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SacOil Gains on Back of Nigerian Licence News

20 August 2014

 

SacOil Holdings Limited, the JSE (JSE: SCL) and AIM (AIM: SAC) listed pan-African oil and gas exploration company, gained 7.84% on the JSE yesterday, the 19 August 2014 to close at 55c a share. This was a response to the news that its application for a 20% stake in Oil Prospecting Licence 233 had been authorised by the Nigerian National Petroleum Corporation.


   SacOil CEO Dr. Thabo Kgogo said:

       http://www.sacoilholdings.com/assets/dynamic/10/gal/74/52/110x140/52_screenhunter_106-jun.-05-09.33.jpg

“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,”

Encha Group Limited is a significant shareholder in SacOil Holdings Limited.

Tiego Moseneke, the Chairman of Encha had this to say:

    

 “We are delighted at the renewed focus of the SacOil team on delivery of production soon.”


 

African Oil Sector Poser

African Oil Sector Poser

10 Jul 2014 | Nick Hedley

Published in Business Day of Thursday 10 July 2014, page 10

LACK of infrastructure and skills means the cost of oil projects in Africa will be “significantly higher” than in other regions over coming years, according to research and consulting firm GlobalData.

The firm predicts in a report that global refining capital expenditure will total $333bn between this year and 2020, or an annual average of about $48bn. Expenditure in Asia and the Middle East will account for a combined 70% of the world’s total spending.