SCL - SacOil Holdings Limited - Trading statement for the six months ended 31 Release Date: 27/10/2010 14:49:02 Code(s): SCL
SCL - SacOil Holdings Limited - Trading statement for the six months ended 31
SacOil Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1993/000460/06
Share code: SCL
ISIN code: ZAE000127460
("SacOil" or "the Company")
Trading statement for the six months ended 31 August 2010
In terms of the Listings Requirements of JSE Limited, companies are required to
publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on will differ by more than 20%
from that of the previous corresponding period. SacOil is currently finalising
its results for the six months ended 31 August 2010.
Shareholders are advised that the earnings per share ("EPS") and headline
earnings per share will be between 110% and 130% less than the previous
corresponding period. This movement is largely attributable to corporate head
office costs, including transaction costs relating to the circular that was
posted to SacOil shareholders on 4 September 2010 ("the Circular"), and share
based payment expenses. However, despite a marginal decrease in sales volumes,
the Greenhills plant achieved a positive EPS.
At a general meeting held on 20 September 2010, SacOil shareholders
("Shareholders") approved, inter alia, the restructuring of the company`s
investment in the oil concession rights pertaining to Block 3, Albertine Graben
in the Democratic Republic of Congo ("Block 3"), including the acquisition of 50
per cent of the entire issued share capital of, and all claims of the South
African Congo Oil Company (Proprietary) Limited ("SacOil (Proprietary) Limited")
vendors against, SacOil (Proprietary) Limited, details of which were provided in
the Circular. Shareholders are referred to the announcement on SENS on 30
September 2010 for details of the Company`s work programme on Block 3.
Shareholders were also advised in SENS announcements dated 5 October 2010 and 12
October 2010 that in the important Nigerian oil and gas market, SacOil has
entered into an unincorporated joint venture agreement with Energy Equity
Resources, a Nigerian led and managed London based Pan African oil and gas
company operating in Nigeria and Nigeria/Sao Tome joint development zone for
over 7 years, and that the company is pursuing a secondary listing on the London
Alternative Investment Market.
Based on the above, the directors of SacOil believe that a solid foundation has
been laid for long-term sustainable growth and remain confident of the Company`s
The financial information on which this trading statement is based has not been
reviewed or reported on by the company`s auditors.
27 October 2010
BDO Corporate Finance
Date: 27/10/2010 14:49:02 Supplied by www.sharenet.co.za
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