SacOil Holdings Limited Trading Statement (7189F)
May 28 2013 - 10:30AM
UK Regulatory
TIDMSAC
RNS Number : 7189F
SacOil Holdings Limited
28 May 2013
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" or "the Company" or "the Group")
TRADING STATEMENT
As part of the JSE Limited Listings Requirements, companies are
required to publish a financial trading statement as soon as they
are reasonably certain that the financial results for the current
reporting period will be more than 20% different to that of the
prior corresponding period. Given the nature of SacOil's business,
which requires lump sum upfront capital investment, it is not
unusual for there to be significant changes in the financial
results from one period to another. As such SacOil expects:
-- the basic loss per share for the year ended 28 February 2013
to be between 5.54 cents and 6.65 cents per share compared to a
reported basic loss per share of 13.35 cents for the year ended 29
February 2012; and
-- the headline loss per share for the year ended 28 February
2013 to be between 7.36 cents and 8.84 cents per share compared to
a reported headline loss per share of 4.22 cents for the year ended
29 February 2012.
Restatement of results for the year ended 29 February 2012
In the prior financial period the Group capitalised costs paid
by Total RDC ("Total") on behalf of Semliki Energy SPRL
("Semliki"), a subsidiary within the Group, in terms of a cost
carry arrangement under the farm-in agreement for Block III. These
costs increased the Block III exploration and evaluation asset
resulting in a corresponding increase in liabilities representing
the amounts owed to Total and the recognition of a deferred tax
asset associated with the future tax benefits available to Semliki
in relation to the carried costs. To align its accounting practices
with IAS 37 - Provisions, Contingent Liabilities and Contingent
Assets and with comparable companies in the industry, the Group has
decided not to capitalise these costs. Comparative figures have
been restated to reflect the change in accounting policy. The
previously reported comprehensive loss attributable to SacOil of
R95.8 million has therefore been adjusted and restated to a
comprehensive loss attributable to SacOil of R101.5 million for the
year ended 29 February 2012. This has resulted in the restatement
of the basic loss per share and the headline loss per share to
14.54 cents and 5.06 cents, respectively for the year ended 29
February 2012.
The above information has not been reviewed or reported on by
the Company's auditors and the Group's results for the year ended
28 February 2013 are expected to be published on 31 May 2013.
Johannesburg
28 May 2013
JSE Sponsor
Nedbank Capital
For further information please contact:
finnCap Limited (Nominated Adviser and
Broker) +44 (0) 20 7220 0500
Matthew Robinson / Christopher Raggett
FirstEnergy Capital (Joint Broker UK)
Majid Shafiq
Travis Inlow +44 (0) 20 7448 0200
GMP Securities Europe LLP (Joint Broker
UK)
James Pope
Chris Beltgens +44 (0) 20 7647 2800
Keyter Rech Investor Solutions (SA)
Vanessa Ingram
Lynne Bothma +27 (0) 11 447 2993
Pelham Bell Pottinger (UK)
Philip Dennis +44 (0) 20 7861 3919
Nick Lambert +44 (0) 20 7861 3936
Rollo Crichton-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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