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SacOil Wins Malawi Oil Block as East African Finds Lure Drillers

SacOil Holdings Ltd., a South African oil and gas company, won an exploration license in Malawi, pushing the shares up the most in almost two months.

SacOil will search for oil in Block 1, an area spanning about 12,200 square kilometers (4,700 square miles) in the northwest of the country, the Johannesburg-based company said today in a statement to the city’s stock exchange.