Explorer SacOil (LON:SAC) said this morning it had successfully appealed a US$2 million attachment order brought by a firm called Identiguard.
SacOil is caught in the middle of a spat between Identiguard and the government of the Democratic Republic of Congo, home to Sac’s Block III oil licence.
The ruling made by the South Gauteng High Court in Johannesburg overturns the original decision made last year.
Prior to the May 15 appeal hearing, Identiguard was also pressing to have the US$2 million transferred into a trust account run by its attorney. Sac is now moving to have this legal move dismissed.
Block III in the Democratic Republic of Congo is an exciting and possibly company-making concession.
It has a contingent resource of 1.2 billion barrels and is currently being explored by Sac’s partner, the French major Total.
It is one of three opportunities. The other two are in the Niger Delta area of Nigeria. Both of these have the potential to transform SacOil.