SacOil assigned 20% interest in Nigeria’s OPL 233

August 19, 2014 | Licensing & Concessions, Nigeria

London, United Kingdom | – SacOil Holdings Limited a South African-based independent African oil and gas company with listing on the JSE and AIM, has been assigned a 20% participating interest in Oil Prospecting Licence 233 offshore Nigeria by the Nigerian National Petroleum Corporation.

This perfects title of the company’s 20% working interest in OPL233 and will allow the Company to commence a broader and more proactive work programme over the asset.

SacOil says the assignment of the participating interest is a milestone in the Company’s evolution and is the first asset over which the Company has perfected title in Nigeria. The focus now is to continue the progress made on the assets by working in collaboration with the joint venture partners to deliver reserves and production.

OPL 233 is an offshore oil block that is located in the shallow marine area of the prolific Niger Delta region. It encompasses an area of approximately 126 square kilometres and is located in water depths ranging from 3 to 10 metres.