Transcorp Press Release – Oil Prospecting License 281

Transnational Corporation of Nigeria Plc (Transcorp) notes the statement released to the Johannesburg Stock Exchange by SacOil Holdings Limited (“SacOil”), announcing SacOil’s withdrawal from participation in OPL 281 on 1 April 2015, as part of SacOil’s ongoing portfolio rationalisation.

OPL 281 is an onshore oil block situated in Delta State in Nigeria.

Transcorp, in May 2014, signed the Production Sharing Contract (“PSC”) for OPL 281 with the Nigerian National Petroleum Corpor

ation (“NNPC”) and received full regulatory approvals to commence oil and gas prospecting in OPL 281.

Since signing the PSC, Transcorp has pursued an aggressive work programme aimed at bringing OPL 281 into oil and gas production by end 2017, and has so far acquired and evaluated some 150 sq km of 3D seismic, with its first Well planned for drilling by the end of this year.

Commenting on the statement, the President and Chief Executive Officer, Transcorp, Mr. Emmanuel Nnorom, said “OPL 281 is one of the most prolific remaining oil and gas exploration assets in the Niger Delta and the substantial reserves form part of our integrated energy strategy, which combines power generation, downstream refining and petrochemicals. Sacoil’s withdrawal has no impact on the funding of the OPL or our development plans.”

About OPL 281OPL 281 is an onshore oil block situated in Delta State in Nigeria. A PSC was signed with NNPC with Transcorp as the operator and developer of OPL 281. OPL 281 is an asset within the portfolio of Transcorp’s energy business.

Signed:

Josephine Igbinosun

Head | Listings Regulation Department

NSE