21st Oct 2015 10:22
LONDON (Alliance News) - SacOil Holdings Ltd Wednesday said its joint venture with French oil giant Total in the Democratic Republic of Congo has received a two-year licence extension from local authorities.
Block III in the Albertine Graben area of the country will now expire on January 26, 2018, compared to its original expiry date of January 27, 2016. The extra time will allow the companies, specifically Total as it is the operator, to acquire and process 2D seismic data over the block.
SacOil holds a 12.5% stake in Block III.
SacOil shares were up 5.4% to 2.00 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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