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Mboweni to chair SacOil board
FORMER Reserve Bank governor Tito Mboweni has been appointed the independent, nonexecutive chairman for SacOil, the company said on Monday.
The company also appointed Mzuvukile Jeff Maqetuka, a former State Security Agency director-general and former ambassador to Algeria, as independent nonexecutive director.
Read MoreChairman and NED Appointments
SacOil, the African independent upstream oil and Gas Company, is pleased to announce the appointment of Mr Tito Titus Mboweni as independent non-executive chairman and Ambassador Mzuvukile Jeff Maqetuka as independent non-executive director of SacOil with effect from 1 June 2013.
Mr Mboweni is the immediate past Governor of the South African Reserve Bank, a former Minister of Labour in the Republic of South Africa in past President Nelson Mandela’s cabinet and one of the World Economic Forum’s Global Leaders of Tomorrow.
Read MoreSacOil wipes out debt and welcomes strategic investor
Africa-focused oil firm SacOil (LON:SAC) is debt-free after sealing a debt-to-equity conversion deal with Gairloch that sees the private investment company
taking a 33.9% stake in SacOil.
Gairloch has agreed to the conversion of US$18.6mln of debt plus interest into 489mln SacOil shares. Gairloch is expected to be a long-term investor in the company.
Read MoreSacOil converts Gairloch debt in 34% equity swap
SACOIL Holdings has completed a R156.6m debt-for-equity swap with Nigeria-based infrastructure group Gairloch, as the AltX-listed oil and gas exploration company freed up its balance sheet to focus on its growth projects.
Read MoreResignation of Directors
SacOil announces that Richard Linnell and Colin Bird have resigned as directors of the Company with immediate effect.
For further information please contact:
Read MoreSacOil Operations Update
SacOil, the independent African oil and gas company, is pleased to provide the market with the following update on the Company’s on-going operational activities:
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Malawi, Block 1: Planning of environmental and social impact assessment
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Democratic Republic of the Congo (“DRC”), Block III: 2D seismic data planning and acquisition
- Nigeria, OPL 233: Approval of 2013 Work Program and Budget; re-interpretation of seismic and well data
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Nigeria, OPL 281: Expected release of PSC and re-interpretation of seismic and well data
Gairloch Debt Settlement
SacOil, the African independent upstream oil and gas company, is pleased to announce that it has concluded an agreement dated 5 April 2013 (the “Agreement”) with Gairloch Limited (“Gairloch”) for the conversion of US$17.6 million of debt and accrued interest provided by Gairloch to equity in SacOil by 31 May 2013 (the “Specific Issue”), thereby leaving SacOil debt free, reducing financing costs and significantly improving its balance sheet position.
Read MoreRenCap Loan Novation Board Change
SACOIL HOLDINGS LIMITED(Incorporated in the Republic of South Africa)(Registration number 1993/000460/06)JSE share code: SCL AIM share code: SACISIN: ZAE000127460(“SacOil” or “the Company”) RenCap loan novation to Gairloch Limited;Amendment to SacOil loan agreement with Energy Equity Resources (“EER”);Board Change SacOil, the African independent upstream oil & gas company, announces it has entered into a series of…
Read MoreSacOil secures Malawi petroleum prospecting licence
THE Malawian government has awarded listed upstream oil and gas company SacOil a 100% equity interest and operator status in Block 1 in Malawi, the company said on Thursday.
Following due process and intensive negotiations between SacOil and the Malawian government, the prospecting licence was awarded to SacOil on Wednesday, SacOil said. Malawi Mining Minister John Bande signed the licence.
Read MoreSacOil awarded Malawi Petroleum Prospecting Licence
Shares in JSE-listed oil and gas company SacOil climbed 6.45% on Thursday as the firm announced that it had won an onshore petroleum-prospecting licence in Malawi.
SacOil was awarded 100% equity interest and operator status in Block 1, an area stretching 12 265 km2 and the second-largest petroleum exploration licence demarcated in Malawi. It is located in the north-western part of the country, bordering Tanzania to the north and Zambia to the west.
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