SacOil Holdings Limited Trading Statement (5238T)
November 20 2013 - 8:30AM
UK Regulatory
TIDMSAC
RNS Number : 5238T
SacOil Holdings Limited
20 November 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. SacOil's financial results are
significantly impacted by foreign exchange fluctuations, imputed
interest arising from financial assets carried at amortised cost,
and fluctuations in finance costs. It is therefore not unusual for
there to be significant changes in the financial results from one
period to another. As such SacOil expects:
-- basic earnings per share and headline earnings per share for
the six months ended 31 August 2013 to be between 2.51 cents and
3.01 cents per share compared to a reported basic loss per share
and headline loss per share of 1.64 cents and 2.63 cents
respectively for the six months ended 31 August 2012.
Restatement of results for the six months ended 31 August
2012
In the prior financial period the Group capitalised costs
incurred in the execution of the work program for Block III, and
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. The
capitalisation of these costs increased the Block III exploration
and evaluation asset resulting in a corresponding increase in
liabilities representing the amounts owed to Total. Consequently,
the Group recognised a deferred tax asset relating to the future
tax benefits available to Semliki as a result of the carried costs.
In order to align its accounting practices with IAS 37 -
Provisions, Contingent Liabilities and Contingent Assets and with
the accounting practice of comparable companies in the industry,
the Group decided during the 2013 financial year 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 R12.6 million has therefore been
adjusted and restated to a comprehensive loss attributable to
SacOil of R12.5 million for the six months ended 31 August 2012.
This has resulted in the minor restatement of the basic loss per
share and the headline loss per share to 1.62 cents and 2.60 cents,
respectively for the six months ended 31 August 2012.
The above information has not been reviewed or reported on by
the Company's auditors and the Group's results for the six months
ended 31 August 2013 are expected to be published on or about 22
November 2013.
Johannesburg
20 November 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
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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