SacOil today confirmed it had acquired 100% of Phembani Oil Proprietary for $15.4million in a bid to diversify its business.
Sac Oil has suspended it shares on the AIM Market of the London Stock Exchange as it considers a reverse takeover.
South-Africa-based SacOil and Nigdel United Oil Company have dropped legal claims against each other over a licence in Nigeria.
SacOil, the South African oil and gas operator, has confirmed that Total has finalised 2D seismic date acquisition in the Block III in the Albertine Graben area of the Democratic Republic of Congo.
SacOil has decided against signing an African Renaissance Pipeline Project joint venture agreement.
SacOil has hit its initial production target for the Lagia field onshore Egypt and has completed the phase two development programme on the project.
Sacoil has agreed a deal for the construction of a $6billion, 2,600km large-diameter pipeline to transport natural gas between Mozambique and South Africa.
SacOil has agreed a deal to have a direct line of site of activities in a prospect in the Democratic Republic of Congo.,
South African oil firm SacOil, said transition into a production company remained its priority as it announced it half-year results, revealing a drop in profit, due largely to increased operating costs.
SacOil has successfully drilled the first of five wells for its onshore Egypt campaign.
SacOil has said it is committed to recovering more than $12.5million from one of its former partners in Nigeria, after the partner initiated court proceedings over a dispute over the farm-out agreement.
Operational delays affecting activity in the Democratic Republic of Congo have contributed to Sacoil issuing an earnings warning to investors.
SacOil Holdings has started the first phase of its field development operations at its Lagia oil field in Sinai. The company has contracted Schlumberger through its subsidiary Mena International Petroleum Egypt to conduct the initial phase of development. It includes the hydraulic stimulation of the Lagia 6, 7, 8, 9 and 10 wells specifically targeting the intersected productive productive Nukhul geological formation.