities in Africa similar to that which has already been demonstrated by the
company in the DRC.

The term of the exploration licence is divided into an initial four (4) year period followed by two
subsequent three (3) year renewal periods. During the initial four (4) year period it is envisaged that
desktop studies and the acquisition of gravity and magnetic data will take place in order to evaluate
the petroleum potential of the block. The financial obligation on SacOil for the initial 4 year period is
a total of US$2 million.

Commenting on the acquisition, Robin Vela, CEO, said:

?We are delighted at the award of the licence; it represents our firm commitment to grow our asset
base on the African continent and drive shareholder value. This is in line with SacOil?s strategy of
building and developing a uniquely African portfolio. In addition, it gives effect to our drive to
unlock under-explored regions in Africa.?

13 December 2012


JSE Sponsor
Nedbank Capital

For further information please contact:

finnCap Limited (Nominated Adviser and Broker)      +44 (0) 20 7220 0500
Matthew Robinson / Christopher Raggett
First Energy Capital (Joint Broker UK)              +44 (0) 20 7448 0200
Majid Shafiq
Travis Inlow

GMP Securities Europe LLP (Joint Broker UK)         +44 (0) 20 7647 2800
James Pope
Chris Beltgens

Keyter Rech Investor Solutions (SA)
Vanessa Ingram                                       +27 (0) 11 447 2993
Lynne Bothma

The Riverbed Agency (SA)
Raphala Mogase                                       +27 (0) 11 783 7903

Pelham Bell Pottinger (UK)
Philip Dennis                                       +44 (0) 20 7861 3919
Nick Lambert                                        +44 (0) 20 7861 3936
Rollo Crichton-Stuart                               +44 (0) 20 7861 3918

Date: 13/12/2012 02:00:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.