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    SCLJ   ZAE000127460

EFORA ENERGY LTD

(SCLJ)
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Sacoil Holdings Limited : Award of onshore Malawi licence

12/13/2012 | 08:34am EST

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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")

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

Johannesburg

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
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© Publicnow 2012
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Managers and Directors
Darrin G. Arendse Chief Executive Officer
Thabang Monametsi Group Chief Financial Officer & Financial Director
Vuyo Ngonyama Chairman
Sebenzile Patrick Mngconkola Lead Independent Non-Executive Director
Zanele Radebe Independent Non-Executive Director
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