Further to the announcement on 1 March, 2016, SacOil announces that a Joint Venture Agreement for the development of the African Renaissance Pipeline Project was signed in Maputo, Mozambique on Friday, April 22, 2016 by the following parties i.e. Empresa Nacional de Hidrocarbonetos (ENH), Profin Consulting Sociedade Anonima (Profin), China Petroleum Pipeline Bureau (CPP), China Petroleum & Technology Development Corporation (CPTDC) and Progas Investment Group (Pty) Limited.
SacOil as a Company elected not to sign the Joint Venture Agreement at this time, while the Board evaluates the Agreement and the associated opportunity with regards to the Companyís participation in the Project. The Company will provide an update in due course.
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