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LequteMan
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South African oil and gas explorer SacOil Holdings could pull out of a Nigerian asset agreement, after acquiring 20% of a prospective oil license and completing research for the site, reports say.
The company on Monday also said it could exit other assets as a result of the continued fall in global oil prices.
SacOil said in a statement it would also make a decision on whether to continue exploration on similar assets in Malawi, Mozambique and the Democratic Republic of Congo as the price of oil dips to six-year-lows on oversupply concerns.
The company has previously said it would focus on more cash generative assets.
SacOil reported a 23 percent decline in profit after tax in the six months to August due to higher operating costs.
#SacOil #Nigeria #Oil #Malawi #Congo
The company on Monday also said it could exit other assets as a result of the continued fall in global oil prices.
SacOil said in a statement it would also make a decision on whether to continue exploration on similar assets in Malawi, Mozambique and the Democratic Republic of Congo as the price of oil dips to six-year-lows on oversupply concerns.
The company has previously said it would focus on more cash generative assets.
SacOil reported a 23 percent decline in profit after tax in the six months to August due to higher operating costs.
#SacOil #Nigeria #Oil #Malawi #Congo
