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SacOil’s focus will be developing existing assets
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
Read MoreIntegrated Annual Report 2013
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.
Read MoreAudited results for the year ended 28 February 2013
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.
Read MoreAudited results for the year ended 28 February 2013
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
Conversion of debt to equity and Capital raising of up to R570 million
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.
Read MoreSacOil Waits for Share Suspension Lift
Despite the appointment of a CE and finance director in recent weeks, long-suffering investors in oil exploration company SacOil Holdings will have to wait a while longer before the suspension of the company’s shares is lifted.
Read MoreAppointment of Directors – CEO and FD
SacOil is pleased to announce the formal appointment of Mr Roger Rees as interim chief executive officer and Mrs Tariro Mudzimuirema as interim financial director of the Company with immediate effect.
Mr Roger Rees is a Chartered Accountant with extensive public company experience. He previously served as a director and deputy Chairman of Clough Limited, an ASX listed oil and gas engineering company.
Mrs Tariro Mudzimuirema is a Chartered Accountant with more than 11 years’ experience in finance, risk management, corporate governance and audit.
Read MoreAppointment of Directors
SacOil is pleased to announce the formal appointment of Mr Ignatius Sehoole as non-executive director and Mr Vusumzi Pikoli as independent non-executive director of the Company with immediate effect.
Read MoreAppointment of Directors
SacOil is pleased to announce the formal appointment of Mr Tito Titus Mboweni as its new independent non-executive Chairman, and Ambassador Mzuvukile Jeff Maqetuka and Mr Stephanus (Steve) Hilgard Muller as independent non-executive directors of the Company, with effect from 10 June 2013.
Read MoreUpdate
Shareholders are referred to the announcement released by the Company on the morning of 31 May 2013, which communicated the resignation of three directors of the Company. Subsequent to the release of the announcement, trading in the shares of the Company was suspended on both the JSE and AIM.
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