Investor Centre
SacOil reports ‘satisfactory’ progress at African projects
South Africa-based independent African oil and gas company SacOil has reported “satisfactory” progress at its existing portfolio of exploration and appraisal assets in Nigeria and Malawi, further confirming that it continued to evaluate several opportunities to secure new value-accretive acreage in established and prolific African hydrocarbon jurisdictions and basins.
Read MoreOperations 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 its on-going operational activities in Nigeria and Malawi.
Satisfactory progress has been made across the existing portfolio of exploration and appraisal assets. The Company also continues to evaluate a number of opportunities to secure new value accretive acreage in established and prolific African hydrocarbon jurisdictions and basins.
Read MoreCautionary Announcement – Expression of Interest
Shareholders are hereby advised that the Company has entered into an expression of interest (“EoI”) dated 19 February 2014 with The Instituto De Gestão Das Participações Do Estado, an entity that manages investment portfolios and shares on behalf of the Government of the Republic of Mozambique, and The Public Investment Corporation (SOC) Limited to investigate gas opportunities relating to the future distribution of gas in Southern Africa.
Read MoreIgepe, PIC, SacOil to explore investment possibilities in Mozambique
Igepe, PIC, SacOil to explore investment possibilities in Mozambique
IGEPE, the Mozambican state shares-management agency, has signed an expression of interest with South Africa’s Public Investment Corporation (PIC), together with SacOil, to explore various investment opportunities in Mozambique.
Read MoreMalawi Operations: SacOil conducts environmental screening for Block 1 oil prospecting
SacOil was awarded Block 1, located in the North-Western part of Malawi bordering Tanzania to the north and Zambia to the west, in December 2012. At 12, 265 square kilometers, Block 1 is the second largest petroleum exploration license demarcated in Malawi. SacOil has an exclusive 100% interest and operator status for this license.
Read MoreResults of the Rights Offer and Specific Issue of Shares
SacOil Shareholders are referred to the circular posted to Shareholders on 7 November 2013 (the “Circular”) containing details of the capital raising of up to R570 million by way of a renounceable rights offer and the conversion of the Gairloch debt to equity.
Capitalised terms in this announcement shall have the same meaning given to them in the Circular, unless the context indicates otherwise.
Read MoreDealing 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:
Ignatius Sehoole
Read MoreCircular to Shareholders
- a renounceable rights offer of up to 2 111 111 111 Rights Offer Shares at an issue price of R0.27 per Share in the ratio of 220.80013 Rights Offer Shares for every 100 SacOil Shares held at the close of business on Friday, 3 January 2014; and incorporating:
- a form of instruction in respect of a renounceable (nil paid) letter of allocation (to be completed by holders of Certificated Shares only).
Announcement regarding the Convertible Bridge Loan
The Directors of SacOil are pleased to announce, in accordance with Rule 13 of the AIM Rules, that the Company has entered into an agreement with the Public Investment Corporation (SOC) Limited (“the PIC”) dated 3 December 2013 in terms of which the PIC has agreed to advance funding to the Company in the form of a convertible bridge loan facility (the “Convertible Bridge Loan”) of US$20.5m to fulfil the Group’s financing obligations relating to its assets, in advance of the Specific Issue and the receipt of funds from the Rights Offer (“the Transactions”) (as detailed in the announcement dated 12 September 2013).
Read MoreDealing 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
Read More