10th Mar 2014 12:28
LONDON (Alliance News) - SacOil Holdings Ltd Monday said the seismic mobilisation process has started in Nigeria, and environmental screening studies have been completed in Malawi.
The African independent upstream oil and gas company said the 3D seismic data acquisition contractor for its OPL 233 site in Nigeria has commenced the mobilisation process, and the company expects full mobilisation to the site to be completed by the end of March.
SacOil said that following mobilisation, the 3D acquisition is expected to start in April and be completed by July, subject to operations going to plan and weather constraints.
SacOil said the seismic survey will provide valuable sub-surface information relevant for the quantification of the licence's resource potential, as well as the selection of an optimal drilling location, and it expects the processing of raw data and interpretation of results to be completed by the third quarter, 2014.
The company holds a 20% interest in OPL 233.
SacOil also said a satellite screening study linked to an environmental risk assessment for an exploration program at its 100% owned Block 1 in Malawi was completed in December.
The company said that the results were positive, and planning of the environmental and social impact assessments for the site have now begun, while the site's 2014 budget and work program has now been approved.
Following a consultation with the Malawian government, SacOil is currently targeting to have all environmental work completed by the third quarter.
SacOil shares were up 3.9% to 3.56 pence midday Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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