Chief executive Robin Vela said the addition of Malawi to the junior’s assets was “in line with SacOil’s strategy of building and developing a uniquely African portfolio…(and) gives effect to our drive to unlock under-explored regions in Africa”.
The 12,265-square kilometre block is the country’s second largest acreage licence, according to the AIM-listed independent.
It spans an area abutting the borders with Tanzania to the north and Zambia to the west.
SacOil sees the block as being on trend with the East African Tertiary rift system and its prolific oil discoveries seen in Sudan, Chad, Kenya and Uganda.
The initial four-year licence will see a $2 million investment by SacOil in desktop studies and the acquisition of gravity and magnetic data to evaluate the hydrocarbon potential of the block.