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Sacoil Holdings Limited - Completion Of 2d Seismic Data Acquisition, Block Iii, Albertine Graben, Democratic Republic Of Congo

Release Date: 21/06/2016 08:00:00      Code(s): SCL     
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?)

COMPLETION OF 2D SEISMIC DATA ACQUISITION, BLOCK III, ALBERTINE
GRABEN, DEMOCRATIC REPUBLIC OF CONGO

SacOil is pleased to announce that Total E&P RDC (?Total?)
operator of Block III, has finalised the acquisition of the 2D
seismic survey over the northern part of the Block III area.

The operator successfully completed the acquisition of 244km of
2D seismic data and currently the seismic acquisition contractor
is in the process of demobilisation. As reported previously, the
seismic survey did not encroach on the Virunga National Park.

The next step will be to process and interpret the seismic data,
and integrate the results with the previously acquired gravity
and magnetic data.

This 2D seismic acquisition program is in fulfilment of the
minimum work program obligations.

SacOil holds a 12.5% effective interest in Block III.


Johannesburg

21 June 2016

JSE Sponsor
PSG Capital Proprietary Limited

For further information please contact:

SacOil Holdings Limited

Bradley Cerff

+27 (0)10 591 2260

finnCap Limited (Nominated Adviser and broker)

Christopher Raggett and James Thompson

+44 (0) 20 7220 0500

FirstEnergy Capital (Joint broker)
Hugh Sanderson / David van Erp

+44 (0) 20 7448 0200

Buchanan (Financial PR adviser) - UK

Ben Romney / Chris Judd / Madeleine Seacombe

+44 (0)20 7466 5000

Hill + Knowlton Strategies (Financial PR adviser) - SA

Craig Atherfold / Eva Khosa

+27 11 463 2198


ABOUT SACOIL

SacOil is a South African based independent African oil and gas
company, dual-listed on the JSE and AIM. The Company has a
diverse portfolio of assets spanning production in Egypt;
exploration and appraisal in the Democratic Republic of Congo,
Malawi and Botswana; and midstream and downstream operations.
The company continues to evaluate industry opportunities
throughout Africa as it seeks to establish itself as a leading,
full-cycle pan-African oil and gas company.

Date: 21/06/2016 08:00:00 Supplied by www.sharenet.co.za                     
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