Skip to content

Archive for May 2016

Provisional Audited Results for the year ended 29 February 2016

PROVISIONAL AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2016

Overview

The Group continues to make steady progress in its goal to become a pan-African oil and gas company, despite significant headwinds in the industry and global economy. Key highlights for the year ended 29 February 2016 include:

  • Completion of Phase 2 of the development plan at the Lagia Oil Field, Egypt
  • Discovery of producible 24? API gravity oil in the Thebes formation for the Lagia Oil Field
  • Reorganisation of the Group’s interest in Block III, in the Democratic Republic of Congo
  • Granting of a two-year extension to current exploration period of Block III
  • Recovery of US$10 million previously associated with the OPL 233 performance bond
  • Commencement of pre-feasibility studies on the Bioko Oil Terminal project
  • Post-period, award of crude trading allocation in Nigeria
Read More

Provisional Audited Results for the year ended 29 February 2016

SacOil Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1993/000460/06) JSE share code: SCL AIM share code: SAC ISIN: ZAE000127460 (“SacOil” or “the Company” or together with its subsidiaries “the Group”) PROVISIONAL AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2016 Overview The Group continues to make steady progress in its goal…

Read More

Trading Statement for the year ended 29 February 2016

TRADING STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2016

In compliance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists, that the financial results for the next period to be reported on are likely to vary by more than 20% from the previous corresponding period.

The Group has continued the process of implementing its focussed strategy driven by the rationalisation and balancing of the Group’s existing portfolio of assets to reposition the Group. This process was started in September 2014. The impact of these activities on the financial results for the year ended 29 February 2016 is further explained below.

Read More

Oil & Gas Report: SacOil Nails It Up and Paddles down

JSE listed operator diversifies into gas transportation and crude oil and product logistics. Just when SacOil was getting a grip on its upstream portfolio, it decided to venture into other aspects of the hydrocarbon value chain.The JSE listed company founded by Southern Africans, announced in March 2016, that it was now a card carrying member…

Read More
Scroll To Top