Archive for November 2013

Results of Annual General Meeting

Shareholders are referred to the notice of the annual general meeting (“AGM”) attached to the integrated annual report for the year ended 28 February 2013, posted to Shareholders on 23 September 2013.

Shareholders are advised that at the AGM held today, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from Shareholders present in person or represented by proxy.

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SacOil’s Nigeria blocks to generate revenue ‘in 18 months’

SACOIL Holdings, a pan-African oil exploration company, will start generating revenue in 18 months as it starts drilling at its exploration blocks in Nigeria next year, CEO Roger Rees said on Friday.

The company recently received regulatory approval to start drilling wells in the area. Production of oil will start on the OPL 233 block in Nigeria in the last quarter of 2015.

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Dealing in Securities by a Director

In terms of paragraph 3.63 – 3.65 of the JSE Limited Listings Requirements, the following information, relating to the dealings in the securities by a director, is disclosed:

Steve Muller

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SacOil swings to H1 profit on investment income, cost reductions

After posting a loss of R11.8-million for the first six months of 2012, dual-listed SacOil has swung to a profit of R27-million for the six months ended August 31, 2013, attributed chiefly to an increase in investment income and decreases infinance and operating costs.

The Africa-focused oil and gas company’s balance sheet was further boosted by income of R43.7-million in foreign exchange gains, which arose on the remeasurement of dollar balances.

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Reviewed interim results for the six months ended 31 August 2013

SacOil is an independent African oil and gas company, dual-listed on the JSE and AIM, and has business operations that are focused across the African continent. Currently, the Group operates in the following jurisdictions: the Democratic Republic of Congo (“DRC”); the Republic of Malawi; the Republic of Botswana; and the Federal Republic of Nigeria. Further, the Company continues to evaluate opportunities to secure high-impact acreage in other established and prolific hydrocarbon basins in Africa.

SacOil Holdings Limited is pleased to announce its results for the six months ended 31 August 2013.

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Reviewed interim results for the six months ended 31 August 2013

Shareholders are referred to the announcement issued on SENS and RNS on 8 November 2013, in which the Company communicated a detailed update on its asset-level operations. The operational highlights for the period under review include:

– DRC, Block III: 2D seismic data acquisition currently being planned and expected to commence within the next dry season in Q1 2014;

– Nigeria, OPL 233: Execution of 2013 work programme and 3D seismic data acquisition currently underway;

– Nigeria, OPL 281: Re-interpretation of seismic and well data;

– Malawi, Block 1: Planning of environmental and social impact assessment; and

– Botswana: Granting of licences 123, 124 and 125.

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Trading Statement

As part of the JSE Limited Listings Requirements, companies are required to publish a financial trading statement as soon as they are reasonably certain that the financial results for the current reporting period will be more than 20% different to that of the prior corresponding period. SacOil’s financial results are significantly impacted by foreign exchange fluctuations, imputed interest arising from financial assets carried at amortised cost, and fluctuations in finance costs. It is therefore not unusual for there to be significant changes in the financial results from one period to another. As such SacOil expects:

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SacOil upbeat about Nigerian assets

SACOIL says its Nigerian assets are 18 to 24 months away from producing revenue.

The group, a South Africa-based, independent African oil and gas company listed on the JSE and London’s Alternative Investment Market, has operations in the Democratic Republic of Congo (DRC), Malawi, Botswana and Nigeria.

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SacOil Quarterly Operations Update

SacOil, the South African based, independent African oil and gas company listed on the JSE and AIM (JSE: SCL / AIM: SAC) is pleased to provide the following update on the Company’s on-going operational activities in the Democratic Republic of Congo (“DRC”), Nigeria, Malawi, and Botswana.

SacOil, under the guidance of its new board of directors, remains focussed on delivering its vision to build a balanced portfolio of assets from exploration to established production and cash flow in Africa.

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