SacOil has announced it has been allowed an eight month extension of the current licence term of onshore licence, Block 1 – situated in the northern part of Malawi
The South-African based independent African oil and gas company has been issued with an expiry date which has been agreed as 12 August 2017.
SacOil stated that it is in the process of finalising the environmental and social impact reports, in addition to the evaluation and processing of the countrywide gravity and magnetic data over Block 1.
In addition, SacOil said it is currently performing a desktop study on the area which has already produced positive results.
The extension enables SacOil to complete its work programme for the licence, which involves the acquisition of infill gravity and magnetic data and completing geological filed work over the licence, the company noted.