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Assignment of 20% participating interest in Oil Prospecting License (“OPL”) 233
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”)
Assignment of 20% participating interest in Oil Prospecting License (“OPL”) 233
SacOil, the African independent upstream oil and gas company, is pleased to announce the
assignment of 20% equity in Oil Prospecting Licence (“OPL”) 233 offshore Nigeria (“the
participating interest”). The assignment of the participating interest was duly granted and
authorised by the Nigerian National Petroleum Corporation (“NNPC”) as per the submitted
Deed of Assignment under the OPL 233 Production Sharing Contract (“PSC”). This perfects
title of the Company’s 20% working interest in OPL233 and will allow the Company to
commence a broader and more proactive work programme over the asset.
Accordingly, the assignment of the participating interest is a milestone in the Company’s
evolution and is the first asset over which the Company has perfected title in Nigeria. The
focus now is to continue the progress made on the assets by working in collaboration with
the joint venture partners to deliver reserves and production.
OPL 233 is an offshore oil block that is located in the shallow marine area of the prolific
Niger Delta region. It encompasses an area of approximately 126 square kilometres and is
located in water depths ranging from 3 to 10 metres.
As reported previously, SacOil and its joint venture partners have commenced operations
for the acquisition of 3D Seismic Ocean Bottom Cable (“OBC”) survey, with mobilisation of
equipment for the survey completed. Following a number of operational delays in the
course of mobilisation, the 3D OBC acquisition work is expected to commence immediately,
with completion scheduled for the end of October 2014, subject to operational
contingencies and weather related downtime. The 3D seismic data will provide valuable
subsurface information relevant for the quantification of the licence’s resource potential, as
well as the selection of optimal drilling locations.
Commenting on the official award of the participating interest, Dr Thabo Kgogo, SacOil CEO
said “This is an important milestone in the history of the Company which reflects on our
commitment to progress our assets and ensure the growth of the existing portfolio. OPL233
fits with our strategy of acquiring and exploiting assets with discovered hydrocarbons. This award
now moves us to the next phase of unlocking the resource potential and delivering
production.”
Johannesburg
19 August 2014
JSE Sponsor
Nedbank Capital
For further information please contact:
SacOil Holdings Limited
Tariro Mudzimuirema +27 (0)11 575 7232
Nedbank Capital, a division of Nedbank Limited (Sponsor)
Michelle Benade +27 (0) 11 294 3524
finnCap Limited (Nominated Adviser and Broker)
Matthew Robinson / Christopher Raggett +44 (0) 20 7220 0500
FirstEnergy Capital (Joint Broker UK)
Majid Shafiq / Travis Inlow +44 (0) 20 7448 0200
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
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