SacOil given leave to appeal Identiguard ruling
Explorer SacOil (LON:SAC) said this morning it has been given leave to appeal in its legal battle with a firm called Identiguard.
SacOil is caught in the middle of a spat between Identiguard and the government of the Democratic Republic of Congo, home to the company's Block III oil licence.
Sac has revealed the South Gauteng High Court in Johannesburg has allowed the company to appeal a U$2 million attachment notice won earlier this year by Identiguard.
"In delivering the judgment in the application for leave to appeal, the High Court concluded that there was a reasonable prospect that another court may come to a different conclusion and therefore the granting of leave to appeal was warranted," the company said in a statement today.
The company said it is unlikely the appeal will be heard by the Supreme Court of Appeal before next year.
In a trading statement South Africa-quoted Sac said its financial results will be impacted by the expenses associated with its AIM listing earlier this year and the costs of its ongoing exploration activities.
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