SacOil Holdings Limited Update on Mozambique Opportunity (6164D)
March 31 2014 - 10:15AM
UK Regulatory
TIDMSAC
RNS Number : 6164D
SacOil Holdings Limited
31 March 2014
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")
UPDATE ON MOZAMBIQUE OPPORTUNITY AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT
Update on Mozambique opportunity
Shareholders are referred to the cautionary announcement
published on 24 February 2014 and are advised that SacOil and The
Public Investment Corporation (SOC) Limited ("PIC") have now
entered into a Memorandum of Understanding ("MoU") dated 31 March
2014 with The Instituto De Gestão Das Participações Do Estado
("IGEPE"). IGEPE is an entity that manages investment portfolios
and shares on behalf of the Government of the Republic of
Mozambique in commercial ventures. SacOil is a South African based
independent African oil and gas company listed on the JSE and AIM
(JSE: SCL / AIM: SAC).
The MoU, which builds on and replaces the relationship outlined
in the Expression of Interest between the parties dated 19 February
2014, is intended to regulate the relationship between the parties
with regard to:
-- assuring the supply of natural gas and energy security, and
opening up and growing the industrial and domestic consumer market
for natural gas across Mozambique;
-- establishing joint venture companies to, inter alia, build an
onshore natural gas central processing facility, a pipeline to link
the gas fields in Mozambique with potential customers in Southern
Africa (referred to as the "African Renaissance Project" or "ARP")
and to develop and grow the natural gas consumer market in South
Africa and other Southern African Development Community member
states for the supply and distribution of natural gas along the
pipeline in Mozambique (referred to as "Gas for the People Project"
or "GPP"); and
-- establishing ancillary projects such as, but not limited to,
a gas-to-liquid plant and a combined cycle gas power plant.
Importantly, both the ARP and GPP are long term projects, and
are subject to, amongst other matters, feasibility studies, front
end engineering design, detail engineering, market analysis, social
impact studies, the conclusion of joint venture agreements by 30
July 2014 or such later date as agreed to in writing by the
parties, and the raising of the funding required for the projects.
The feasibility studies are subject to the approval of the boards
of directors of each of the PIC and SacOil and satisfaction of any
other applicable approval processes of these parties.
Further updates in this regard will be provided to SacOil
shareholders as and when new developments occur.
Withdrawal of cautionary announcement
The board of SacOil has provided shareholders with all
information relating to the entering of the MoU and accordingly
shareholders are advised that they no longer need to exercise
caution when dealing in the Company's securities.
Johannesburg
31 March 2014
JSE Sponsor
Nedbank Capital
For further information please
contact:
----------------------------------- ------------------
SacOil Holdings Limited +27 (0)11 575
Roger Rees / Tariro Mudzimuirema 7232
----------------------------------- ------------------
+27 (0) 11 294
Nedbank Capital, a division 3524
of Nedbank Limited (Sponsor)
Michelle Benade
finnCap Limited (Nominated +44 (0) 20 7220
Adviser and Broker) 0500
----------------------------------- ------------------
Matthew Robinson / Christopher
Raggett
----------------------------------- ------------------
FirstEnergy Capital (Joint
Broker UK)
Majid Shafiq +44 (0) 20 7448
Travis Inlow 0200
----------------------------------- ------------------
Pelham Bell Pottinger (UK)
----------------------------------- ------------------
+44 (0) 20 7861
Philip Dennis 3919
----------------------------------- ------------------
+44 (0) 20 7861
Nick Lambert 3936
----------------------------------- ------------------
+44 (0) 20 7861
Rollo Crichton-Stuart 3918
----------------------------------- ------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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