SacOil Holdings Limited WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT (1349J)
April 01 2015 - 5:00AM
UK Regulatory
TIDMSAC
RNS Number : 1349J
SacOil Holdings Limited
01 April 2015
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")
Withdrawal OF CAUTIONARY Announcement
Termination of participation in Oil Prospecting Licence 281
In compliance with JSE Limited ("JSE") Listings Requirement 3.9,
an issuer who has published a cautionary announcement must provide
updates thereon in the required manner and within the time limits
prescribed.
With reference to the cautionary announcements, the last of
which was published on 16 March 2015 on the Stock Exchange News
Service of the JSE and on the Regulatory News Service of the London
Stock Exchange, SacOil shareholders ("Shareholders") are advised
that, in line with SacOil's strategy to focus on proven resources
as a basis for growth, the Company has embarked on a process of
balancing and rationalising its portfolio of assets. The aim of the
rationalisation is to restructure the Company's future capital
requirements and focus on cash generative assets and low risk
exploration assets.
Pursuant to the above strategy, SacOil has terminated its
participation with Transnational Corporation of Nigeria Plc
("Transcorp"), the operator of Oil Prospecting Licence ("OPL")
281.
SacOil paid $12.5 million towards farm-in fees on 28 February
2011, which contractually will be refunded with interest by
Transcorp. In addition, SacOil will not have any future commitments
and obligations associated with the appraisal of OPL 281. As
reported in our recent financial statements, the farm-in fee to
Transcorp and the transaction fee payable to Energy Equity
Resources Norway Limited of US$12 million and US$2.5 million
respectively will not be due and payable.
Dr Thabo Kgogo, CEO of SacOil, commented, "The objective of the
rationalisation and termination of the OPL 281 contract with
Transcorp is to restructure the Company's capital needs, reduce
future financial exposure and focus on cash generative assets.
"We are focused on increasing production in our low cost onshore
asset in Egypt while we assess additional options for increasing
value for our shareholders."
Accordingly, shareholders are advised that caution is no longer
required to be exercised when dealing in the Company's
securities.
JSE Sponsor
PSG Capital Proprietary Limited
1 April 2015
For further information please contact:
SacOil Holdings Limited +27 (0)11 575 7232
finnCap Limited (Nominated Adviser and Broker)
Christopher Raggett +44 (0) 20 7220 0500
FirstEnergy Capital (Financial Adviser and
Joint Broker UK)
Travis Inlow +44 (0) 20 7448 0200
Instinctif Partners London (UK Investor
Relations)
David Simonson / Anca Spiridon +44 (0)20 7457 2020
Instinctif Partners Johannesburg (SA
Investor Relations)
Nicholas Williams / Tshepo Mophiring +27 (0)11 447 3030
This information is provided by RNS
The company news service from the London Stock Exchange
END
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