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JOHANNESBURG, June 10, 2014 /PRNewswire/ -- Today, Sasol Petroleum International, the upstream oil and gas subsidiary of Sasol Limited (Sasol), announced that it has concluded a farm-out to Eni SpA (Eni), an Italian multinational oil and gas company, for the exploration right permit 236 (ER236) in South Africa.
The permit was granted to Sasol in November 2013 by the Petroleum Agency of South Africa for an initial period of three years. The permit grants the right to explore for hydrocarbons along South Africa's east coast in the Durban and Zululand basins offshore Kwazulu-Natal province.
In terms of the farm-out, Sasol will transfer a 40% interest in ER236 and operatorship to Eni. Sasol will retain a majority 60% interest. The agreement, which is subject to government approval, signals greater cooperation between Sasol and Eni in Southern Africa.
"The establishment of our partnership with Eni in respect of our offshore South African interests complements Sasol's strategy to develop sustainable energy solutions, which will serve to ensure all-important economic growth and development in southern Africa and the broader region. In addition, accelerated exploration activity, as represented by ER236, will have many positive benefits for South Africa and the broader region, in terms of energy security and increasing levels of international investment," said David Constable, Chief Executive Officer, Sasol Limited.
Eni is among a number of international energy companies to have recently entered South Africa, which is currently the continent's largest oil importer.
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Sasol Ordinary Share codes: JSE - SOL; NYSE - SSL
Forward-looking statements: Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return and cost reductions. 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 the 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 the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report under the Securities Exchange Act of 1934 on Form 20-F filed on 9 October 2013 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
Committed to excellence in all we do, Sasol is an international integrated energy and chemical company that leverages the talent and expertise of our more than 34 000 people working in 37 countries. We develop and commercialise technologies, and build and operate world-scale facilities to produce a range of product streams, including liquid fuels, high-value chemicals and low-carbon electricity.
While remaining committed to our home-base of South Africa, Sasol is expanding internationally based on a unique value proposition.