SacOil Holdings Limited Operations update: Block III, DRC (7411B)

TIDMSAC

RNS Number : 7411B

SacOil Holdings Limited

21 June 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")

Completion of 2D SEISMIC Data ACQUISITION, block iii, Albertine Graben, Democratic republic of Congo

SacOil is pleased to announce that Total E&P RDC ("Total") operator of Block III, has finalised the acquisition of the 2D seismic survey over the northern part of the Block III area.

The operator successfully completed the acquisition of 244km of 2D seismic data and currently the seismic acquisition contractor is in the process of demobilisation. As reported previously, the seismic survey did not encroach on the Virunga National Park.

The next step will be to process and interpret the seismic data, and integrate the results with the previously acquired gravity and magnetic data.

This 2D seismic acquisition program is in fulfilment of the minimum work program obligations.

SacOil holds a 12.5% effective interest in Block III.

Johannesburg

21June 2016

JSE Sponsor

PSG Capital Proprietary Limited

For further information please contact:

SacOil Holdings Limited

Bradley Cerff

[phone]

finnCap Limited (Nominated Adviser and broker)

Christopher Raggett and James Thompson

[phone]

FirstEnergy Capital (Joint broker)

Hugh Sanderson / David van Erp

[phone]

Buchanan (Financial PR adviser) - UK

Ben Romney / Chris Judd / Madeleine Seacombe

[phone]

Hill + Knowlton Strategies (Financial PR adviser) - SA

Craig Atherfold / Eva Khosa

[phone]

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. 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCAKKDBPBKDAAB

(END) Dow Jones Newswires

June 21, 2016 02:00 ET (06:00 GMT)