Sasol Limited: Encouraging Exploration Results for Sasol Petroleum Sofala
November 20 2008 - 9:34AM
PR Newswire (US)
JOHANNESBURG, South Africa, Nov. 20 /PRNewswire-FirstCall/ -- Sasol
Petroleum Sofala, a wholly owned subsidiary of Sasol Petroleum
International, has completed its first exploration well, Njika-1,
in Block 16/19 in Mozambique. The well is located in waters at a
depth of 460 meters and was drilled to a total depth of 1615
meters. The well accessed the predicted targets and measurements
indicate the presence of gas. The well is currently being tested.
Lean Strauss, Sasol Group General Manager said Sasol was very
pleased with the initial results. "This is extremely encouraging
news but we still need to complete a significant amount of work
before we can establish the commerciality of this discovery,"
Strauss said. "A development in the deep offshore areas of
Mozambique will require large investments and gas finds have to be
substantial in order to be economically viable. We will only be
able to determine commerciality after extended testing and further
appraisal work is done." Sasol, as the operator, holds a 50%
participating share in the license. Petronas hold a 35% interest,
while the Government of Mozambique represented by its national oil
company, Empresa Nacional De Hidrocarbonetos De Mozambique, E.P.
(ENH) holds the remaining 15% interest. Drilling of Njika-1
commenced on 1 October 2008. Sasol is planning a second well in the
same license area immediately after completion of Njika-1. This
exploration is a further development of Sasol's significant gas
business in Mozambique. Sasol remains committed to adding value to
the economy and the people of Mozambique. Sasol Investor Relations
+27 11 441 3113 / 3563 / 3321 Sasol is an integrated oil and gas
company with substantial chemical interests. Based in South Africa
and operating worldwide, Sasol is listed on the NYSE and JSE stock
exchanges. We are the leading provider of liquid fuels in South
Africa and a major international producer of chemicals. Sasol uses
proprietary Fischer-Tropsch technologies for the commercial
production of synthetic fuels and chemicals from low-grade coal and
natural gas. We manufacture more than 200 fuel and chemical
products that are sold worldwide. In South Africa we also operate
coal mines to provide feedstock for our synthetic fuels plants.
Sasol operates the only inland crude oil refinery in South Africa.
The group produces crude oil in offshore Gabon, supplies Mozambican
natural gas to end-user customers and petrochemical plants in South
Africa, and with partners involved in gas-to-liquids fuel joint
ventures in Qatar and Nigeria. Internet address:
http://www.sasol.com/ Disclaimer - Forward-looking statements We
may in this document make statements that are not historical facts
and relate to analyses and other information based on forecasts of
future results and estimates of amounts not yet determinable. There
are forward- looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Words such as "believe",
"anticipate", "expect", "intend", "seek", "will", "plan", "could",
"may", "endeavour" and "project" and similar expressions are
intended to identify such forward-looking statements, but are not
exclusive means of identifying such statements. By their very
nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and there are risks that
predictions, forecasts, projections and other forward-looking
statements will not be achieved. If one or more of these risks
materialize, or should underlying assumptions prove incorrect,
actual results may be very different from those anticipated. The
factors that could cause our actual results to differ materially
from the plans, objectives, expectations, estimates and intentions
expressed in such forward-looking statements are discussed more
fully in our annual report under the Securities Exchange Act of
1934 on Form 20-F filed on October 7, 2008 and in other filings
with the United States Securities and Exchange Commission.
Forward-looking statements apply only as of the date on which they
are made and Sasol does not undertake any obligation to update or
revise any of them, whether as a result of new information, future
events or otherwise. DATASOURCE: Sasol Limited CONTACT: Sasol
Investor Relations, +27-11-441-3113, or +27-11-441-3563, or
+27-11-441-3321, Web Site: http://www.sasol.com/
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