SacOil Interim Results for the six months ended 31 August 2011
During the period, SacOil, through Semliki Energy SPRL (“Semliki”), a company incorporated in the DRC and in which it holds a 50% interest, successfully concluded a farm-out and transfer of a 60% legal and benefi cial participating interest and operatorship of Block III to Total. DIG Oil Proprietary Limited (“DIG”) holds the other 50% in Semliki.
In return, SacOil gained:
• An immediate gross cash realisation of US$7.5m (£4.6m);
• Future contingent cash bonuses of, in aggregate, US$54.0m (£33.02m) and payable in two tranches;
• Full carry on exploration expenditure costs of at least US$35m (£21.4m) until final investment decision;
• Settlement of a US$1.4m (£0.9m) loan provided to DIG; and
• Knowledge and technical skills transfer via SacOil’s representation on the management committee of Block III.
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