Sasol Expands in Australia

January 13, 2010

Sasol Petroleum International’s Australian unit Sasol Petroleum Australia Ltd. has entered into an agreement with Finder Exploration that will expand its presence in the Australian oil and gas arena. Under the agreement Finder will farm-out a 45% stake in exploration permit AC/P 52 in the Browse Basin.

To date a number of key prospects and leads have been identified on AC/P 52, including what Finder says is the large multi-Tcf size Cronus gas prospect. A 500 sq km 3D seismic acquisition and interpretation is planned for 2010 on the acreage.

Sasol Group General Manager Lean Strauss said the acquisition marks a step forward in Sasol's strategy to secure a significant position in exploration acreage in Australia's NW shelf. “We see great potential in the prospectivity of AC/P 52 and are eager, together with Finder, to unlock the value in this acreage.”