SacOil Holdings Limited Receipt of US$10m re. OPL 233 performance bond (5770P)
June 09 2015 - 2:02AM
UK Regulatory
TIDMSAC
RNS Number : 5770P
SacOil Holdings Limited
09 June 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")
Receipt of US$10 million associated with the expiry of OPL 233
performance bond
SacOil Holdings Limited is pleased to announce the receipt of
US$10 million from Ecobank, associated with the cash collateral
that secured the performance bond on OPL 233. The cash collateral
was originally paid as part of SacOil and Energy Equity Resources
Norway Limited's ("EERNL") obligations to post a performance bond
on OPL 233 in April 2012. This performance bond expired on 2 May
2015.
The full refund of US$10 million was received by SacOil on 5
June 2015. Half of the US$10 million receipt is treated as a part
repayment of EERNL's outstanding loan related to OPL 233.
Dr Thabo Kgogo, Chief Executive Officer of SacOil, commented,
"This represents another positive step in line with our strategy to
ensure that SacOil has a strong cash position to fund its future
growth ambitions by increasing production and focusing on cash
generative assets."
This refund removes the restriction on the cash balance
associated with the cash collateral.
JSE Sponsor
PSG Capital Proprietary Limited
09 June 2015
For further information please contact:
SacOil Holdings Limited +27 (0)10 591 2260
Damain Matroos
finnCap Limited (Nominated Adviser and +44 (0) 20 7220 0500
Broker)
Christopher Raggett
FirstEnergy Capital (Financial Adviser +44 (0) 20 7448 0200
and Joint Broker UK)
Travis Inlow
Instinctif Partners London (UK Investor +44 (0)20 7457 2020
Relations)
David Simonson / Anca Spiridon
Instinctif Partners Johannesburg (SA +27 (0)11 447 3030
Investor Relations)
Nicholas Williams / Tshepo Mophiring
This information is provided by RNS
The company news service from the London Stock Exchange
END
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