SacOil Holdings Limited Signing of MOU for the Bioko Oil Terminal Project (0289F)
November 09 2015 - 6:30AM
UK Regulatory
TIDMSAC
RNS Number : 0289F
SacOil Holdings Limited
09 November 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")
SACOIL ANNOUNCES SIGNING OF MEMORANDUM OF UNDERSTANDING FOR THE
BIOKO OIL TERMINAL PROJECT IN EQUATORIAL GUINEA
SacOil Holdings Limited announces that today, it signed a
Memorandum of Understanding ("MOU") with the Ministry of Mines,
Industries and Energy of Equatorial Guinea, Taleveras Exploration
and Production DMCC, Gunvor Group and the Strategic Fuel Fund
Association ("the Parties") to conduct a detailed evaluation for
the development of the Bioko Oil Terminal tank farm in Equatorial
Guinea ("the Project"). The effective date of the MOU is 30 October
2015.
Taleveras Exploration and Production DMCC ("Taleveras") is a
company incorporated under the laws of the United Arab Emirates
which offers a wide range of integrated and strategic solutions in
fields such as energy, power, construction, and logistics on a
global scale. Its energy activities are centered on the physical
sourcing and marketing of oil on a worldwide scale. Taleveras also
pursues upstream activities with a major focus on acquiring
drilling rights for viable, proven oil reserves.
More recently, it became directly involved in power distribution
as a result of its leading role in the 4 Power Consortium, which
now controls 60% of the power distribution network in the Niger
Delta region of Nigeria. Taleveras expanded its activities in the
Power sector by successfully winning an acquisition bid for the
900mw Afam Power plant in Rivers State, Nigeria.
Gunvor Group ("Gunvor") is one of the world's largest
independent commodities trading houses by turnover, creating
logistics solutions that safely and efficiently move physical
energy, metals and bulk materials from where they are sourced and
stored to where they are demanded most. Its trading activities
include: Crude Oil, with suppliers in more than 35 countries around
the globe; Refined petroleum products, including gasoil, fuel oil,
gasoline, naphtha and LPG; also expanded into natural gas,
liquefied natural gas (LNG), biofuels, power and carbon emissions;
Metals and bulk materials (including coal) through off-takes,
purchases and marketing arrangements with producers worldwide.
Gunvor is incorporated under the laws of Cyprus.
The Strategic Fuel Fund Association ("the Association"),
incorporated in South Africa, is a wholly owned subsidiary of the
Central Energy Fund. Its core activity is trading crude oil. The
Association also provides several ancillary services including the
coordination and management of the transportation and distribution
of crude oil, crude oil storage facilities, environmental
protection against oil pollution and risk management.
The Bioko Oil Terminal will be a large oil and petroleum
products storage facility, and its development is spearheaded by
the Ministry of Mines, Industry and Energy of Equatorial Guinea.
Through the project, the Government aims to establish Equatorial
Guinea as the premier storage location in West and Central Africa,
and a major transit point for global oil and gas deliveries.
This MOU is intended to provide the general principles and key
terms for cooperation between the Parties that are necessary to
support the advancement of the Project. During the evaluation the
most viable configuration for the Project and any required fiscal
and regulatory terms required to ensure commercial, technical,
economic and financial viability of the Project will be
determined.
The MOU contemplates that Parties shall execute a Joint
Development Agreement ("JDA") governing the execution of the next
phase, on such terms and conditions customary for a project of this
nature and extent, and setting out each Party's equity interest in
the Project. The JDA shall be executed once the pre-feasibility
studies have been completed.
"SacOil welcomes this opportunity to work with a strategic
partner such as the Ministry of Mines, Industries and Energy to add
needed oil and petroleum products storage capacity in West and
Central Africa. The project fits well with the Company's overall
strategy of diversifying the business into midstream and downstream
activities." said Dr Thabo Kgogo, chief executive officer.
Johannesburg
9 November 2015
JSE Sponsor
PSG Capital Proprietary Limited
For further information please contact:
SacOil Holdings Limited +27 (0)10 591 2260
Damain Matroos
finnCap Limited (Nominated Adviser and +44 (0) 20 72200 500
broker)
Christopher Raggett and James Thompson
FirstEnergy Capital (Financial Adviser +44 (0) 20 74480 200
and Joint Broker UK)
Hugh Sanderson / David van Erp
About SacOil
SacOil is a South African based independent African oil and gas
company and its shares are dual listed on the JSE and AIM. Our
focus as a Group is on delivering energy for the African continent
by using Africa's own resources to meet the significant growth in
demand expected over the next decade. The Group is committed to
investing in the potential of Africa's indigenous assets and
presents an excellent investment vehicle for both private and
institutional investors whose interests are aligned with the
Group's vision and mission. The Group has therefore expanded its
focus to include development and production activities, energy
infrastructure and selected downstream opportunities that will meet
the demand for products to support the proliferating needs of the
continent.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUGGBGGUPAGGB
(END) Dow Jones Newswires
November 09, 2015 06:30 ET (11:30 GMT)
Sacoil (LSE:SAC)
Historical Stock Chart
From May 2024 to Jun 2024
Sacoil (LSE:SAC)
Historical Stock Chart
From Jun 2023 to Jun 2024