SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: SCL AIM Share Code: SAC
(?SacOil? or ?the Company?)
RECEIPT OF US$10 MILLION ASSOCIATED WITH THE EXPIRY OF OPL
233 PERFORMANCE BOND
SacOil Holdings Limited is pleased to announce the receipt
of US$10 million from Ecobank, associated with the cash
collateral that secured the performance bond on OPL 233. The
cash collateral was originally paid as part of SacOil and
Energy Equity Resources Norway Limited?s (?EERNL?)
obligations to post a performance bond on OPL 233 in April
2012. This performance bond expired on 2 May 2015.
The full refund of US$10 million was received by SacOil on 5
June 2015. Half of the US$10 million receipt is treated as a
part repayment of EERNL?s outstanding loan related to
Dr Thabo Kgogo, Chief Executive Officer of SacOil,
commented, ?This represents another positive step in line
with our strategy to ensure that SacOil has a strong cash
position to fund its future growth ambitions by increasing
production and focusing on cash generative assets.?
This refund removes the restriction on the cash balance
associated with the cash collateral.
PSG Capital Proprietary Limited
09 June 2015
For further information please contact:
SacOil Holdings Limited +27 (0)10 591
finnCap Limited (Nominated Adviser and +44 (0)20 7220
FirstEnergy Capital (Financial Adviser +44 (0)20 7448
and Joint Broker UK)
Instinctif Partners London (UK Investor +44 (0)20 7457
David Simonson / Anca Spiridon
Instinctif Partners Johannesburg (SA +27 (0)11 447
Nicholas Williams / Tshepo Mophiring
Date: 09/06/2015 08:00:00 Supplied by www.sharenet.co.za
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