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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Efora Energy Ltd    SCLJ   ZAE000127460

EFORA ENERGY LTD

(SCLJ)
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SacOil Holdings Limi : Block III, Albertine Graben, DRC: Update

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09/12/2012 | 05:11am EDT

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")

12 September 2012

Johannesburg

Block III, Albertine Graben, DRC - Update

Successful completion of airborne gravity and magnetic survey


SacOil announces that Total E&P RDC ("Total"), the Operator of Block III, Albertine Graben in the Democratic Republic of Congo, has successfully conducted an airborne gravity and magnetic survey on the northern part of the Block III area, located outside the Virunga National Park. SacOil holds a 12.5% effective interest in Block III.

Preliminary processing of the Block III gravity and magnetic data broadly confirms the trend observed in the adjacent concessions in Uganda. It is expected that more detailed processing will identify features similar to those that were found to be oil-bearing in Uganda.

Planning for the acquisition of a 2D seismic survey, to map potential oil and gas prospects, is underway and Total has initiated a tendering process. Subject to the positive identification of structures that may contain oil and gas, Total intends to drill an exploration well, in order to determine the presence of oil and/or gas and the potential commercial viability of Block III.

In terms of the Farm-in and Joint Venture Agreements on Block III, Total bears all the costs associated with the acquisition of the airborne gravity and magnetic survey and will carry SacOil through the seismic survey, any subsequent exploration and appraisal wells, up to a final investment decision.

ENDS

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)

Majid Shafiq

Travis Inlow

+44 (0) 20 7448 0200

GMP Securities Europe LLP (Joint Broker UK)

James Pope

Chris Beltgens


+44 (0) 20 7647 2800

Keyter Rech Investor Solutions (SA)

Vanessa Ingram

Lynne Bothma

The Riverbed Agency(SA)

Raphala Mogase

+27 (0) 11 447 2993

+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


This information is provided by RNS
The company news service from the London Stock Exchange
ENDMSCEAKNAFLAAEEF
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NameTitle
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