Albertine Graben

On 18 June 2010 the President and Prime Minister of the DRC signed Presidential Ordinance 10/042 approving the Block 3 Production Sharing Agreement. The Ordinance was gazetted in the Journal Officiel de la Republique Democratique du Congo on 22 June 2010.

On 18 June 2010 the President and Prime Minister of the DRC further signed Presidential Ordinance 10/043 ordering an amendment of the Block 3 Production Sharing Agreement (the "Amendment").The Ordinance was gazetted in the Journal Officiel de la Republique Democratique du Congo on 22 June 2010.

The signature and publication of Ordinance 10/042 perfected the rights of SacOil (Pty) Limited under the Block 3 Production Sharing Agreement subject to compliance with the provisions of the Amendment.

Robin Vela of SacOil Holdings Limited had this to say: “The parties to the agreement are delighted with the signing of the Presidential Decree. We can now concentrate our energies on expediting the work programme to bring the Oil Blocks to early production.. We look forward to working with the people of the DRC, the government, and other affected parties. We wish to transform SacOil in a short time frame into a leading pan-African controlled,integrated, independent oil and gas focused company with exploration, and in time, oil and gas near producing and producing assets in Africa.”