SacOil is set to exit Nigeria assets

SacOil is set to exit Nigeria assets

2015-02-03 17:45

Johannesburg – Oil and gas explorer SacOil Holdings [JSE:SCL] said on Monday it may cancel an agreement to complete an appraisal on a prospective oil asset in Nigeria.

SacOil said in August it had acquired 20% in a prospective Nigerian oil licence, and later said in November it had completed research of the site.

The price of oil has dipped to six-year-lows on oversupply concerns.

The company has previously said it would focus on more cash generative assets.

SacOil reported a 23% decline in profit after tax in the six months to August due to higher operating costs.