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SacOil has announced that an eight month extension of the current licence term of onshore licence, Block 1 – located in the northern part of Malawi – has been granted with the expiry date now confirmed as 12 August 2017.
To date, SacOil, as operator, is in the process of finalising the environmental and social impact assessments as well as the evaluation and processing of the countrywide gravity and magnetic data over Block 1. In addition, SacOil is in the process of performing a desktop study on the area, which is yielding encouraging results.
The extension allows to SacOil to complete its work program for the licence, which includes the acquisition of infill gravity and magnetic data and completing geological field work over the licence.(source: SacOil)