TIDMSAC
RNS Number : 6906G
SacOil Holdings Limited
24 November 2015
For immediate release 24 November 2015
SacOil Holdings Limited
Reviewed condensed consolidated interim results for the six
months ended 31 August 2015
Key highlights:
-- Refund of $10 million on expiry of the OPL 233 performance bond
-- Lagia: Commencement of installation of steam facilities
-- Agreement reached on the settlement of the EERNL loans
-- Completion of exit from OPL 233
Commenting on the results, SacOil's CEO Dr. Thabo Kgogo
said:
"The transformation of SacOil into a production company remains
the priority of the Board. In this regard, significant progress has
been made in advancing the Lagia development activities to ensure
that we reach the targeted production of 1 000 bbl/d by the end of
the 2016 financial year.
We look forward to an exciting run to the end of the financial
year. Our key priorities for the next six months are the completion
of the Lagia development activities and the advancement of our
other exploration assets."
Enquiries:
SacOil Holdings Limited +27 (0)11 463
Damain Matroos 6884
finnCap Limited (Nominated
adviser and broker)
Christopher Raggett / James +44 (0)20 7220
Thompson 0500
FirstEnergy Capital (Joint
broker)
Hugh Sanderson / David van +44 (0)20 7448
Erp 0200
Buchanan (Financial PR adviser)
Ben Romney / Helen Chan / +44 (0)20 7466
Madeleine Seacombe 5000
About SacOil
SacOil is a South African based independent African oil and gas
company, dual-listed on the JSE and AIM, with business operations
in Egypt, the Democratic Republic of Congo ("DRC"), the Republic of
Malawi and the Republic of Botswana. SacOil also operated in
Nigeria until 19 May 2015. The Company has partnered with the
Public Investment Corporation SOC Limited and the Instituto de
Gestão das Participações do Estado on a project that entails the
construction of a gas pipeline from Mozambique to South Africa and
the distribution and marketing of gas in southern Africa. The
Company continues to evaluate opportunities to secure high impact
acreage in other established and prolific hydrocarbon basins in
Africa.
Chief Executive's report
During the period, we continued to execute the Group's revised
strategy to rationalise its portfolio of assets with the exit from
OPL 233 in May 2015. This marked a significant improvement in the
Group's financial stability due to the reduction in commitments and
the refund of the $10 million cash collateral which previously
secured the OPL 233 performance bond. The cash resources of the
Group of R196 million (at 31 August 2015) are now available to
facilitate the growth of its operations and to expand the Group's
footprint on the African continent. Furthermore, the conclusion of
a settlement agreement with Energy Equity Resources Norway Limited
("EERNL") in March 2015 reflects the restructuring of the loans
advanced to the EERNL Group relating to OPL 281 and OPL 233.
The transformation of SacOil into a production company remains
the priority of the Board. In this regard, significant progress has
been made in advancing the Lagia development activities to ensure
that we reach the targeted production of 1 000 bbl/d by the end of
the 2016 financial year.
We look forward to an exciting run to the end of the financial
year. Our key priorities for the next six months are the completion
of the Lagia development activities and the advancement of our
other exploration assets. The SacOil board and management team
continue to vigorously defend the claims from Transcorp and Nigdel
in relation to OPL 281 and OPL 233, respectively, and we remain
committed to recovering all amounts owed by Transcorp and Nigdel
and to institute the requisite counterclaims accordingly. On 28
August 2015, SacOil filed a notice for arbitration with the
Nigerian Chartered Institute of Arbitrators, Nigeria Branch to
recover farm-in and related fees plus contractual interest thereon
from Transcorp. Arbitrators have now been appointed for both
matters and SacOil awaits confirmation of the commencement of
arbitration proceedings.
With respect to advancing our exploration assets, we look
forward to initiating the technical and commercial pre-feasibility
studies of a transnational terrestrial gas pipeline and
distribution facility that will carry natural gas from Mozambique's
Rovuma fields into South Africa. Furthermore as announced to
shareholders on 9 November 2015, we are excited to be part of the
Bioko Oil Terminal Project in Equatorial Guinea. Through this
project, the Government of Equatorial Guinea aims to establish a
premium oil and petroleum storage facility in West and Central
Africa, a major transit point for global oil and gas
deliveries.
The Group will continue to pursue other oil and gas
opportunities on the continent and in doing so will focus on its
funding situation to ensure that an adequate capital structure is
in place to deliver on the new strategy. Again, we reiterate our
strategy of acquiring cash generative assets to underpin the
long-term growth of the Company.
Operations
Operations for the past six months have primarily focused on the
execution of the development plan for the Lagia Oil Field.
Shareholders are referred to the announcement issued on SENS and
RNS on 17 September 2015 regarding the installation of steam
facilities for a thermal recovery process on the existing
production wells and plan to drill a minimum of five additional
thermal wells with the intent of further enhancing existing
production and the recovery of oil from the field. Shareholders are
further referred to the announcement dated 16 November 2015
regarding the commencement of drilling operations at the field.
Shareholders will be kept informed as the development activities
progress.
Financial review
On 26 March 2015, the Group concluded a settlement agreement
with EERNL which terms incorporated an interest freeze on the
outstanding loans from 30 November 2014. This reduced investment
income from R77.0 million in the prior comparative period to R23.1
million for the period under review, as a significant portion of
the Group's interest income was attributable to the loans advanced
to EERNL. Furthermore, the continued operational delays affecting
Block III due to the civil unrest in the DRC 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 by an amount of R26.1 million
(2014: nil) which is reflective of the time value of money. This
impairment is included in "other operating costs". The financial
impact of these two events, partially offset by an increase in
foreign exchange gains included in "other income", significantly
affected the profit after tax for the period which decreased by 87%
from R20.6 million at 31 August 2014 to R2.8 million at 31 August
2015. Foreign exchange gains for the period on the Group's US
Dollar denominated financial assets totalled R57.5 million (2014:
foreign exchange losses of R7.2 million).
Production rates at the Lagia Oil Field have remained low due to
the development activities currently underway. As previously
reported, the next phase of the activities includes the
installation of steam facilities for a thermal recovery process on
the existing production wells and the drilling of a minimum of five
additional thermal wells with the intent to further enhance
production and the recovery of oil. Consequently, oil revenue for
the period is minimal at R3.0 million (2014: nil).
Excluding the impairment of the contingent consideration of
R26.1 million (2014: nil), the Group's other operating costs
decreased by 27%. There were no exchange losses incurred during the
period (2014: R7.2 million) and no provision was raised for the
impairment of the EERNL loans (2014: R19.7 million). The decrease
was however offset by increases in operational costs to support the
execution of the Group's revised strategy. The Group's other
operating expenses are disclosed in note 3.
Oil and gas properties increased by R23.9 million due to
additions of steaming and other equipment totalling R6.5 million
(28 February 2015: R7.3 million), foreign exchange gains of R18.5
million (28 February 2015: R5.8 million) on translation of foreign
operations net of depletion of R1.1 million (28 February 2015: R0.3
million). Movements in the Group's oil and gas properties are also
provided in note 7.
Other financial assets (current and non-current), as disclosed
in note 8, increased by R15.5 million to R692.9 million (28
February 2015: R677.4 million). The net movement comprises:
-- interest of R17.9 million on the contingent consideration
(R12.4 million), advance payment against future services
(R3.4 million) and other financial assets (R2.1 million);
-- foreign exchange gains totalling R84.8 million on the US
Dollar denominated contingent consideration and loan due from
EERNL;
-- an impairment charge of R26.1 million on the contingent consideration; and
-- a part repayment of the EERNL loan of R61.1 million from
EERNL's 50% share of the cash collateral received on
5 June 2015 (see note 9).
Movements in the Group's cash and cash equivalents are provided
in the cash flow statement. The restriction on the cash collateral
(see note 9) was lifted on 2 May 2015 upon the expiry of the OPL
233 performance bond.
The decrease in other financial liabilities corresponds with the
offset of EERNL's indebtedness to SacOil as disclosed in note 11.
The liability was initially recognised to account for EERNL's 50%
share of the cash collateral held in the bank account of SacOil's
wholly owned subsidiary, SacOil 233 Nigeria Limited, on behalf of
EERNL.
(MORE TO FOLLOW) Dow Jones Newswires
November 24, 2015 02:01 ET (07:01 GMT)
Movements in the Group's exploration and evaluations assets,
other intangible assets, property, plant and equipment,
inventories, trade and other receivables and trade and other
payables were not significant for the period under review.
EXIT FROM OPL 233 AND OPL 281
OPL 233
Pursuant to the Board's decision to investigate the termination
of the Group's participation in OPL 233 in Nigeria, SacOil
officially notified Nigdel of its decision to terminate on 19 May
2015. Pursuant to the exit SacOil will not have future commitments
and obligations associated with the appraisal of OPL 233 (2014:
R386.2 million). Furthermore, the farm-in fee which would have been
payable to Nigdel and the transaction fee which would have been
payable to EERNL of US$10.6 million and US$2.5 million,
respectively, are no longer due and payable. The termination of the
Group's participation in OPL 233 does not represent an exit from
Nigeria, as the country has significant oil and gas opportunities
which the Group will continue to investigate. Instead, this is
reflective of portfolio rationalisation undertaken by the Group to
focus on cash generative assets.
At 31 August 2015, OPL 233 remains classified as held for sale
pending the conclusion of the recovery process initiated by SacOil
under the terms of the Farm-in Agreement with Nigdel. As previously
communicated to shareholders in the annual report for the financial
year ended 28 February 2015, Nigdel has also initiated arbitration
and court proceedings to dispute the terms of SacOil's exit from
the asset. The directors of SacOil remain confident that their
claim against Nigdel is valid. Disclosures relating to the
non-current asset held for sale are provided in note 10.
OPL 281
As disclosed in the annual report for the year ended 28 February
2015, Transcorp, the operator of OPL 281, instituted action in the
High Court of Lagos State on 18 June 2015 against SacOil 281
Nigeria Limited ("SacOil 281") and EER 281 Nigeria Limited ("EER
281") for the wrongful termination of the Farm-out and
Participation Agreement and is seeking special damages for the
wrongful termination. In support of its action Transcorp claims
that SacOil 281 and EER 281 are not entitled to any refund or
repayment, in particular the $8.75 million (signature bonus) and
$3.75 million (initial fee). The Group is defending the action
instituted by Transcorp. The directors of SacOil remain confident
that their claim against Transcorp is valid.
Forensic investigation
As previously communicated to shareholders, the Board engaged
Ernst & Young Inc. ("EY") to carry out an investigation of
specific historical transactions of the Group between 1 August 2011
and 30 November 2011 relating to the Group's unsuccessful attempt
to acquire interests in Blocks I and II in the DRC, amongst other
matters. The forensic investigation was finalised during September
2015. The Board met on 29 September 2015 to consider the findings
in the final report ("the Report") issued by EY which confirmed the
occurrence of certain irregularities committed by previous
management. The Board has now engaged lawyers to evaluate and
respond to the recommendations provided in the Report. The
evaluation of the recommendations is currently ongoing. The Board
is also in the process of informing the relevant regulatory
authorities of irregularities identified in the Report.
Outlook
Good progress has been made in advancing the Lagia operations.
Management will continue to focus on the completion of the
development activities at the Lagia Oil Field which will see the
Group achieve the targeted production of 1 000 bbl/d. Management
also remains focused on defending the legal actions instituted by
its previous partners Nigdel and Transcorp and will keep
shareholders informed of progress in this regard.
The Group will continue to pursue other oil and gas
opportunities on the continent and in doing so will focus on its
funding situation to ensure that an adequate capital structure is
in place to deliver on the new strategy.
Going concern
The Board has performed an assessment of the Group's operations
relative to available cash resources and is confident that the
Group is able to continue operating for the next 12 months. The
Group interim financial statements presented have been prepared on
a going concern basis.
Change in directorate
Gontse Moseneke resigned from the Board of SacOil on 1 October
2015.
Consolidated Statement of Comprehensive Income
Reviewed Reviewed
Six months Six months
to to
31 August 31 August
2015 2014
Notes R R
---------------------------------- ----- ----------- -----------
3 001
Revenue 496 -
---------------------------------- ----- ----------- -----------
(7 179
Cost of sales 407) -
---------------------------------- ----- ----------- -----------
(4 177
Gross loss 911) -
---------------------------------- ----- ----------- -----------
60 720
Other income 459 -
---------------------------------- ----- ----------- -----------
(59 921 (46 575
Other operating costs 946) 517)
---------------------------------- ----- ----------- -----------
(3 379 (46 575
Operating loss 3 398) 517)
---------------------------------- ----- ----------- -----------
23 073 77 001
Investment income 4 720 921
---------------------------------- ----- ----------- -----------
Finance costs - (646)
---------------------------------- ----- ----------- -----------
19 694 30 425
Profit before taxation 322 758
---------------------------------- ----- ----------- -----------
(16 921 (9 756
Taxation 224) 554)
---------------------------------- ----- ----------- -----------
2 773 20 669
Profit for the period 098 204
---------------------------------- ----- ----------- -----------
Other comprehensive income:
---------------------------------- ----- ----------- -----------
Items that may be reclassified
to profit or loss in subsequent
periods:
---------------------------------- ----- ----------- -----------
Exchange differences on
translation of foreign 25 271
operations 170 -
---------------------------------- ----- ----------- -----------
Other comprehensive income 25 271
for the year net of taxation 170 -
---------------------------------- ----- ----------- -----------
Total comprehensive income 28 044 20 669
for the period 268 204
---------------------------------- ----- ----------- -----------
Profit/(loss) attributable
to:
---------------------------------- ----- ----------- -----------
Equity holders of the 10 558 22 320
parent 602 598
---------------------------------- ----- ----------- -----------
(7 785 (1 651
Non-controlling interest 504) 394)
---------------------------------- ----- ----------- -----------
2 773 20 669
098 204
---------------------------------- ----- ----------- -----------
Total comprehensive income/(loss)
attributable to:
---------------------------------- ----- ----------- -----------
Equity holders of the 35 829 22 320
parent 772 598
---------------------------------- ----- ----------- -----------
(7 785 (1 651
Non-controlling interest 504) 394)
---------------------------------- ----- ----------- -----------
28 044 20 669
268 204
---------------------------------- ----- ----------- -----------
Earnings per share
---------------------------------- ----- ----------- -----------
Basic (cents) 6 0.32 0.72
---------------------------------- ----- ----------- -----------
Diluted (cents) 6 0.32 0.72
---------------------------------- ----- ----------- -----------
(MORE TO FOLLOW) Dow Jones Newswires
November 24, 2015 02:01 ET (07:01 GMT)
Consolidated Statement of Financial Position
Audited
Reviewed Twelve
Six months months
to to
31 August 28 February
2015 2015
Notes R R
-------------------------------- ----- ----------- ------------
Assets
-------------------------------- ----- ----------- ------------
Non-current assets
-------------------------------- ----- ----------- ------------
Exploration and evaluation 76 384 75 949
assets 686 565
-------------------------------- ----- ----------- ------------
146 814 122 869
Oil and gas properties 7 251 708
-------------------------------- ----- ----------- ------------
307 312 345 753
Other financial assets 8 583 287
-------------------------------- ----- ----------- ------------
67 204 61 095
Other intangible assets 953 540
-------------------------------- ----- ----------- ------------
1 103
Property, plant and equipment 205 344 706
-------------------------------- ----- ----------- ------------
598 819 606 012
Total non-current assets 678 806
-------------------------------- ----- ----------- ------------
Current assets
-------------------------------- ----- ----------- ------------
385 635 331 641
Other financial assets 8 047 018
-------------------------------- ----- ----------- ------------
9 869 6 641
Inventories 895 663
-------------------------------- ----- ----------- ------------
2 465 7 152
Trade and other receivables 289 505
-------------------------------- ----- ----------- ------------
195 776 229 431
Cash and cash equivalents 9 565 001
-------------------------------- ----- ----------- ------------
593 746 574 866
Total current assets 796 187
-------------------------------- ----- ----------- ------------
25 061 21 839
Asset held for sale 10 882 945
-------------------------------- ----- ----------- ------------
1 217 1 202
Total assets 628 356 718 938
-------------------------------- ----- ----------- ------------
Equity and Liabilities
-------------------------------- ----- ----------- ------------
Shareholders' equity
-------------------------------- ----- ----------- ------------
1 216 1 216
Stated capital 503 883 503 883
-------------------------------- ----- ----------- ------------
40 877 15 606
Reserves 638 468
-------------------------------- ----- ----------- ------------
(438 095 (448 654
Accumulated loss 963) 565)
-------------------------------- ----- ----------- ------------
Equity attributable to 819 285 783 455
equity holders of parent 558 786
-------------------------------- ----- ----------- ------------
(3 367 4 417
Non-controlling interest 855) 649
-------------------------------- ----- ----------- ------------
815 917 787 873
Total shareholders' equity 703 435
-------------------------------- ----- ----------- ------------
Liabilities
-------------------------------- ----- ----------- ------------
Non-current liabilities
-------------------------------- ----- ----------- ------------
104 032 97 146
Deferred tax liability 206 476
-------------------------------- ----- ----------- ------------
104 032 97 146
Total non-current liabilities 206 476
-------------------------------- ----- ----------- ------------
Current liabilities
-------------------------------- ----- ----------- ------------
57 888
Other financial liabilities 11 - 500
-------------------------------- ----- ----------- ------------
252 524 212 416
Current tax payable 848 721
-------------------------------- ----- ----------- ------------
20 091 25 553
Trade and other payables 717 861
-------------------------------- ----- ----------- ------------
272 616 295 859
Total current liabilities 565 082
-------------------------------- ----- ----------- ------------
376 648 393 005
Total liabilities 771 558
-------------------------------- ----- ----------- ------------
Liabilities directly associated 25 061 21 839
with asset held for sale 10 882 945
-------------------------------- ----- ----------- ------------
1 217 1 202
Total equity and liabilities 628 356 718 938
-------------------------------- ----- ----------- ------------
3 269 3 269
Number of shares in issue 836 208 836 208
-------------------------------- ----- ----------- ------------
Net asset value per share
(cents) 24.95 24.10
-------------------------------- ----- ----------- ------------
Net tangible asset value
per share (cents) 22.62 21.77
-------------------------------- ----- ----------- ------------
Consolidated Statement of Changes in Equity
Total equity
attributable
Foreign to equity
currency Share-based holders Non-controlling
Stated translation payment Total Accumulated of the interest Total
capital reserve reserve reserves loss parent (NCI) equity
R R R R R R R R
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
For the six
months
ended 31
August
2015
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Balance at 28 1 216 503 6 889 15 606 (448 783 455 787 873
February 2015 883 8 716 621 847 468 654 565) 786 4 417 649 435
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Changes in
equity:
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Profit/(loss)
for the 10 558
period - - - - 602 10 558 602 (7 785 504) 2 773 098
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Other
comprehensive
income for
the 25 271
period - 25 271 170 - 170 - 25 271 170 - 25 271 170
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Total
comprehensive
income/(loss)
for the 25 271 10 558
period - 25 271 170 - 170 602 35 829 772 (7 785 504) 28 044 268
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
(MORE TO FOLLOW) Dow Jones Newswires
November 24, 2015 02:01 ET (07:01 GMT)
25 271 10 558
Total changes - 25 271 170 - 170 602 35 829 772 (7 785 504) 28 044 268
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Balance at 31 1 216 503 6 889 40 877 (438 819 285 815 917
August 2015 883 33 987 791 847 638 095 963) 558 (3 367 855) 703
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
For the six
months
ended 31
August
2014
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Balance at 28 1 109 977 6 001 6 001 (179 936 552 948 771
February 2014 054 - 847 847 426 156) 745 12 218 476 221
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Changes in
equity:
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Profit/(loss)
for the 22 320
period - - - - 598 22 320 598 (1 651 394) 20 669 204
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Total
comprehensive
income/(loss)
for the 22 320
period - - - - 598 22 320 598 (1 651 394) 20 669 204
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
22 320
Total changes - - - - 598 22 320 598 (1 651 394) 20 669 204
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Balance at 31 1 109 977 6 001 6 001 (157 958 873 969 440
August 2014 054 - 847 847 105 558) 343 10 567 082 425
-------------- ---------- ----------- ----------- -------- ----------- ------------ --------------- -----------
Consolidated Statement of Cash Flows
Reviewed Reviewed
Six months to Six months to
31 August 2015 31 August 2014
R R
------------------------------------ --------------- ---------------
Cash flows from operating
activities
------------------------------------ --------------- ---------------
Cash used in operations (40 467 306) (24 114 839)
------------------------------------ --------------- ---------------
Interest income 5 191 403 3 528 096
------------------------------------ --------------- ---------------
Net cash used in operating
activities (35 275 903) (20 586 743)
------------------------------------ --------------- ---------------
Cash flows from investing
activities
------------------------------------ --------------- ---------------
Purchase of exploration and
evaluation assets (435 121) (29 233 332)
------------------------------------ --------------- ---------------
Purchase of property, plant
and equipment (908 104) (28 986)
------------------------------------ --------------- ---------------
Purchase of oil and gas properties (6 474 274) -
------------------------------------ --------------- ---------------
Purchase of other intangible
assets (204 103) -
------------------------------------ --------------- ---------------
Receipts from loans and receivables 61 091 500 10 607 190
------------------------------------ --------------- ---------------
Net cash from/(used in) investing
activities 53 069 898 (18 655 128)
------------------------------------ --------------- ---------------
Cash flows from financing
activities
------------------------------------ --------------- ---------------
Repayment of other financial
liabilities (57 888 500) (20 220 311)
------------------------------------ --------------- ---------------
Net cash used in financing
activities (57 888 500) (20 220 311)
------------------------------------ --------------- ---------------
Total movement in cash and
cash equivalents for the period (40 094 505) (59 462 182)
------------------------------------ --------------- ---------------
Foreign exchange gains/(losses)
on cash and cash equivalents 6 440 069 (1 411 861)
------------------------------------ --------------- ---------------
Cash and cash equivalents
at the beginning of the period 229 431 001 381 579 766
------------------------------------ --------------- ---------------
Cash and cash equivalents
at the end of the period 195 776 565 320 705 723
------------------------------------ --------------- ---------------
Notes
1 Basis of preparation
The consolidated condensed interim financial statements of the
Group, comprising SacOil Holdings Limited and its subsidiaries
(together "the Group"), for the six months ended 31 August 2015,
have been prepared in accordance with the recognition and
measurement criteria of International Financial Reporting Standards
("IFRS") as issued by the International Accounting Standards Board
("IASB"), the preparation and disclosure requirements of IAS 34 -
Interim Financial Reporting, the SAICA Financial Reporting Guides
as issued by the Accounting Practices Committee, the Financial
Pronouncements as issued by the Financial Reporting Standards
Council, the Listings Requirements of the JSE Limited and in the
manner required by the South African Companies Act (No 71 of 2008),
as amended. Accordingly, certain information and footnote
disclosures normally included in annual financial statements
prepared in accordance with IFRS, as issued by the IASB, have been
omitted or condensed as is normal practice.
Principal accounting policies
The same accounting policies, presentation and methods of
computation have been followed in these consolidated condensed
interim financial statements of the Group as those applied in the
preparation of the Group's annual financial statements for the year
ended 28 February 2015. The following improvements arising from the
International Accounting Standards Board's annual improvements
projects and the amendment to IAS 19, effective for financial
periods beginning after 1 July 2014, were effective for the first
time during this interim period:
-- Improvement to IFRS 1 - First-time Adoptions of IFRS
-- Improvement to IFRS 2 - Share-based Payments
-- Improvement to IFRS 3 - Business Combinations
-- Improvement to IFRS 8 - Operating Segments
-- Improvement to IFRS 13 - Fair Value
-- Improvement to IAS 16 - Property, Plant and Equipment
-- Amendment to IAS 19 - Employee Benefits
-- Improvement to IAS 24 - Related Party Disclosures
-- Improvement to IAS 40 - Investment Property
The above improvements and amendment did not have an impact on
the Group's results. The consolidated condensed interim financial
statements of the Group should be read in conjunction with the
Group's consolidated annual financial statements for the year ended
28 February 2015.
Notes to oil and gas disclosure
In accordance with AIM Guidelines Bradley Cerff, Group
Executive: Operations, is the qualified person that has reviewed
the technical information contained in this news release. Bradley
has 19 years experience in the oil and gas industry with a Masters
Degree in Science and Business Administration focused on Foreign
Direct Investment in the African oil and gas industry. He is also a
member of the Society of Petroleum Engineers.
2 Auditors' review report
The directors take full responsibility for the preparation of
these consolidated condensed interim financial statements of the
Group for the six months ended 31 August 2015. They have been
prepared under the supervision of the Chief Finance Officer, Marius
Damain Matroos CA (SA). The consolidated condensed interim
financial statements have been reviewed by Ernst & Young Inc.,
the Group's auditors. A copy of the auditors' unqualified review
opinion is available for inspection at the registered office of the
Company.
3 Operating loss
-------------------------------- ----- ---------- ----------
31 August 31 August
2015 2014
Notes R R
-------------------------------- ----- ---------- ----------
Impairment of financial (26 082
assets 8 765) -
----------------------------------- ----- ---------- ----------
Gain on remeasurement of
asset held for sale 3 221 937 -
-------------------------------- ----- ---------- ----------
57 498 (7 243
(MORE TO FOLLOW) Dow Jones Newswires
November 24, 2015 02:01 ET (07:01 GMT)
Foreign exchange gains/(losses) 522 168)
----------------------------------- ----- ---------- ----------
Provision for impairment (19 736
of financial assets - 842)
----------------------------------- ----- ---------- ----------
(2 146 (1 533
Corporate costs 633) 726)
----------------------------------- ----- ---------- ----------
(1 320 (1 017
Auditor's remuneration 813) 750)
----------------------------------- ----- ---------- ----------
(11 185 (8 780
Employee benefit expense 812) 907)
----------------------------------- ----- ---------- ----------
Accounting fees (25 000) (34 400)
----------------------------------- ----- ---------- ----------
(4 434 (2 084
Consulting fees 092) 710)
----------------------------------- ----- ---------- ----------
(2 383
Legal fees 706) (485 718)
----------------------------------- ----- ---------- ----------
(2 679 (1 627
Travel and accommodation 415) 679)
----------------------------------- ----- ---------- ----------
(4 100
Depreciation 114) (105 334)
----------------------------------- ----- ---------- ----------
(1 104
Oil and gas assets 7 215) -
----------------------------------- ----- ---------- ----------
Property, plant and equipment (149 605) (60 030)
----------------------------------- ----- ---------- ----------
(2 846
Other intangible assets 294) (45 304)
----------------------------------- ----- ---------- ----------
(1 046
Rentals - premises 968) (497 871)
----------------------------------- ----- ---------- ----------
Broker's fees (366 153) (545 863)
----------------------------------- ----- ---------- ----------
4 Investment income
-------------------------------- ----- ---------- ----------
59 430
Interest receivable - loans - 348
----------------------------------- ----- ---------- ----------
Interest received - cash 5 191 3 528
and cash equivalents 382 096
----------------------------------- ----- ---------- ----------
Imputed interest on financial 17 882 14 043
assets 338 477
----------------------------------- ----- ---------- ----------
23 073 77 001
720 921
----------------------------------- ----- ---------- ----------
5 Segmental reporting
For the period under review the Group operated in six
geographical locations which form the basis of the information
evaluated by the Group's chief operating decision-maker. For
management purposes the Group is organised and analysed by these
locations. These locations are: South Africa, Egypt, Nigeria, DRC,
Botswana and Malawi. Operations in South Africa relate to the
general management, financing and administration of the Group.
South
Africa Egypt Nigeria DRC Malawi Botswana Eliminations Consolidated
R R R R R R R R
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
For the
six months
ended
31 August
2015
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
3 001
Revenue - 496 - - - - - 3 001 496
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
Cost of (7 179
sales - 407) - - - - - (7 179 407)
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
(4 177
Gross loss - 911) - - - - - (4 177 911)
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
32 20 11
828 55 945 565
Other income 188 192 842 114 - - (4 673 877) 60 720 459
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
10 12
Investment 296 382 393
income 772 - 949 999 - - - 23 073 720
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
(29 (7 (26 (1
Other operating 386 080 (749 083 296 (59 921
expenses 523) 238) 438) 610) - 014) 4 673 877 946)
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
(22
5 284 205 (16 921
Taxation 191 - (212) 203) - - - 224)
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
Profit/(loss) 19 (11 20 (24 (1
for the 022 202 579 329 296
period 628 957) 141 700) - 014) - 2 773 098
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
Segment 384 213 334
assets 868 938 446 1 196 821 (336 452 598 819
- non-current 684 488 - 786 742 669 691) 678
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
Segment 396 22 126 47
assets 746 329 734 935 593 746
- current 936 432 660 768 - - - 796
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
Segment
assets
- asset
held for 25
sale (note 061
10) - - 882 - - - - 25 061 882
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
Segment (38 (178
liabilities 681 545 (2 207 (104 032
- non-current (1) 231) - 060) - 275) 115 401 361 206)
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
Segment (53 (7 (211
liabilities 131 668 (132 242 (441 (272 616
- current 310) 518) 857) 630) - 250) - 565)
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
Segment
liabilities
- liabilities
directly
associated
with asset
held for (25
sale (note 061 (25 061
10) 882) - - - - - - 882)
---------------- ------- ------ ------- ------ ------ -------- ------------ ------------
South Nigeria DRC
Africa R R Malawi Botswana Consolidated
R R R R
--------------- ------- ------- --- ------ -------- ------------
For the six
months ended
31 August 2014
--------------- ------- ------- --- ------ -------- ------------
66 10
283 718 77 001
Investment income 640 109 172 - - 921
------------------ ------ ------ ------ ------ -------
Finance costs (25) - (621) - - (646)
------------------ ------ ------ ------ ------ -------
(43 (1 (1
Other operating 452 003 627 (491 (46 575
expenses 895) 951) 639) - 032) 517)
------------------ ------ ------ ------ ------ -------
(14
4 846 602 (9 756
(MORE TO FOLLOW) Dow Jones Newswires
November 24, 2015 02:01 ET (07:01 GMT)
Taxation 341 (11) 884) - - 554)
------------------ ------ ------ ------ ------ -------
27 (1 (5
Profit/(loss) 677 003 512 (491 20 669
for the period 061 853) 972) - 032) 204
------------------ ------ ------ ------ ------ -------
232 220 303
Segment assets 684 393 726 866 386 758
- non-current 629 305 387 740 548 057 609
-------------------- ------ ----- ----- ----- ------ ----------
409 106 38
Segment assets 493 732 425 554
- current 643 672 476 - - 651 791
-------------------- ------ ----- ----- ----- ------ ----------
(91
Segment liabilities (2 076 744 (93
- non-current 082) - 045) - - 820 127)
-------------------- ------ ----- ----- ----- ------ ----------
(49 (53 (146
Segment liabilities 673 242 310 (222 (249
- current 558) 500) 390) - 400) 448 848)
-------------------- ------ ----- ----- ----- ------ ----------
Business segments
The operations of the Group comprise one class of business,
being oil and gas exploration and production. The activities
currently undertaken in Mozambique related to the Mozambican
pipeline are not significant at this stage and have not been
separately disclosed. These activities therefore do not meet the
recognition criteria for operating segments.
Revenue
The Group's reported revenue is generated from a single
customer, the Egyptian General Petroleum Corporation ("EGPC"), with
respect to oil sales. This revenue is attributed to the Egypt
segment.
Taxation - Egypt
No income or deferred tax has been accrued by Mena as the
Concession Agreement between the EGPC, the Ministry of Petroleum
and Mena provides that the EGPC is responsible for the settlement
of income tax on behalf of Mena, out of EGPC's share of petroleum
produced. The Group has elected the net presentation approach in
accounting for this deemed income tax. Under this approach Mena's
revenue is not grossed up for income tax payable by EGPC on behalf
of Mena. Consequently no income or deferred tax is accrued.
6 Earnings per share
31 August 31 August
2015 2014
R R
------------------------------------ --------- ---------
Basic (cents) 0.32 0.72
------------------------------------ --------- ---------
Diluted (cents) 0.32 0.72
------------------------------------ --------- ---------
Profit for the period used in
the calculation of the basic 10 558 22 320
and diluted earnings per share 602 598
------------------------------------ --------- ---------
Weighted average number of ordinary
shares used in the calculation 3 269 3 086
of basic earnings per share 836 208 169 261
------------------------------------ --------- ---------
Issued shares at the beginning 3 269 3 086
of the reporting period 836 208 169 261
------------------------------------ --------- ---------
Effect of shares issued during
the reporting period (weighted) - -
------------------------------------ --------- ---------
2 325
Add: Dilutive share options - 710
------------------------------------ --------- ---------
Weighted average number of ordinary
shares used in the calculation 3 269 3 088
of diluted earnings per share 836 208 494 971
------------------------------------ --------- ---------
Headline earnings per share
------------------------------------ --------- ---------
Basic (cents) 0.25 0.72
------------------------------------ --------- ---------
Diluted (cents) 0.25 0.72
------------------------------------ --------- ---------
Reconciliation of headline earnings
------------------------------------ --------- ---------
Profit attributable to equity 10 558 22 320
holders of the parent 602 598
------------------------------------ --------- ---------
Adjusted for:
------------------------------------ --------- ---------
Gain on remeasurement of asset (3 221
held for sale 937) -
------------------------------------ --------- ---------
Tax effect of adjustment 902 142 -
------------------------------------ --------- ---------
8 238 22 320
Headline earnings for the period 807 598
------------------------------------ --------- ---------
7 Oil and gas properties
R
-------------------------------------- ----------
Cost
-------------------------------------- ----------
At 1 March 2014 -
-------------------------------------- ----------
110 062
Acquisition of Mena (22 October 2014) 658
-------------------------------------- ----------
7 270
Additions 431
-------------------------------------- ----------
5 811
Translation of foreign operations 332
-------------------------------------- ----------
123 144
At 28 February 2015 421
-------------------------------------- ----------
123 144
At 1 March 2015 421
-------------------------------------- ----------
6 474
Additions 274
-------------------------------------- ----------
18 574
Translation of foreign operations 484
-------------------------------------- ----------
148 193
At 31 August 2015 179
-------------------------------------- ----------
Depletion and impairment
-------------------------------------- ----------
At 1 March 2014 -
-------------------------------------- ----------
Depletion (274 713)
-------------------------------------- ----------
At 28 February 2015 (274 713)
-------------------------------------- ----------
At 1 March 2015 (274 713)
-------------------------------------- ----------
(1 104
Depletion 215)
-------------------------------------- ----------
(1 378
At 31 August 2015 928)
-------------------------------------- ----------
Net book value
-------------------------------------- ----------
122 869
At 28 February 2015 708
-------------------------------------- ----------
146 814
At 31 August 2015 251
-------------------------------------- ----------
8 Other financial assets
28 February
31 August 2015 2015
R R
----------------------------------- -------------- ------------
Non-current
----------------------------------- -------------- ------------
237 675
Contingent consideration(1) 260 080 511 984
----------------------------------- -------------- ------------
Deferred consideration on disposal 1 718
of Greenhills Plant 1 803 052 470
----------------------------------- -------------- ------------
Advance payment against future 68 627
services(2) - 273
----------------------------------- -------------- ------------
37 731
Loan due from EERNL 45 429 020 560
----------------------------------- -------------- ------------
345 753
307 312 583 287
----------------------------------- -------------- ------------
Current
----------------------------------- -------------- ------------
183 242
Loan due from EERNL 143 847 330 921
----------------------------------- -------------- ------------
51 036
Loan due from DIG 58 278 826 906
----------------------------------- -------------- ------------
Advance payment against future
services(2) 72 005 089 -
----------------------------------- -------------- ------------
(MORE TO FOLLOW) Dow Jones Newswires
November 24, 2015 02:01 ET (07:01 GMT)
220 824
Transcorp refund 253 401 978 802
----------------------------------- -------------- ------------
Deferred consideration on disposal 1 890
of Greenhills Plant 1 949 154 810
----------------------------------- -------------- ------------
456 995
529 482 377 439
----------------------------------- -------------- ------------
(125 354
Less: Provision for impairment(3) (143 847 330) 421)
----------------------------------- -------------- ------------
331 641
385 635 047 018
----------------------------------- -------------- ------------
677 394
Total 692 947 630 305
----------------------------------- -------------- ------------
(1) The Farm-in Agreement ("FIA") between Semliki and Total
provides for a cash payment by Total to Semliki upon the occurrence
of certain future events ("contingent consideration"). As there is
a contractual right to receive cash from Total, Semliki has
recognised a financial asset in its statement of financial
position. The asset was initially recognised at its fair value.
Subsequently the financial asset meets the definition of a loan and
receivable, and is accounted for at amortised cost, taking into
account interest revenue and currency movements. At each reporting
date the Group revises its estimate of receipts from the financial
asset in line with the requirements of IAS 39. Included in the
statement of comprehensive income at 31 August 2015 is an
impairment loss of R26.1 million (28 February 2015: R23.8 million)
representing the write-down of future expected cash flows from the
contingent consideration for the Block III farm-outs in March 2011
and
March 2012. The write-down which is reflective of the time value
of money arose as a result of the delays in activities on Block III
due to civil unrest in the area and in obtaining an extension to
the operating licence. Consequently, this defers the receipt of the
contingent consideration by a year. A deferred tax charge amounting
to R9.0 million (28 February 2015:
R6.5 million) was recognised in the statement of comprehensive
income in relation to this asset. The assumptions used to measure
the contingent consideration are detailed below:
28 February
31 August 2015 2015
------------------------------------- ---------------- -----------
Probability of exploration
success (single well) 26% 26%
------------------------------------- ---------------- -----------
Probability of at least one
success from two wells 45% 45%
------------------------------------- ---------------- -----------
Probability of successful completion
given exploration success 89% 89%
------------------------------------- ---------------- -----------
Discount rate 10% 10%
------------------------------------- ---------------- -----------
First Investment Decision Date 28 February
("FID") 28 February 2021 2020
------------------------------------- ---------------- -----------
28 February
First Oil Date ("FOD") 28 February 2025 2024
------------------------------------- ---------------- -----------
28 February
Valuation date 31 August 2015 2015
------------------------------------- ---------------- -----------
First contingent consideration
------------------------------------- ---------------- -----------
$42 549
FID $42 549 000 000
------------------------------------- ---------------- -----------
$36 680
FOD $36 680 000 000
------------------------------------- ---------------- -----------
Second contingent consideration
------------------------------------- ---------------- -----------
$4 635
FID $4 635 000 000
------------------------------------- ---------------- -----------
$6 660
FOD $6 660 000 000
------------------------------------- ---------------- -----------
(2) The amount due represents Encha Energy's indebtedness to
SacOil Holdings Limited under the Acknowledgement of Debt Agreement
concluded between the two parties on 28 February 2013. As the
future value of this asset is R75.5 million, the financial asset
recognised at 31 August 2015 is R72.0 million (28 February 2015:
R68.6 million), representing the present value of this future
receivable. Interest amounting to R3.4 million (2014: R3.1 million)
arising from the unwinding of the discount applied to the future
receivable on initial recognition has been included in investment
income (note 4). The receivable is due on 28 February 2016 and has
been classified as short term at 31 August 2015.
(3) The increase in the impairment provision of R18.5 million is
attributable to foreign exchange losses as the amount provided for
is denominated in US Dollars.
9 Cash and cash equivalents
28 February
31 August 2015 2015
R R
---------------------------------- -------------- ------------
Cash and cash equivalents consist
of:
---------------------------------- -------------- ------------
6 707
Cash at banks and on hand 15 202 719 127
---------------------------------- -------------- ------------
106 711
Short-term deposits 180 573 846 522
---------------------------------- -------------- ------------
113 418
195 776 565 649
---------------------------------- -------------- ------------
116 012
Restricted cash - 352
---------------------------------- -------------- ------------
229 431
Cash and cash equivalents 195 776 565 001
---------------------------------- -------------- ------------
The restricted cash of $10.0 million was received by the Group
on 5 June 2015 following the expiry of the performance bond and the
Group's termination of its participation in OPL 233. Half of the
US$10 million receipt was treated as a part repayment of EERNL's
outstanding loan related to OPL 233 (see note 11). The remaining
amount was treated as a repayment of the loan advanced to the
SacOil 233 Nigeria Limited in connection with the OPL 233
activities.
10 Non-current asset held for sale
31 August
2015
R
------------------------------------- ---------
Asset held for sale
------------------------------------- ---------
Exploration and evaluation assets - 25 061
OPL 233 Nigeria 882
------------------------------------- ---------
Liabilities directly associated with
the asset held for sale
------------------------------------- ---------
(25 061
Nigdel 882)
------------------------------------- ---------
Prior to classification as an asset held for sale OPL 233 was
recognised as an exploration and evaluation asset in the accounting
records of the Company's subsidiary, SacOil 233 Nigeria Limited.
SacOil 233 Nigeria Limited's obligations are funded by SacOil
Holdings Limited. The Nigdel liability associated with OPL 233 is
therefore recognised by SacOil Holdings Limited. This accounting
basis is reflected in the Group's segment reporting provided in
note 5 where the asset falls within the Nigeria segment and the
liability in the South Africa segment.
11 Other financial liabilities
28 February
31 August 2015 2015
R R
------ --------------- -----------
57 888
EERNL - 500
------ --------------- -----------
57 888
- 500
---------------------- -----------
The R57.9 million due to EERNL was offset against EERNL
indebtedness to SacOil as disclosed in note 9. The liability was
initially recognised to account for EERNL's 50% share of the cash
collateral held in the bank account of SacOil's wholly owned
subsidiary, SacOil 233 Nigeria Limited, on behalf of EERNL.
12 Financial instruments
(MORE TO FOLLOW) Dow Jones Newswires
November 24, 2015 02:01 ET (07:01 GMT)
The fair values of cash and cash equivalents, other financial
liabilities and trade and other payables approximate carrying
values due to the short-term maturities of these instruments. Other
financial assets, the asset held for sale and liabilities directly
associated with assets held for sale are evaluated by the Group at
measurement date based on inputs such as interest and exchange
rates, country-specific factors and creditworthiness of
debtors.
Valuation techniques and assumptions applied to measure fair
values:
31 August
2015
Financial Carrying 31 August 2015 Valuation Significant
instrument value Fair value technique inputs
--------------------- ---------- -------------- ----------- -----------------
Weighted
Discounted average
Other financial 692 947 cash flow cost of
assets(1) 630 574 859 154 model capital
--------------------- ---------- -------------- ----------- -----------------
Weighted
average
cost of
Discounted capital,
Asset held cash flow Non-performance
for sale 25 061 882 21 784 598 model risk
--------------------- ---------- -------------- ----------- -----------------
Weighted
average
Liabilities cost of
directly associated Discounted capital,
with asset (25 061 cash flow Non-performance
held for sale 882) (21 784 598) model risk
--------------------- ---------- -------------- ----------- -----------------
(1) In terms of SacOil's accounting policies and IAS: 39 -
Financial Instruments: Recognition and Measurement ("IAS 39") these
financial instruments are carried at amortised cost and not at fair
value, given that SacOil intends to collect the cash flows from
these instruments when they fall due over the life of the
instrument. While the fair value is significantly less than the
carrying amount, this is a result of market rates differing from
the effective interest rate, which is not considered to be
objective evidence of impairment for items carried at amortised
cost per IAS 39 as this does not impact the timing, amount or
recoverability of expected future cash flows.
Fair value hierarchy:
The following table presents the Group's assets measured at fair
value at the reporting date, or for which the fair value is
disclosed at the reporting date. The different levels have been
defined as follows:
Level 1: Quoted (unadjusted) prices in active markets for
identical assets or liabilities
Level 2: Other techniques for which all inputs which have a
significant effect on the recorded fair value are observable,
either directly or indirectly
Level 3: Techniques which use inputs that have a significant
effect on the recorded fair value that are not based on observable
market data
Level Level
Level 1 2 3 Total
R R R R
--------------------- -------- ------- -------- --------
Other financial 574 859 574 859
assets - - 154 154
--------------------- -------- ------- -------- --------
Asset held for 21 784 21 784
sale - - 598 598
--------------------- -------- ------- -------- --------
Liabilities
directly associated
with asset held (21 784 (21 784
for sale - - 598) 598)
--------------------- -------- ------- -------- --------
There were no transfers between levels during the period. The
Group's own non-performance risk at 31 August 2015 was assessed to
be insignificant.
13 Contingent assets and liabilities
31 August 31 August
2015 2014
Commitments R R
-------------------------------------- ---------- ------------
Exploration and evaluation assets
- work programme commitments 54 510 155 438
- due within 12 months 935 242
-------------------------------------- ---------- ------------
25 649 588 606
- due within 13 to 48 months 134 486
-------------------------------------- ---------- ------------
80 160 744 044
069 728
-------------------------------------- ---------- ------------
Exploration and evaluation activities will
be funded from current cash resources and funds
from future capital raising initiatives.
----------------------------------------------------------------
31 August 28 February
2015 2015
Contingent liabilities R R
-------------------------------------- ---------- ------------
Performance bond on OPL 233
issued by Ecobank in respect 173 665
of OPL 233 exploration activities(1) - 500
-------------------------------------- ---------- ------------
Cost carry arrangement with 112 636 96 612
Total 035 847
-------------------------------------- ---------- ------------
112 636 270 278
035 347
-------------------------------------- ---------- ------------
(1) The performance bond issued by Ecobank in respect of the OPL
233 exploration activities expired on 2 May 2015.
Cost carry arrangement
The Farm-in Agreement between Semliki and Total provides for a
carry of costs by Total on behalf of Semliki. Total will be
entitled to recover these costs, being Semliki's share of the costs
on Block III, plus interest, from future oil revenues. The
contingency becomes probable when production of oil commences and
will be raised in full at that point. At 31 August 2015, Total has
incurred R112.6 million (28 February 2015: R96.6 million) of costs
on behalf of Semliki. Should this liability be recognised, a
corresponding increase in assets will be recognised, which,
together with existing exploration and evaluation assets, will be
recognised as development infrastructure assets.
14 Related parties
31 August 31 August
2015 2014
Key management compensation R R
---------------------------------- ---------- ----------
Non-executive directors:
---------------------------------- ---------- ----------
1 550 1 290
Fees 000 000
---------------------------------- ---------- ----------
Executive directors:
---------------------------------- ---------- ----------
4 590 2 465
Salaries 226 000
---------------------------------- ---------- ----------
Other key management:
---------------------------------- ---------- ----------
4 566 2 124
Salaries 289 167
---------------------------------- ---------- ----------
10 706 5 879
Total key management compensation 515 167
---------------------------------- ---------- ----------
15 Dividends
The Board has resolved not to declare any dividends to
shareholders for the period under review.
On behalf of the Board
Tito Mboweni Dr Thabo Kgogo Marius Damain Matroos
Chairman Chief Executive Officer Chief Finance Officer
Johannesburg
24 November 2015
Corporate information
Registered office and physical address:
1st Floor, 12 Culross Road, Bryanston, 2021
Postal address:
PostNet Suite 211, Private Bag X75, Bryanston, 2021
Contact details:
Tel: +27 (0) 10 591 2260
Fax: +27 (0) 10 591 2268
E-mail: info@sacoilholdings.com
Website: www.sacoilholdings.com
Directors:
Dr Thabo Kgogo (Chief Executive Officer), Marius Damain Matroos
(Chief Finance Officer), Bradley Cerff (Executive Director), Tito
Mboweni**, Mzuvukile Maqetuka**, Stephanus Muller**, Vusi Pikoli**,
Ignatius Sehoole**, Danladi Verheijen*, Titilola Akinleye*
(*) Non-executive Directors; (**) Independent Non-executive
Directors
Gontse Moseneke resigned from the Board of SacOil on 1 October
2015.
Advisers:
Company Secretary
Fusion Corporate Secretarial Services Proprietary Limited
Transfer Secretaries South Africa
(MORE TO FOLLOW) Dow Jones Newswires
November 24, 2015 02:01 ET (07:01 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
