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Edison Investment Research – Outlook

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Investment summary: Well-timed Africa play

SacOil is an exploration, appraisal and development company with a portfolio of near production assets in Nigeria and an exploration asset in the Democratic Republic of Congo (DRC). In building a Pan-African portfolio the company utilises local expertise and oil majors’ know-how and financial muscle. It is backed by Production Sharing Agreements (PSAs) in all of its projects. We expect the company to be cash generative by FY2015 and turn to a net cash position by FY2016. African upstream industry provides small independent companies with a considerable opportunity as a number of oil majors are retreating from discovered but undeveloped marginal fields.

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