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Sasol jumps on fracking nod

Sep 07 2012 12:07 Reuters

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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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