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Strategies & Market Trends : SASOL LTD. (SASOY) -- Ignore unavailable to you. Want to Upgrade?

To: John M who wrote (25)	7/14/1998 11:59:00 AM
From: IPOJunkie	Read Replies (1) \| Respond to of 27

Tuesday July 14, 10:48 am Eastern Time Company Press Release Sasol Signed Two More Agreements With Mozambique JOHANNESBURG, South Africa--(BUSINESS WIRE)--July 14, 1998--Sasol Petroleum International (Pty) Ltd (SPI), the subsidiary company in the Sasol Group (NASDAQ:SASOY - news) responsible for crude oil and gas exploration and production, Arco Mozambique (Temane) Ltd (Arco Mozambique), a Bahamian company and subsidiary of Atlantic Richfield Company (Arco), and Zarara Petroleum Resources (Zarara) today signed two additional Production Sharing Agreements with Empresa Nacional de Hidrocarbonetos de Mocambique (ENH), the state oil company of Mozambique and the Government of Mozambique. These are the second and third Production Sharing Agreements signed between the Sasol consortium, ENH and the Mozambican government and relate to the Sofala and M10 exploration permits offshore Mozambique. The first agreement was signed on May 15, 1998 for the Temane block which includes the Temane gas field. As is the case with the Temane permit, Arco Mozambique, SPI and Zarara have interests of 47.62%, 47.62% and 4.76% respectively in the Sofala and M10 blocks. Arco Mozambique is the operator. SPI entered into an agreement with Arco and Zarara in July 1997 for the Temane, Sofala and M10 blocks. The Production Sharing Agreements stipulate the commercial and fiscal arrangement between the Mozambican government, SPI and its partners, and ENH for the Sofala and M10 blocks. Under the terms of the agreements, SPI, Arco Mozambique and Zarara have undertaken to acquire new seismic data in the Sofala and M10 blocks and to drill five wells in the Sofala block and four wells in the M10 block within a period of 7 years, to assess the potential. Should hydrocarbons be found, further wells will be drilled to assess the potential size of the discoveries. The consortium plans to invest a minimum of US$30 million in the two blocks during this period, in drilling and seismic work. The commitment includes financial assistance for the training of Mozambican citizens, the development of related exploration infrastructure and the awarding of contracts to deserving Mozambican companies. The drilling of the wells in Sofala is expected to commence early in 1999. Sasol, Arco and Zarara are presently in discussion with JCI for the potential supply of gas to JCI's planned hot-briquetted iron plant destined for Beira. Background information : 1 Sasol Limited is a private sector company listed on the Johannesburg Stock Exchange and NASDAQ (symbol SASOY). It has an annual turnover of US$2.5 billion. Sasol is active in coal mining, crude oil refining, synthetic fuel and petrochemicals production and crude oil and gas exploration. SPI's exploration activities currently cover Mozambique, Congo (Brazzaville), Gabon and South Africa. 2 Arco International Oil and Gas Company is the international exploration and production division of the Los Angeles-based ARCO (NYSE: ARC - news), which is the seventh largest oil company in the United States of America. World-wide operations include all aspects of exploration, production and marketing of crude oil, natural gas and natural gas liquids as well as refining, marketing and transportation of petroleum products. Countries where Arco has oil and gas activities include the United States, Indonesia, China, Venezuela, United Kingdom, Ecuador and the Middle East. 3 Zarara Petroleum Resources holds interests on behalf of Leopardus Resources Limited, an international oil and gas exploration company listed on the Vancouver Stock Exchange (symbol LEP) and OTC market in the United States of America. As part of its ongoing activities, the company is currently participating with industry partners in the exploration and development of natural gas reserves in Mozambique, where it has been active since 1991. Sasol is a world leader in the conversion of coal to fuels and petrochemical products, including gasoline and diesel fuels. In addition to coal mining and processing, Sasol's activities include oil refining and marketing as well as waxes, fertilizer and industrial explosives production. Sasol ordinary shares, traded on the Johannesburg Stock Exchange, may be accessed on the Reuter Equities 2000 service under SASO.J, and on SEAQ International under SASOq.L. Its ADRs, each equal to one ordinary share, trade on the NASDAQ and can be accessed on Quotron and on Bloomberg under SASOY. Additional information is available on Sasol's home page: sasol.com.