Go Back Email this Link to a friend

SCL - SACOIL Holdings Limited - Trading statement update

Release Date: 10/11/2011 09:00:35      Code(s): SCL
SCL - SACOIL Holdings Limited - Trading statement update                        
SACOIL HOLDINGS LIMITED                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1993/000460/06)                                            
JSE share code: SCL                                                             
AIM share code: SAC                                                             
ISIN: ZAE0000127460                                                             
("SacOil" or "the Company" or "the Group")                                      
10 November 2011                                                                
Trading statement update (JSE)                                                  
Further to the trading statement released on the Securities Exchange News       
Service ("SENS") of the JSE Limited ("JSE") and on the Regulatory News Service  
("RNS") of the London Stock Exchange ("LSE") on Tuesday, 25 October 2011, SacOil
(AIM/JSE), the independent African upstream oil and gas company, is providing   
the following statement relating to an increase in its headline earnings, as    
required under the JSE`s Listings Requirements and based on International       
Financial Reporting Standards as well as International Accounting Standards.    
The Group has reached reasonable certainty that its headline earnings for the   
six months ended 31 August 2011 will be positively impacted by at least 640% to 
660%, as against the equivalent period in the previous year. This increase      
relates primarily to the recognition of a value of R238,1 (GBP20.6) million in  
relation to the disposal by Semliki SPRL, a 50% owned subsidiary of the Company,
of a 60% interest ("Disposal") in the Block III oil concession right ("Block    
III") to Total E&P RDC ("Total") in March this year. Block III is located in the
highly prolific Albertine Basin, in the Democratic Republic of the Congo. SacOil
has retained a 12.5% interest in the asset.                                     
The recognition of the R238.1 (GBP20.6) million is in accordance with           
International Accounting Standard 37: Contingent Assets and Contingent          
Liabilities and is based on additional information available, at the time of    
this release, to the management of SacOil in relation to the probability of     
future economic benefits that could flow to SacOil as a result of the Disposal. 
The Group Interim Results for the six months ended 31 August 2011 will be       
released on or about Monday, 14 November 2011.  The information contained in    
this announcement has not been reviewed or reported on by the Group`s auditors. 
JSE Sponsor                                                                     
The Standard Bank of South Africa Limited                                       
For further information please contact:                                         
AIM Nominated Adviser and Joint Broker                                          
finnCap Ltd                                                                     
Matthew Robinson / Christopher Raggett         +44 (0)20 7220 0500              
Joint Broker (United Kingdom)                                                   
Shore Capital Stockbrokers Ltd                                                  
Jerry Keen / Bidhi Bhoma                       +44 (0)20 7408 4090              
Public Relations (South Africa)                                                 
The Riverbed Agency (SA)                                                        
Raphala Mogase / Bongiwe Moeli                 +27 (0) 11 783 7903              
Public Relations (United Kingdom)                                               
Pelham Bell Pottinger (UK)                                                      
Philip Dennis/Nick Lambert/Rollo Critchton-Stuart                               
+44 (0)20 7861 3232                                                             
Date: 10/11/2011 09:00:35 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
The SENS service is an information dissemination service administered by the    
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.                                          

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.