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Receipt of US$10 million associated with the expiry of OPL 233 Performance Bond
Receipt of US$10 million associated with the expiry of OPL 233 performance bond
SacOil Holdings Limited is pleased to announce the receipt of US$10 million from Ecobank, associated with the cash collateral that secured the performance bond on OPL 233. The cash collateral was originally paid as part of SacOil and Energy Equity Resources Norway Limited’s (“EERNL”) obligations to post a performance bond on OPL 233 in April 2012. This performance bond expired on 2 May 2015.
The full refund of US$10 million was received by SacOil on 5 June 2015. Half of the US$10 million receipt is treated as a part repayment of EERNL’s outstanding loan related to OPL 233.
Read MoreUnqualified Audit Report
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”) UNQUALIFIED AUDIT REPORT Shareholders are advised that the independent auditors report on the Company’s 28 February 2015 consolidated condensed preliminary financial statements is unqualified. JSE Sponsor PSG Capital…
Read MoreDealing in securities by a director
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”) 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…
Read MoreOil Gas Africa: SacOil remains focused and positive on Nigeria
SacOil remains focused and positive on Nigeria SacOil Holdings Limited, the African independent upstream oil and gas company, announced the termination of its joint venture with Nigdel United Oil Company (Nigdel) of Nigeria, and consequently its participation in Oil Prospecting Licence (OPL) 233 on Thursday, 20 May. The 126 square kilometre, offshore oil block is…
Read MoreWATCH: SacOil Rationalises its Portfolio of Assets
SACOIL RATIONALISES ITS PORTFOLIO OF ASSETS
SacOil released their annual results today. The company has embarked on a process of balancing and rationalising its portfolio of assets during the year. CNBC Africa is joined by Dr Thabo Kgogo, CEO of SacOil for a look at their numbers.
WATCH: CEO Thabo Kgogo on SacOil’s results
WATCH: CEO Thabo Kgogo on SacOil’s results
Read MoreBusiness Report: Soft oil prices force change in strategy
Business Report also has a positive piece quoting Dr Kgogo saying: “I am very pleased with the progress we have made in the last year.”
Link: http://www.iol.co.za/business/companies/sacoil-soft-oil-prices-force-change-in-strategy-1.1861748#.VV7KkdKqqko
Business Day: SacOil in red after portfolio rationalisation
Business Day has a positive piece highlighting the loss was mainly attributable to actions taken on the portfolio rationalisation. It also mentions the company is addressing legacy issues as per note 13 in the financial statements.
Link: http://www.bdlive.co.za/business/energy/2015/05/22/sacoil-in-red-after-portfolio-rationalisation
Preliminary Audited Results For The Year Ended 28 February 2015
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 “the Group”) Preliminary Audited Results For The Year Ended 28 February 2015 Highlights Implementation of revised business strategy Acquisition of an oil-producing asset in Egypt Portfolio rationalisation – exit from OPL…
Read MorePreliminary Audited Results For The Year Ended 28 February 2015
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 “the Group”) Preliminary Audited Results For The Year Ended 28 February 2015 Highlights Implementation of revised business strategy Acquisition of an oil-producing asset in Egypt Portfolio rationalisation – exit from OPL…
Read More