SacOil has reached an agreement to convert the US$17,6m (about R162m) it owes Gairloch – a private investment holding company registered in the British Virgin Islands – into shares by the end of May. It will leave SacOil “debt free, reducing financing costs and significantly improving its balance sheet position,” CE Robin Vela says.Read More
FORMER Reserve Bank governor Tito Mboweni has been appointed the independent, nonexecutive chairman for SacOil, the company said on Monday.
The company also appointed Mzuvukile Jeff Maqetuka, a former State Security Agency director-general and former ambassador to Algeria, as independent nonexecutive director.Read More
SacOil, the African independent upstream oil and Gas Company, is pleased to announce the appointment of Mr Tito Titus Mboweni as independent non-executive chairman and Ambassador Mzuvukile Jeff Maqetuka as independent non-executive director of SacOil with effect from 1 June 2013.
Mr Mboweni is the immediate past Governor of the South African Reserve Bank, a former Minister of Labour in the Republic of South Africa in past President Nelson Mandela’s cabinet and one of the World Economic Forum’s Global Leaders of Tomorrow.Read More
Africa-focused oil firm SacOil (LON:SAC) is debt-free after sealing a debt-to-equity conversion deal with Gairloch that sees the private investment companytaking a 33.9% stake in SacOil.
Gairloch has agreed to the conversion of US$18.6mln of debt plus interest into 489mln SacOil shares. Gairloch is expected to be a long-term investor in the company.Read More
SACOIL Holdings has completed a R156.6m debt-for-equity swap with Nigeria-based infrastructure group Gairloch, as the AltX-listed oil and gas exploration company freed up its balance sheet to focus on its growth projects.Read More
SacOil announces that Richard Linnell and Colin Bird have resigned as directors of the Company with immediate effect.
For further information please contact:Read More
SacOil, the African independent upstream oil and gas company, is pleased to announce that it has concluded an agreement dated 5 April 2013 (the “Agreement”) with Gairloch Limited (“Gairloch”) for the conversion of US$17.6 million of debt and accrued interest provided by Gairloch to equity in SacOil by 31 May 2013 (the “Specific Issue”), thereby leaving SacOil debt free, reducing financing costs and significantly improving its balance sheet position.Read More
SacOil, the independent African oil and gas company, is pleased to provide the market with the following update on the Company’s on-going operational activities:
- Malawi, Block 1: Planning of environmental and social impact assessment
- Democratic Republic of the Congo (“DRC”), Block III: 2D seismic data planning and acquisition
- Nigeria, OPL 233: Approval of 2013 Work Program and Budget; re-interpretation of seismic and well data
- Nigeria, OPL 281: Expected release of PSC and re-interpretation of seismic and well data