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Archive for October 2013

Renewal of Cautionary Announcement

Shareholders are referred to the announcement dated 12 September 2013 containing details of the conversion of the Gairloch debt to equity (the “Specific Issue”) and the capital raising of up to R570 million by way of a renounceable rights offer (the “Rights Offer”).

As the pro forma financial effects of the Specific Issue and Rights Offer have not yet been published, in line with the JSE Listings Requirements, shareholders are advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made.

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SacOil partners with Total in the DRC

South African oil and gas company SacOil on Wednesday announced that it had partnered with multinational oil and gas company Total on the exploration of Block III in the in the eastern part of the Democratic Republic of Congo (DRC), alongside the Uganda border.

Total had committed more than $30-million to the exploration and drilling of the first test well in early 2014, SacOil said, adding that 26 out of 27 holes drilled on adjacent blocks had resulted in rich commercial finds.

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Update on Suspension in Trading of Shares

Since the suspension of trading in the Company’s shares on 31 May 2013, the Company believes that it has fulfilled the conditions to warrant the lifting of the suspension of trade in the Company’s shares on the Main Board of the JSE Limited (“JSE”) and the AIM Market (“AIM”) of the London Stock Exchange.

In this respect the Company has fulfilled the following conditions:

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SacOil resumes trading on JSE and London’s AIM

SacOil resumes trading on JSE and London’s AIM OIL explorer SacOil on Monday resumed its trading on the JSE and London’s Alternative Investment Market (AIM), as new management pushes ahead with its turnaround plan. Its share closed 1c, or 3.7%, lower at 26c with nearly 3-million shares worth R758,578 trading. SacOil requested suspension of trading…

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General Issue of Shares

SacOil has issued 2,777,777 new ordinary shares of no par value in the share capital of the Company (“SacOil Shares”) at an issue price of R0.27 per ordinary share (“the Issue Shares”), thereby raising a total cash amount of R750,000 (“the Cash Issue”).

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