Efora Energy (formerly SacOil) relinquishes oil exploration licence in Malawi
Prospecting for oil in Malawi’s northern Block 1 has not been successful. As a result, South African company Efora Energy has decided not to renew its prospecting licence.
According to JSE-listed Efora Energy, formerly trading under SacOil Holdings, the prospectivity did not meet project investment criteria. SacOil initially acquired the licence in December 2012.
The company announced in November 2017:
In line with our strategy, we have evaluated our position in Malawi and Botswana and the prospectivity of the respective fields. Those reviews indicated that the prospects of success on these two fields did not meet with our project investment criteria and as such we decided not to renew the exploration licences when they expired during H1 FY2018.