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SacOil kicks off 3D seismic in Nigeria

Published: 19:31 09 Oct 2014 AEDT

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SacOil (LON:PVR) has told investors that progress across its portfolio has been satisfactory, and it continues to evaluate a number of opportunities to secure value accretive acreage in Africa.

Seismic exploration activities have begun on the OPL 233 asset in Nigeria. The 3D seismic programme is expected to be complete before the end of the year, with final findings available during the first quarter of 2015.

The company also revealed its 20% stake in the venture has now been rubber-stamped by the Nigerian authorities.

Elsewhere, in Malawi, work has begun for the environmental and social impact assessment (ESIA) for the 100% owned Block 1, where SacOil plans to continue exploration next year. It said the ESIA should be complete by the second quarter of 2015.

In Botswana a study using satellite imagery has now been completed for SacOil’s three 100% exploration licences. The work was concluded at the end of August and the findings will be used to identify areas to focus upon in the future.

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