Sasol Form 20-F for the year ended 30 June 2021 - Book - Page 59
The producing asset is the Pande-Temane
Petroleum Production Agreement (PPA) licence
(301,1 thousand developed net acres). Our subsidiary
Sasol Petroleum Temane Limitada (SPT), the operator,
holds a 70% working interest in the PPA. The PPA
expires in 2034 and carries two possible five-year
extensions. There is no requirement to relinquish any
acreage until the expiry of the PPA.
average sales prices and production costs,
of natural oil and gas, for the last
The financial information in these sections has
been prepared in accordance with IFRS in order to
ensure consistency between this document and the
Annual Financial Statements.
The asset under development is the PSA
licence (443,4 thousand undeveloped net acres) where
we are currently developing oil and gas reservoirs
contained in the Pande, Temane and Inhassoro fields.
Our subsidiary Sasol Petroleum Mozambique Limitada
(SPM), the operator, holds a 100% working interest.
Under the terms of the current PSA licence, ENH as the
licence holder is entitled to a profit share of production.
Refer to the “Supplemental Oil and Gas
Information” on pages G-1 to G-7 for:
costs incurred in natural oil and gas
property acquisition, exploration and
development activities, for the last
capitalised costs relating to natural oil and
gas activities, for the last three years;
the results of operations for natural oil and
gas producing activities, for the last
natural oil and gas proved reserves and
production quantity information, for the
last three years;
standardised measures of discounted
future net cash flows relating to natural oil
and gas proved reserves, for the last
three years; and
In March 2020 an amendment to the PSA FDP
was submitted to the GoM and in September 2020 it
was approved. The FDP has been optimised with the
revised assessment of hydrocarbon resources in
conjunction with the GoM. The FDP approval is for an
integrated gas, oil and LPG development over three
Development and Production Areas (Pande, Temane
and Inhassoro), which is valid for a 30-year period from
the date of approval of the FDP.
We have interests in one offshore exploration
licence, Angoche A5-A (non-operated) and one
operated onshore licence PT5-C.
changes in the standardised measures of
discounted future net cash flows relating
to natural oil and gas proved reserves, for
the last three years.
The onshore block PT5-C in the Pande
Temane Area covers 521,0 thousand undeveloped net
acres. The licence was transferred on 1 September 2019
from SPMEL to Sasol Mozambique PT5-C
(SMPT5-C). SMPT5-C holds a 70% working interest,
as operator, and ENH holds a 30% interest, carried
through the exploration period.
The maps on page M-2 to M-3 show GSO’s
global footprint and the location of our assets and
Block A5-A in the offshore Angoche Area
originally covered an area of 323,4 thousand
undeveloped net acres. The licence was transferred on 1
September 2019 from SPMEL to Sasol Mozambique
A5-A (SMA5-A). SMA5-A holds a 25,5% working
interest in the licence which is operated by Eni
Mozambico S.p.A. ENH holds a 15% interest, carried
through the exploration period. On 22 March 2021,
partial voluntary relinquishment of the licence was
approved by INP, which reduced the total licence area
to 290,5 thousand net acres.
Development and production
In Mozambique, we have interests in two
onshore assets, one of which is producing with proved
reserves. The other asset consists of three areas under
development and other reservoirs that are being
assessed for commerciality.