Go Back Email this Link to a friend

Sacoil Holdings Ltd - Update on oil concession OPL 233; Issue of shares for cash and further cautionary announcement

Release Date: 09/07/2012 08:17:05      Code(s): SCL
Issue of shares for cash and
further cautionary announcement

(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)

9 July 2012

                                   Update on oil concession OPL 233;
                                      Issue of shares for cash and
                                   further cautionary announcement

1.      Update on oil concession OPL 233

Further to SacOil successfully posting a US$25 million Performance Bond (the Bond) as part of
fulfilling its obligations under the Joint Venture and Production Sharing Agreements (PSC), the OPL
233 joint venture partners have completed the interpretation and evaluation of the existing seismic
and well data on the block. In addition, the modelling and planning of a 3D Ocean Bottom Cable
(OBC) survey was completed and finalised in Q2 2012. In preparation for the 3D seismic acquisition,
the joint venture partners are now finalising the seismic contractor assessments and engagements
for the acquisition. Immediately after the contract award, which is expected to be imminent,
acquisition and processing will commence leading to what is anticipated to be the selection of an
optimal well location.

The acquisition and processing of the OBC is funded through the cash collateral of US$10 million
provided by SacOil as part of the posting of the Bond.

2.      Issue of shares for cash

SacOil shareholders (Shareholders) are advised that 24,578,863 new SacOil ordinary shares (Shares)
will be issued to YA Global Masters SPV Limited (YA) at a price of R0.34 per Share (the Issue),
pursuant to the terms of a Standby Equity Distribution Agreement between YA and SacOil and
approved by Shareholders in a general meeting on 17 November 2011, raising R8.3 million
(approximately US$1 million). The proceeds of the Issue will be used to fund costs in relation to
potential transactions.

Application has been made to the JSE Limited (JSE) to grant a listing of the Shares and to the London
Stock Exchange (LSE) for the admission of the Shares to trading on the AIM Market (AIM). The listing
of the Shares on the JSE and the admission of the Shares to trading on AIM are expected to take
place on Tuesday, 10 July 2012. The Shares will rank pari passu in all respects with the Company's
ordinary shares already in issue.

SacOila??s total issued share capital after the Issue will be 918 268 379 ordinary shares.

3.      Further cautionary announcement a?? JSE regulatory requirement

In compliance with the JSE Limited (JSE) Listings Requirement 3.9 and with reference to the
cautionary announcement dated 2 September 2011 and the further cautionary announcements
dated 13 October 2011, 24 November 2011, 10 January 2012, 21 February 2012, 4 April 2012 and 22
May 2012 published on the Stock Exchange News Service of the JSE and on the Regulatory News
Service of the LSE, SacOil shareholders (Shareholders) are advised that the Company is still in the
process of considering specific potential transactions, which if successfully concluded, may have a
material effect on the price of SacOil ordinary shares (Shares). The delay in reaching a resolution is
due to a revised transaction structure, additional parties, and regulatory/ approval processes which
are taking longer than initially anticipated.

Accordingly, Shareholders are advised to continue to exercise caution when dealing in their SacOil
Shares until a further announcement is made in this regard.


JSE Sponsor
Nedbank Capital

For further information please contact:

finnCap Limited (Nominated Adviser and Broker)                       +44 (0)20 7220 0500
Matthew Robinson / Christopher Raggett

First Energy Capital (Joint Broker UK)                               +44 (0) 20 7448 0200
Majid Shafiq
Travis Inlow

GMP Securities Europe LLP (Joint Broker UK)                          +44 (0)20 7647 2800
James Pope
Chris Beltgens

The Riverbed Agency (SA)
Raphala Mogase                                                       +27 (0) 11 783 7903

Pelham Bell Pottinger (UK)
Philip Dennis                                                        +44 (0)20 7861 3919
Nick Lambert                                                         +44 (0)20 7861 3936
Rollo Crichton-Stuart                                                +44 (0)20 7861 3918
Date: 09/07/2012 08:17:05 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.