Investor Centre
SacOil hopes to raise up to R570m through rights offer
SACOIL, the JSE- and AIM-listed independent upstream oil and gas company, on Friday received authorisation from shareholders to proceed with a rights offer and convert debt to equity.
The company said it intended to raise a maximum of R570m by way of a renounceable rights offer, following which it would convert debt totalling R238.5m in Nigeria-based infrastructure group Gairloch into equity.
Read MoreRights Offer Declaration and Finalisation Announcement
SacOil has received an undertaking from the PIC, the fund manager of the Government Employees Pension Fund, a 16.59% Shareholder of SacOil, in which the PIC has irrevocably agreed to support the Rights Offer up to a maximum amount of R329,211,713.
The Directors have made due and careful enquiry to confirm that the PIC is able to meet its obligations with regards to the PIC Undertaking.
Read MoreResults of General Meeting and Appointment of Directors
At the General Meeting, Mr Danladi Verheijen and Ms Lola Akinleye were appointed as non-executive Directors of the Company with effect from the Completion Date (as defined in Annexure 5 of the Circular), which is expected to be on or about Monday, 27 January 2014.
The following further information in relation to the appointments of Mr Verheijen and Ms Akinleye is disclosed in accordance with Schedule 2(g) of the AIM Rules for Companies:
Read MoreUpdated Pro Forma Financial Information and Withdrawal of Cautionary Announcement
The pro forma financial effects of the Specific Issue and Rights Offer disclosed in the circular posted to shareholders on 7 November 2013 (the “Circular”) were based on SacOil’s published annual financial results for the year ended 28 February 2013. On 22 November 2013, SacOil published its reviewed interim results for the six months ended 31 August 2013 (“Interim Results”). As required by the JSE Limited Listings Requirements, the Company has updated the unaudited pro forma financial information relating to the Transactions.
Read MoreResults of Annual General Meeting
Shareholders are referred to the notice of the annual general meeting (“AGM”) attached to the integrated annual report for the year ended 28 February 2013, posted to Shareholders on 23 September 2013.
Shareholders are advised that at the AGM held today, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from Shareholders present in person or represented by proxy.
Read MoreSacOil’s Nigeria blocks to generate revenue ‘in 18 months’
SACOIL Holdings, a pan-African oil exploration company, will start generating revenue in 18 months as it starts drilling at its exploration blocks in Nigeria next year, CEO Roger Rees said on Friday.
The company recently received regulatory approval to start drilling wells in the area. Production of oil will start on the OPL 233 block in Nigeria in the last quarter of 2015.
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 MoreSacOil swings to H1 profit on investment income, cost reductions
After posting a loss of R11.8-million for the first six months of 2012, dual-listed SacOil has swung to a profit of R27-million for the six months ended August 31, 2013, attributed chiefly to an increase in investment income and decreases infinance and operating costs.
The Africa-focused oil and gas company’s balance sheet was further boosted by income of R43.7-million in foreign exchange gains, which arose on the remeasurement of dollar balances.
Read MoreReviewed interim results for the six months ended 31 August 2013
Shareholders are referred to the announcement issued on SENS and RNS on 8 November 2013, in which the Company communicated a detailed update on its asset-level operations. The operational highlights for the period under review include:
– DRC, Block III: 2D seismic data acquisition currently being planned and expected to commence within the next dry season in Q1 2014;
– Nigeria, OPL 233: Execution of 2013 work programme and 3D seismic data acquisition currently underway;
– Nigeria, OPL 281: Re-interpretation of seismic and well data;
– Malawi, Block 1: Planning of environmental and social impact assessment; and
– Botswana: Granting of licences 123, 124 and 125.
Read MoreReviewed interim results for the six months ended 31 August 2013
SacOil is an independent African oil and gas company, dual-listed on the JSE and AIM, and has business operations that are focused across the African continent. Currently, the Group operates in the following jurisdictions: the Democratic Republic of Congo (“DRC”); the Republic of Malawi; the Republic of Botswana; and the Federal Republic of Nigeria. Further, the Company continues to evaluate opportunities to secure high-impact acreage in other established and prolific hydrocarbon basins in Africa.
SacOil Holdings Limited is pleased to announce its results for the six months ended 31 August 2013.
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