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SacOil assigned 20% participating interest in Nigerian OPL233

SacOil CEO Dr Thabo Kgogo

SacOil CEO Dr Thabo Kgogo

Photo by Duane Daws

19th August 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

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Independent African upstream oil and gas company SacOil on Tuesday announced that it had been assigned a 20% participating interest in the 126 km2 233 offshore oil prospecting licence (OPL233), off the coast of Nigeria, enabling the company to embark on a broader and more proactive work programme over the asset.

The company said the assignment of the interest was duly granted and authorised by the Nigerian National Petroleum Corporation and perfected the title of the company’s 20% working interest in OPL233.

“This is an important milestone in the history of the company, which reflects on our commitment to progress our assets and ensure the growth of the existing portfolio.

“OPL233 fits with our strategy of acquiring and exploiting assets with discovered hydrocarbons. This award now moves us to the next phase of unlocking the resource potential and delivering production,” SacOil CEO Dr Thabo Kgogo commented.

The company said its focus would now be on continuing the progress made on the assets by working in collaboration with its joint venture partners to deliver reserves and production.

SacOil noted that a three-dimensional (3D) ocean bottom cable survey was expected to be completed by the end of October, with the equipment already having been mobilised.

“The 3D seismic data will provide valuable subsurface information relevant for the quantification of the licence’s resource potential, as well as the selection of optimal drilling locations,” it stated.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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