The annual general meeting of SacOil will be held on Friday, 29 November 2013 at 10:00 at 2nd Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston.

The record date on which members must be recorded as such in the register maintained by the transfer secretaries of the Company for the purpose of being entitled to attend and vote at the annual general meeting is Friday, 22 November 2013.

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OIL exploration company SacOil is undergoing a “rebirth”, in which the company has set a two-year target to develop its oil assets in Africa, interim CE Roger Rees told Business Day on Tuesday

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By reporting on the financial and non-financial performance of the Group, SacOil Holdings Limited’s integrated report aims to provide an understandable and complete view of the business for the Group’s shareholders, potential investors and stakeholders.

Considerable effort has been expended on presenting concise and focused information. The content of this integrated report is deemed to be useful and relevant to our stakeholders, enabling them to evaluate the ability of SacOil to create and sustain stakeholder value. The Statement from the Board of Directors is provided, offering the reader a comprehensive, integrated and high level overview of the Group’s performance and outlook.

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KEY HIGHLIGHTS

  • For the year under review
  • Another geography and asset is added in Malawi
  • Posting of performance bond on OPL 233 in Nigeria
  • Extension of OPL 233 exploration phase by the Nigerian National Petroleum Corporation
  • Approval of OPL 233 extension work programme and budget
  • Renegotiation of farm-in and joint operating terms for OPL 233
  • Total acquires a further 6.67% interest in Block III from SacOil’s partner in Semliki
  • Airborne gravity and magnetic survey acquired for Block III
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SacOil Holdings Limited is pleased to announce its results for the year ended 28 February 2013. The Group reported a reduction in the loss from continuing operations to R70,1 million (2012: R104,1 million). Contributing towards this positive trend were the disposal of the loss-making Greenhills Manganese plant, the farm-out profit on the Block III exploration and evaluation asset, an increase in investment income by 59%, a 76% reduction in taxation and a 46% reduction in finance costs.

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SacOil, the African independent upstream oil and gas company, is pleased to announce that it has concluded an agreement dated 12 September 2013 (the “Gairloch Agreement”) with Gairloch Limited (“Gairloch”) for the conversion of circa US$24.1 million (circa R238.5 million) of debt and accrued interest provided by Gairloch to equity in SacOil by no later than 31 January 2014 (the “Specific Issue”). To the extent that the maximum number of shares is issued in terms of the Specific Issue, SacOil shall be largely debt-free, thereby reducing financing costs and significantly improving its balance sheet position.

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