Sasol acquires stake in Equatorial Guinea block

South African synthetic fuels group Sasol said it had acquired a 20 % stake in Equatorial Guinea's Block H, boosting its oil exploration interests in the tiny west African country. The Block H operation, in the offshore Rio Muni basin, is a joint venture between Atlas Petroleum International which holds 20 % while Australia's Roc Oil remains the technical partner with a 60 % stake.
"Interpretation of a newly acquired 3D seismic survey in Block H is now underway and exploration drilling is expected to take place next year," Sasol said in a statement. The oil-from-coal producer has another 10 % stake in the west African country's block L, operated by ChevronTexaco.

The group's Sasol Petroleum International has led Sasol in an aggressive oil exploration drive across Africa into Mozambique, Congo, Gabon and Equatorial Guinea with opportunities in Nigeria and Angola under investigation.