SacOil has entered into a deal have a direct line of site of activities in the Block III, Albertine Graben prospect in the Democratic Republic of Congo.

The company, has an indirect participating interest in Block III, Albertine Graben which is currently held by its subsidiary Semliki Energy. Sacoil through the contract will now have its own interest in Block III directly as well as have direct line of sight to the activities of Block III.

In line with the deal Semliki will allocate a share of its future rights and commitments under the farm-out deal to SacOil. They include the right to get additional benefit amounting to $54 million when first investment the decision date and first oil date is reached.

Total is the operator of Block III with 66.7%, Semliki has a direct 18.3% participating interest and the DRC government with 15%.  Semliki is 68% directly owned by RDK Mining Proprietary Limited (a wholly owned subsidiary of SacOil) while the remaining 32% is held by DIG.

According to Energy Voice, SacOil will maintain a participating interest of 12.5% in Block III after the restructuring.

Anita Fatunji