Fin24

Sasol jumps on fracking nod

2012-09-07 12:07

Johannesburg - Sasol [JSE:SOL] shares rose on news that the cabinet lifted a freeze on shale gas exploration in SA, which is believed to have some 485 trillion cubic feet of the resource.

Government last year imposed a moratorium on oil and gas exploration licences in the Karoo region, to give time to study the potential gains and examine the concerns of environmentalists who say the extraction technique known as fracking would ruin the area.

The petrochemical group had been exploring the vast semi-arid region of Karoo but in November put its shale gas exploration plans on hold and said it would watch further developments.

Sasol shares gained 2.7% to a 10-week high of R375.37.


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Comments
  • brendon.nel.7 - 2012-09-07 12:48

    God help us all if they go ahead.

      1amAlan - 2012-09-07 13:34

      Money talks loudest...

  • jennifer.d.martin.750 - 2012-09-07 12:54

    ...study the potential gains... to give time for the highest bidder/briber morelike. this government makes me sick.

  • jacobus.kloppers.5 - 2012-09-07 12:55

    We all know, it is not need but greed that drives this insanity!

  • arthur.hugh - 2012-09-07 12:58

    Pigs.

  • Johan - 2012-09-07 13:06

    All for the sake of money......... Forget about our beautiful country, GREED RULES, COMMON SENSE OUT OF THE WINDOW.

  • The-Azanian - 2012-09-07 13:11

    South Africa...\the new Qatar\ which wont be existing in 2050

  • michael.b.talbot.5 - 2012-09-07 13:15

    We need energy. No harm in having a look at what's there. Power cuts or fracking? You choice.

      derekneilmaclachlan - 2012-09-07 14:58

      I would prefer power cuts over drinking poisoned water!!!

  • hamish.drake1 - 2012-09-07 14:48

    So now they will be able to pay back the goverment loans, that were used to build Sasol, right? Ohh so you won't be paying them back? What? You paid it back already. To who ? The ANC NEC members? My bad, I forgot this was South Africa!

  • Blixum - 2012-09-07 17:02

    Watch the land claims escalating in the Karoo....LOL

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