Corporate Update (2955A)
March 29 2012 - 2:00AM
UK Regulatory
TIDMSAC
RNS Number : 2955A
SacOil Holdings Limited
29 March 2012
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL AIM share code: SAC
ISIN: ZAE000127460
("SacOil" or "the Company")
29 March 2012
Johannesburg
CORPORATE UPDATE
-- Block III asset update
-- Issue of shares for cash to YA Global Masters SPV Ltd
-- Appointment of auditors and joint broker
1. Block III asset update
On 12 March 2012, Total E&P RDC ("Total") acquired a further
6.66% effective interest in Block III from DIG Oil Proprietary
Limited ("DIG"), a shareholder in Semliki Energy SPRL ("Semliki").
Pursuant to the acquisition, Total's holding in Block III increased
to 66.66%, whereas SacOil's effective interest remains unchanged at
12.5%, DIG's holding reduces to 5.84% and the Democratic Republic
of Congo ("DRC") Government retains 15.0%. As a result of this
transaction, Semliki, a company incorporated in the DRC and through
which SacOil and DIG own their interests in Block III, is now owned
68% by SacOil and 32% by DIG.
SacOil's effective interest of 12.5%, its entitlement to
contingent cash bonuses of USD$54m and a free carry on all
exploration expenses up to final investment decision (when a
development plan is approved) remains unchanged. DIG and SacOil are
pursuing additional assets in the DRC.
2. Issue of shares for cash to YA Global Masters SPV Ltd ("YA")
SacOil shareholders ("Shareholders") are advised that 29 328 257
new SacOil ordinary shares ("SEDA Shares") will be issued to YA at
a price of R0.43 per SEDA Share pursuant to the terms of the
Standby Equity Distribution Agreement dated 12 October 2011 and
approved by Shareholders in a general meeting on 17 November
2011.
Application has been made to the JSE Limited ("JSE") to grant a
listing of the SEDA Shares and to the London Stock Exchange for the
admission of the SEDA Shares to trading on the AIM Market ("AIM").
The listing of the SEDA Shares on the JSE and the admission of the
SEDA Shares to trading on AIM are expected to take place on
Wednesday, 4 April 2012. The proceeds of the issue of the SEDA
Shares will be utilised towards funding of corporate costs in
relation to potential transactions and proposals.
3. Appointment of auditors and joint broker
The Company is pleased to announce the following appointments
effective 26 March 2012:
-- Ernst & Young Inc. (South Africa) as independent external auditors; and
-- First Energy Capital as joint broker (United Kingdom).
FirstEnergy is a leading international energy-focused bank,
providing full-service energy investment banking operations.
FirstEnergy's UK activities include corporate broking, equity
research, sales and trading, corporate mergers and acquisitions and
oil and gas property acquisitions and divestiture advisory.
ENDS
About SacOil
SacOil is an African independent upstream oil and gas company,
focused on African assets with a dual listing on the JSE and AIM.
SacOil's vision is to build a balanced hydrocarbon exploration and
production portfolio using the Company's African heritage to bring
about its competitive advantage at the point of entry where the
primary strategic objective is the development, exploration and
production of discovered assets, with existing or near term
production, cash and revenue potential.
SacOil is focussed on oil and, where there is a defined access
to market, gas in low risk, proven hydrocarbon bearing basins. The
company seeks to build a portfolio of assets across the E&P
spectrum from potentially "High Impact" exploration through to
undeveloped discoveries with near term cash flow potential, and
production with defined upside.
The Company is willing and able to operate through the
exploration phase but will continue to focus on the establishment
of strategic industry partnerships in order to maximise its
opportunity set, manage portfolio risk and ensure that the optimum
technical and operating skills are applied to each opportunity.
Consistent with this strategy, SacOil has built up an E&P
portfolio including oil discoveries in Nigeria and potentially high
impact exploration in the DRC detailed as follows:
0 in Block III, through its partnership with Total, it is
envisaged that the work program committed to will demonstrate
prospectively and eventually lead to oil production;
0 in relation to OPL 281, SacOil is in the process of evaluating
and appraising oil discoveries through the reprocessing of seismic
data with a view to drill an appraisal well; remaining conditions
precedent to the farm in agreement include: perfection of title and
all the necessary Nigerian government and Nigerian National
Petroleum Company ('NNPC') consents in relation to the licence;
and
0 in OPL 233, the Joint Venture Committee consisting of SacOil,
NIGDEL and EER is committed to acquiring 3D OBC seismic data, which
should assist in evaluating the size of the existing oil
discovery.
JSE Sponsor
Nedbank Capital
For Further information
please contact:
finnCap Limited (NOMAD
UK) +44 (0)20 7220 0500
Matthew Robinson / Christopher
Raggett
First Energy Capital (Joint
Broker UK)
Majid Shafiq
Travis Inlow +44 (0) 20 7448 0200
The Riverbed Agency (SA)
Raphala Mogase +27 (0) 11 783 7903
Pelham Bell Pottinger (UK)
Philip Dennis +44 (0)20 7861 3919
Nick Lambert +44 (0)20 7861 3936
Rollo Critchton-Stuart +44 (0)20 7861 3918
This information is provided by RNS
The company news service from the London Stock Exchange
END
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