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Licence Extension To Block 1, onshore Republic of Malawi

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09 Jun 2016

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”)

Licence Extension To Block 1, onshore Republic of Malawi

SacOil is pleased to announce that an eight month extension of the current licence term of onshore licence, Block 1 – located in the northern part of Malawi – has been granted with the expiry date now confirmed as 12 August 2017.

To date, SacOil, as operator, is in the process of finalising the environmental and social impact assessments as well as the evaluation and processing of the countrywide gravity and magnetic data over Block 1. In addition, SacOil is in the process of performing a desktop study on the area, which is yielding encouraging results.

The extension allows to SacOil to complete its work program for the licence, which includes the acquisition of infill gravity and magnetic data and completing geological field work over the licence.

JSE Sponsor

PSG Capital Proprietary Limited

09 June 2016


For further information please contact:

SacOil Holdings Limited

Bradley Cerff

+27 (0)10 591 2260

 

finnCap Limited (Nominated Adviser and broker)

Christopher Raggett and James Thompson 

+44 (0)20 72200500 

 

FirstEnergy Capital (Financial Adviser and Joint Broker UK) 

Hugh Sanderson / David van Erp

+44 (0)20 7448 0200

 

Buchanan Communications Limited

Ben Romney

+44 (0)20 7466 5000


About SacOil

SacOil is a South African based independent African oil and gas company, dual-listed on the JSE and AIM.  The Company has a diverse portfolio of assets spanning production in Egypt, exploration and appraisal in the Democratic Republic of Congo, Malawi and Botswana, and midstream and downstream operations including an oil terminal project in Equatorial Guinea.  The Company continues to evaluate industry opportunities throughout Africa as it seeks to establish itself as a leading, full-cycle pan-African oil and gas company.