23rd Oct 2014 08:30
LONDON (Alliance News) - SacOil Holdings Ltd Thursday said it has made "satisfactory progress" across its portfolio and said it is evaluating a number of opportunities to secure new acerage.
"The company continues to evaluate a number of opportunities to secure further new value accretive acreage in established and prolific African hydrocarbon jurisdictions and basins," it said in a statement.
SacOil currently have operations in Nigeria, Malawi and Botswana, which are all in the early stages of development.
SacOil is expecting its seismic acquisition for the OPL 233 license in Nigeria to be completed by the end of 2014 with a final processed volume estimate available by the first quarter of 2015.
SacOil, as 100% interest holder and operator of Block 1 in Malawi, has contracted Golder Associates Africa to conduct an Environmental Social Impact Assessment. The study commenced at the beginning of October, the company said, and it is envisaged that it will be completed by the second quarter of 2015.
In Botswana, SacOil contracted Golder to conduct a satellite imagery study over its wholly owned PEL 123, 124 and 125 licenses, which was completed in August. The results are to be used to identify target areas for a more detailed environmental survey, said SacOil.
"Satisfactory progress has been made across the existing portfolio of exploration and appraisal assets," it added.
SacOil shares were up 4.0% to 2.60 pence per share Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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