SacOil terminates participation with Transcorp




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SacOil Holdings Ltd :

* Withdrawal of cautionary announcement

* Has terminated its participation with transnational corporation of Plc (‘Transcorp’), operator of oil prospecting licence (“OPL”) 281

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* Aim of rationalisation is to restructure company’ future capital requirements and focus on cash generative assets and risk exploration assets

* Paid $12.5 million towards farm- fees on 28 Feb 2011, which contractually will be refunded with interest by transcorp
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* Will not have any future commitments and obligations associated with appraisal of OPL 281

* Farm-in fee to Transcorp, transaction fee payable to energy equity resources norway of $12 million and $2.5 million respectively will not be due Source text for Eikon: Further company coverage: (REUTERS)