Corporate Update (0360I)
June 08 2011 - 2:00AM
UK Regulatory
TIDMSAC
RNS Number : 0360I
SacOil Holdings Limited
08 June 2011
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL
AIM share code: SAC
ISIN: ZAE0000127460
SACOIL HOLDINGS LIMITED
("SacOil" or "the Company")
Corporate update
-- Confirmation of total number of shares in issue - 684 million
in total as of today
-- Competent Person's Report ("CPR") valuations of SacOil's oil
and gas interests - 370 South African ("SA") cents per share
Total number of shares in issue
The Company confirms that the total number of shares in issue in
the capital of SacOil is currently 683,929,202 ordinary shares of
no par value.
On admission to AIM ("Admission"), the Company did not issue any
new shares. The purpose of the Admission was to allow SacOil shares
to trade on the AIM market, meaning that shares would either trade
on the JSE or on AIM with the total number of shares in issue
remaining the same.
Competent Person's Report valuations of SacOil's oil and gas
interests, as previously disclosed at the time of Admission
The aggregate of the Competent Person's Report valuations per
SacOil share for SacOil oil and gas interests is 370 SA cents per
share, calculated as follows:
CPR valuation CPR valuation
CPR valuation (R million) per SacOil share
Interest (US$ million) (1) (SA cents) (2)
----------- --------------- -------------- ------------------
Block III 128.9 (3) 866.0 127
----------- --------------- -------------- ------------------
OPL 233 87.1 (4) 585.0 85
----------- --------------- -------------- ------------------
OPL 281 160.5 (5) 1,079.0 158
----------- --------------- -------------- ------------------
TOTAL 376.5 2,530.0 370
----------- --------------- -------------- ------------------
( )
1. Converted at US$1=R6.72 being the mid rate at 16:30 BST on 7
June 2011
2. Calculated using 683,929,202 shares in issue
3. CPR of 24 February 2011 produced by Bayphase Limited, in
relation to SacOil's interest in Block III, Albertine Graben, DRC
("Block III") values the Total E&P RDC farm in to Block III to
SacOil on a cost approach basis on completion as US$128.9 million.
http://www.sacoilholdings.com/o/files/SacOil-Block3-AIM-CPR-feb2011.pdf
4. CPR of 25 February 2011 produced by TRACS International
Consultancy Limited, in relation to SacOil's interest in OPL233,
Nigeria ("OPL233") includes an economic evaluation of the P50 Money
of the Day Present Value of SacOil's stake in OPL233, assuming an
oil price of US$100/bbl, of US$87.1 million.
http://www.sacoilholdings.com/o/files/SacOil-OPL233-CPR-feb2011.pdf
5. CPR of 25 February 2011 produced by TRACS International
Consultancy Limited, in relation to SacOil's interest in OPL281,
Nigeria ("OPL281") includes an economic evaluation of the P50 Money
of the Day Present Value of SacOil's stake in OPL281, assuming an
oil price of US$100/bbl, of US$160.5 million.
http://www.sacoilholdings.com/o/files/SacOil-OPL281-CPR-feb2011.pdf
The Company has engaged further independent oil & gas
industry specific analysts in both South Africa and the United
Kingdom and expects further independent analyst reports on the
company and its assets to be available to all stakeholders
shortly.
8 June 2011
For Further Information:
Sponsor
Standard Bank
Nominated Adviser and Joint Broker
finnCap Limited
Matthew Robinson/Ed Frisby
+44 (0) 20 7600 1658
Joint Broker
Shore Capital Stockbrokers Limited
Jerry Keen/Dru Danford
Tel: +44 (0) 20 7408 4090
Tavistock (Public Relations UK)
Edward Portman/ Jos Simson
Tel: +44 (0) 20 7920 3150
The Riverbed Agency (Public Relations SA)
Raphala Mogase/Bongiwe Moeli
Tel: +27 (0) 11 783 7903
Additional information on SacOilcan be found at
www.sacoilholdings.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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