SacOil and Total agree future work programme

SacOil, Total, French major Total, Block III, africa, oil, explorationThe joint venture partners have now agreed the future work programme for Block III

The joint venture partners, led by French major Total, have now agreed the future work programme for Block III

SacOil told investors that an operations committee has been formed to oversee the Block III joint venture in the Democratic Republic of Congo.

The joint venture partners, led by French major Total, have now agreed the future work programme for Block III. 
This work will include an airborne gravity and magnetic survey and the programme's first results are expected in the fourth quarter. The survey will form the basis of the subsequent stage of the work programme, which will include a targeted 2D seismic survey. 


"I am pleased with the progress we are making at Block III with our partners Total,” said SacOil vice president Bradley Cerff.
“Work will shortly commence on carrying out the preliminary aeromagnetic surveys which is the precursor to targeted seismic surveys. The Block III project in the DRC has an exceptional postcode in terms of recent neighbouring discoveries in Uganda.”
Total became the operator and majority stakeholder – with 60 per cent - in Block III through a farm-in deal in March this year. Sacoil has an effective 12.5 per cent stake in Block III. The other JV partners DIG OIL and the Government of the DRC own 12.5 and 15 per cent of the project respectively.

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