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Archive for April 2013

Buying into the Promise

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.

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Mboweni to chair SacOil board

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.

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Chairman and NED Appointments

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.

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SacOil wipes out debt and welcomes strategic investor

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.

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Resignation of Directors

SacOil announces that Richard Linnell and Colin Bird have resigned as directors of the Company with immediate effect.

For further information please contact:

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Gairloch Debt Settlement

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.

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SacOil Operations Update

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
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