Yemisi Izuora/Agency Report
South Africa’s oil and gas explorer SacOil Holdings has announce the possbility to cancel an agreement to complete an appraisal on a prospective oil asset in Nigeria and could exit other assets as the price of oil tumbles. SacOil said in August it had acquired 20 percent in a prospective Nigerian oil licence, and later said in November it had completed research of the site. 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, Reuters said. |