Following application to the Ministry of Hydrocarbons of the Democratic Republic of Congo (“DRC”), the joint venture partners, with Total E&P RDC as operator, were informed that the Block III licence was extended for an additional two years.
With this extension, the current exploration period of Block III is extended from 27 January 2016 to 26 January 2018, which will allow more time to complete the acquisition and processing of 2D seismic data.
To date, the joint venture partners have successfully completed the acquisition and processing of a gravity and magnetic survey on the northern part of the Block III area, outside the Virunga National Park.
SacOil holds a 12.5% effective interest in Block III.
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