SacOil Holdings Limited Trading Statement (2194F)
November 11 2015 - 2:00AM
UK Regulatory
TIDMSAC
RNS Number : 2194F
SacOil Holdings Limited
11 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" or "the Group")
TRADING STATEMENT
In compliance with paragraph 3.4 of the Listings Requirements of
the JSE Limited, a listed company is required to publish a trading
statement as soon as it is satisfied that a reasonable degree of
certainty exists, that the financial results for the next period to
be reported on are likely to vary by more than 20% from the
previous corresponding period.
As previously reported, the Group has embarked on a turnaround
strategy driven by the rationalisation and balancing of the Group's
existing portfolio of assets to reposition the Group. The impact of
these activities on the financial results for the six months ended
31 August 2015 is further explained below.
As announced previously to the market on 8 April 2014, the Group
concluded an agreement with Energy Equity Resources Norway Limited
("EERNL") regards the settlement of outstanding loans owed to the
Group ("the Agreement"). The loans originated from the joint
participation in Oil Prospecting Licence ("OPL") 233 in Nigeria,
whereby the Group advanced funds on behalf of EERNL to secure the
participation interest in OPL 233. One of the salient terms of the
Agreement is an interest freeze from 30 November 2014 on the
outstanding loan balance. This has had the effect of significantly
reducing investment income as a significant portion of the Group's
investment income was attributable to the interest on the loans
advanced to EERNL.
Furthermore, the operational delays affecting Block III in the
Democratic Republic of Congo due to civil unrest in the area have
resulted in the deferral of the expected receipt of the contingent
consideration by a year. The consequence of this deferral is the
impairment of the contingent consideration receivable.
As a result of the above, shareholders are advised that the
basic earnings per share are expected to be between 0.31 cents and
0.34 cents, representing a decrease of between 53% and 57% when
compared to the earnings per share of 0.72 cents recorded in the
corresponding period ended 31 August 2014.
Basic headline earnings per share, which exclude the impact of
any re-measurements of assets or liabilities, are expected to be
between 0.24 cents and 0.27 cents, representing a decrease of
between 63% and 67% when compared to the basic headline earnings
per share of 0.72 cents of the corresponding period ended 31 August
2014.
Net asset value per share as at 31 August 2015 is expected to be
between 24.23 cents and 25.67 cents, an increase of between 1% and
7% when compared to the net asset value per share of 24.10 cents at
28 February 2015.
SacOil is currently finalising its results for the six months
ended 31 August 2015, which will be released on SENS and RNS of the
London Stock Exchange on or about Monday, 23 November 2015.
The financial information on which this trading statement is
based has not been reviewed, audited or reported on by the
Company's external auditors. This statement is issued in compliance
with paragraph 3.4(b) of the Listings Requirements of the JSE
Limited.
JSE Sponsor
PSG Capital Proprietary Limited
11 November 2015
For further information please contact:
SacOil Holdings Limited +27 (0)11 463 6884
Damain Matroos
finnCap Limited (Nominated Adviser and +44 (0) 20 7220 0500
broker)
Christopher Raggett and James Thompson
FirstEnergy Capital (Joint broker) +44 (0) 20 7448 0200
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
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