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17-Nov-2017
(Official Notice)
Efora is currently finalising its results for the six months ended 31 August 2017. In this regard, shareholders are advised that the Company expects earnings per share (?EPS?) and headline earnings per share (?HEPS?) for the six months ended 31 August 2017 to be at least 20% higher relative to the prior comparative period.



There is currently insufficient certainty to enable the Company to provide specific guidance on the extent of the expected improvement in both HEPS and EPS and it is anticipated that Efora will publish a more detailed trading statement in due course.



Shareholders are advised that the results for the six months ended 31 August 2017 will be released before the end of November 2017.



The financial information on which this trading statement is based has not been reviewed or reported on by the Company?s auditors.

09-Nov-2017
(Official Notice)
08-Nov-2017
(Official Notice)
The company announced that it has formally commenced trading under the new name of Efora Energy Ltd. (?Efora?), with the share code EEL and ISIN ZAE000248258.



Efora also announces the commencement of a new capital structure following the Share Consolidation as voted for at the Annual General Meeting held on 2 October 2017. The Consolidation is on the basis of 10 to 1 by the consolidation of every 10 Ordinary Shares into 1 Ordinary Share.
07-Nov-2017
(Permanent)
SacOil Holdings Ltd. was renamed to Efora Energy Ltd. on 8 November 2017.
26-Oct-2017
(Official Notice)
Shareholders are referred to the SENS announcement released on 3 October 2017 wherein the Company advised that the resolutions to approve the change of the name of the Company and a share consolidation were approved by the requisite number of shareholders at the Company?s Annual General Meeting. Shareholders are hereby advised that the Company has received confirmation of the registration of the resolutions from the Companies and Intellectual Property Commission (?CIPC?). Shareholders should take note of the dates set out below:

* Last date to trade under the old name and in order to take part in the Share Consolidation : Tuesday 7 November

* Expected termination date for Trading under the name of ?SacOil Holdings Ltd.? and commencement of trading under the new name ?Efora Energy Ltd.?, under share code EEL Short name Efora and ISIN ZAE000248258 and with the new capital structure following the Share Consolidation from the commencement of trade : Wednesday 8 November

* Announcement of fraction rate to be released on SENS : Thursday, 9 November

* Posting of share certificates in respect of Certificated SacOil Shares following the Name Change and Share Consolidation and update of Dematerialised shareholders accounts with their CSDP and Brokers : Monday, 13 November
25-Oct-2017
(Official Notice)
Shareholders are referred to the SENS announcements released on 3 October 2017 and 5 October 2017 wherein the Company advised that the resolutions to approve the change of the name of the Company and a share consolidation were approved by the requisite number of shareholders at the Company?s Annual General Meeting and that the resolutions were lodged with the Companies and Intellectual Property Commission (?CIPC?).



Shareholders are advised that the Company has not received confirmation of the registration of the resolutions from CIPC. The Company will therefore publish a revised timeline for the implementation of the name change and share consolidation in due course.
05-Oct-2017
(Official Notice)
05-Oct-2017
(Official Notice)
Shareholders are referred to the SENS announcement released on 3 October 2017 wherein the company advised that the resolutions to approve the change of the name of the company and a share consolidation were approved by the requisite number of shareholders at the company's Annual General Meeting.



Shareholders are hereby advised that the necessary documentation has been lodged with CIPC. Shareholders should take note of the dates set out below, which may change as they are subject to the confirmation of the filing of the relevant special resolutions with CIPC and the provision of copies thereof to the JSE. Any changes in dates will be announced on SENS.



*Receive confirmation of registration by the CIPC of the special resolutions by this date or as soon as possible thereafter Monday, 23 October

*Release of finalisation announcement in respect of the Name Change and Share Consolidation on SENS by 11:00 Tuesday, 24 October

*Last date to trade under the old name and in order to take part in the Share Consolidation - Tuesday 31 October

*Expected termination date for Trading under the name of 'Sacoil Holdings Ltd.' and commencement of trading under the new name 'Efora Energy Ltd.', under share code EEl Short name Efora and ISIN ZAE000248258 and with the new capital structure following the Share Consolidation from the commencement of trade - Wednesday 1 November

*Announcement of fraction rate to be released on SENS - Thursday, 2 November

*Record date in respect of the Name Change and Share Consolidation - Friday 3 November

*Posting of share certificates in respect of Certificated SacOil Shares following the Name Change and Share Consolidation and update of Dematerialised shareholders accounts with their CSDP and Brokers - Monday, 6 November
03-Oct-2017
(Official Notice)
Shareholders of the Company are hereby advised that Mr T Mboweni has not made himself available for re-election at the AGM and consequently resigns with immediate effect.



In addition, Mr M Maqetuka is no longer a director of the Company with immediate effect.



Mr Boas Seruwe was appointed as Chairman of the Company effective 2 October 2017.



Results of AGM

Shareholders are referred to the AGM which was held at 1st Floor, 12 Culross Road, Bryanston, 2 October 2017 at 10h00 and are advised of the results of the meeting.



02-Oct-2017
(Official Notice)
07-Sep-2017
(Official Notice)
Further to the cautionary announcement issued on 27 July 2017, SacOil?s shareholders ("Shareholders") are advised that the Company remains in advanced negotiations on an exclusive basis to acquire a South African fuels wholesaler (the ?Proposed Acquisition?), that sells fuel products, namely diesel, petrol and paraffin, on a bulk basis to its customers operating within industrial markets.



Accordingly, Shareholders are advised to continue to exercise caution when dealing in the Company's securities until a further announcement is made in this regard.
31-Aug-2017
(Official Notice)
Shareholders are hereby advised that SacOil?s annual report, containing the summarised audited group financial statements for the year ended 28 February 2017, was dispatched to shareholders today, 31 August 2017, and contains no modifications to the audited results which were announced on SENS on 31 May 2017. The annual report is also available at www.sacoilholdings.com.



Notice of annual general meeting

Notice is hereby given that the annual general meeting of SacOil will be held at 1st Floor, 12 Culross Road, Bryanston, on Monday, 2 October 2017 at 10h00 to transact the business as set out in the notice of the annual general meeting on pages 78 to 84 of the annual report.



The date on which shareholders must be recorded as such in the share register to be eligible to vote at the annual general meeting is Friday, 22 September 2017, with the last day to trade being Tuesday, 19 September 2017.

28-Aug-2017
(Official Notice)
Shareholders are advised that Mr Vusumzi Pikoli and Ms Titilola Akinleye have resigned as independent non- executive directors of the Company with effect 28 September 2017.



Furthermore, Mr Tito Mboweni, the independent non-executive chairman of the Company, who in terms of the Company?s MOI retires by rotation, has not made himself available for re-election at the Company?s annual general meeting scheduled to take place on Monday, 2 October 2017.
27-Jul-2017
(Official Notice)
SacOil, the South African based independent African oil and gas company, announces that it is in negotiations on an exclusive basis to acquire a South African fuels wholesaler (the ?Proposed Acquisition?), that sells fuel products, namely diesel, petrol and paraffin, on a bulk basis to its customers operating within industrial markets. The Proposed Acquisition owns and operates a substantial fleet of heavy duty tankers. The Board of SacOil believes that the Proposed Acquisition is fully in keeping with the Company?s stated strategy of focussing on cash generating opportunities across the oil and gas value chain and will also significantly increase the volumes of petroleum products sold by the SacOil group of companies, whilst providing the opportunity to achieve economies of scale with the recently acquired Afric Oil business. The integration of the Afric Oil business is progressing well and management will provide further details as part of an operational update to be issued before 31 August 2017.



If concluded, the Proposed Acquisition would materially impact SacOil?s turnover and provide the Company with additional market share in the downstream oil and gas wholesale market which complements its existing upstream assets such as the producing Lagia field in Egypt.



Cautionary Announcement

In terms of paragraph 3.9 of the JSE Listings Requirements, immediately after an issuer acquires knowledge of any material price sensitive information and the necessary degree of confidentiality of such information cannot be maintained, an issuer must publish a cautionary announcement.



As such, shareholders are advised that the Proposed Acquisition, if successfully concluded, may have a material effect on the price of the Company?s securities. There can be no guarantee however that the Proposed Acquisition will be concluded and further updates will be provided in due course. Accordingly, shareholders are advised to exercise caution when dealing in the Company?s securities until a full announcement is made.



31-May-2017
(C)
Revenue for the year shot up to R1.2 billion (R4.7 million) and gross loss narrowed to R1.5 million (loss of R10.5 million). Loss from operations was R284.6 million (profit of R53.3 million). Loss attributable from equity holders of the parent of R211.8 million (profit of R53.6 million) was recorded. In addition, headline loss per share was 7.85cps (earnings of 1.04).



Dividend

The board has resolved not to declare any dividends to shareholders for the period under review.



Company outlook

We look forward to integrating the AO business and expanding the existing distribution market share. AO will transform the financial profile of the Group through the addition of significant and predictable revenue streams which enable the Group to create a sustainable business that drives shareholder value. We also anticipate positive results from the pilot well to be drilled at Lagia in July 2017 which will pave the way for further development activities and consequently production optimisation at the field. Depending on the outcome of the ongoing seismic programme in DRC, we may also be fully carried on a high-impact exploration well by our partner Total later this year. The Board remains cognisant that volatility within the oil and gas markets is expected to persist which will require us to continue to operate at low oil prices. Cost containment and the resolution of legacy issues are therefore also part of our key priorities for the foreseeable future.
31-May-2017
(Official Notice)
26-May-2017
(Official Notice)
22-May-2017
(Official Notice)
SacOil announces that at the Extraordinary General Meeting held earlier today, the special resolution to approve the proposed cancellation of the admission of the Company's Ordinary Shares to trading on AIM ("Cancellation") was duly passed. Total shares voted in person or by proxy amounted to 72% of total issued share capital, being 2 341 387 667 voted shares. As a result, the last day of dealings of the Company's Ordinary Shares on AIM will be Tuesday 30 May 2017 and the Cancellation will become effective at 7.00 a.m. on Wednesday 31 May 2017, subject to a dealing notice, as defined in the AIM Rules for Companies, being issued. All defined terms in this announcement, unless otherwise defined, will have the same meaning as those defined in the Circular dated 24 April 2017.
08-May-2017
(Official Notice)
In terms of the JSE Limited Listings Requirements, companies are required to provide guidance to the market when they are satisfied that a reasonable degree of certainty exists that the financial results for the current reporting period will differ by at least 20% from the results of the previous corresponding reporting period.



SacOil is currently finalising its results for the year ended 28 February 2017. In this regard, shareholders are advised that the Company expects earnings per share (?EPS?) and headline earnings per share (?HEPS?) for the year ended 28 February 2017 to be at least 20% lower relative to the prior comparative period.



There is currently insufficient certainty to enable the Company to provide specific guidance on the extent of the expected reduction in both HEPS and EPS and it is anticipated that SacOil will publish a more detailed trading statement in due course. The financial information on which this trading statement is based has not been reviewed or reported on by the Company?s auditors.
24-Apr-2017
(Official Notice)
Shareholders are referred to the announcement made by the company on 6 March 2017 in which it was noted that the board of directors of the company believes that it is in the best interests of the company and its shareholders as a whole for the company to cancel the admission of the ordinary shares to trading on AIM (the ?cancellation?). In accordance with Rule 41 of the AIM Rules, the cancellation is conditional upon the approval of not less than 75 per cent of the votes cast by shareholders (whether present in person or by proxy) in general meeting.



The company therefore announces its intention to seek shareholders' approval for the cancellation. An explanatory circular (?the Circular?) will be posted to shareholders today setting out the background to and reasons for the cancellation, the reasons why the directors believe that this is in the best interests of the company and its shareholders as a whole and their recommendation to shareholders to vote in favour of the resolution (the ?Resolution?). A copy of the Circular is available at www.sacoilholdings.com.



An extraordinary general meeting of the company will be held at 1st Floor, 12 Culross Road, Bryanston, on Monday, 22 May 2017 at 10h00 where the Resolution will be proposed to the shareholders for approval. A notice convening the extraordinary general meeting can be found in the Circular. The date on which shareholders must be recorded as such in the share register to be eligible to vote at the extraordinary general meeting is Friday, 12 May 2017, with the last day to trade being Tuesday, 9 May 2017.



Subject to the Resolution being passed at the Extraordinary General Meeting, cancellation of the company?s Ordinary Shares to trading on AIM will become effective at 7.00 a.m. on Wednesday 31 May 2017. Pursuant to Rule 41 of the AIM Rules, the company, through its nominated adviser, finnCap Ltd., has notified the London Stock Exchange of the proposed cancellation.



Up to and until cancellation, trading in the company's shares on AIM will remain suspended but they will continue to trade on the JSE. Further information regarding the background to and principal effects of the cancellation is set out at the bottom of this announcement.



18-Apr-2017
(Official Notice)
Further to the announcement of 22 March 2017, SacOil announced that the Board has confirmed the appointments of Ms Thuto Masasa, Mr Patrick Mngconkola and Mr Boas Seruwe as Non-Executive Directors with immediate effect following the completion of satisfactory due diligence as required by the AIM Rules for Companies.
22-Mar-2017
(Official Notice)
SacOil announced the appointment of Ms Thuto Masasa, Mr Patrick Mngconkola and Mr Boas Seruwe as non-executive directors of the company with effect from 1 April 2017 subject to the completion of procedures required by the Alternative Investment Market of the London Stock Exchange for the appointment of directors.
07-Mar-2017
(Media Comment)
According to Business Report, dual listed oil and gas company SacOil has indirectly acquired independent fuel distributor Afric Oil after it bought Phembani Oil for R200 million. The deal gives SacOil, which is historically an upstream company, ownership of a cash generative asset. The group had been on the lookout for an asset in the downstream market as part of its plan to diversify its revenue streams. The deal gives SacOil its first operational asset in South Africa. The company's existing portfolio includes assets in Egypt, the Democratic Republic of Congo, Malawi, Botswana, Nigeria and Equatorial Guinea.
06-Mar-2017
(Official Notice)
17-Jan-2017
(Official Notice)
Further to the cautionary announcement issued on 1 December 2016, SacOil?s shareholders ("Shareholders") are advised that the company remains in advanced negotiations on an exclusive basis with respect to the potential acquisition of a Southern African focussed petroleum product related wholesaler (the Proposed Acquisition?).



Accordingly, shareholders are advised to continue to exercise caution when dealing in the company's securities until a further announcement is made in this regard.



The company?s shares remain suspended from trading on the AIM Market of the London Stock Exchange until such time as either an admission document setting out details of the Proposed Acquisition is published or confirmation is given that the Proposed Acquisition is not proceeding. The company?s share will however continue to trade on the JSE.



04-Jan-2017
(Official Notice)
SacOil, the South African based oil and gas company, announced that its Joint Venture company SacOil Energy Equity Resources Ltd. (?SEER?), has received notification from the Nigerian National Petroleum Corporation (?NNPC?) of the award of a crude term contract. The terms of the crude contract and the amount and regularity of offtake by SEER is dependent on the aggregate crude production in Nigeria. Information on the crude term contracts for 2017/18 awarded by NNPC can be found on NNPC?s website: www.nnpcgroup.com



These crude trading operations represent an important part of SacOil?s diverse portfolio of assets and operations, and are in line with the Company?s strategy to focus on cash generative, income producing activities across the full industry value chain.



Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
01-Dec-2016
(Official Notice)
SacOil, the South African based independent African oil and gas company, announced that it is in advanced negotiations on an exclusive basis to acquire a Southern African focussed petroleum product related wholesaler (the ?Proposed Acquisition?). The board of SacOil believes that the Proposed Acquisition is fully in keeping with the company?s stated strategy of focussing on cash generating opportunities that expand SacOil?s offering across the oil and gas value chain.



If concluded, the Proposed Acquisition would significantly increase SacOil?s turnover and provide the company with a foothold in the downstream oil and gas market which compliments its existing upstream assets such as the producing Lagia field in Egypt.



Paragraph 3.9 of the JSE Listing Requirement ? Cautionary Announcement



In terms of paragraph 3.9 of the JSE Listing Requirements, immediately after an issuer acquires knowledge of any material price sensitive information and the necessary degree of confidentiality of such information cannot be maintained, an issuer must publish a cautionary announcement.



As such, shareholders are advised that the Proposed Acquisition, if successfully concluded, may have a material effect on the price of the company?s securities. There can be no guarantee however that the Proposed Acquisition will conclude and further updates will be made in due course.



Accordingly, shareholders are advised to exercise caution when dealing in the company?s securities until a full announcement is made.



Suspension of Trading on AIM

If concluded, the Proposed Acquisition would be classified as a reverse takeover pursuant to Rule 14 of the AIM Rules for Companies.



Accordingly, the company?s shares will be suspended from trading on the AIM Market of the London Stock Exchange at 7.30a.m. today until such time as either an admission document setting out details of the Proposed Acquisition is published or confirmation is given that the Proposed Acquisition is not proceeding. The company?s share will however continue to trade on the JSE.



Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
30-Nov-2016
(C)
Revenue for the interim period shot up to R344.1 million (R3.0 million). Gross loss worsened to R4.6 million (loss of R4.2 million). Operating loss widened to R279.6 million (loss of R3.4 million). Loss attributable to equity holders came in at R221.4 million (profit of R10.6 million).



Dividend

The board has resolved not to declare dividends to shareholders for the period under review.



Outlook

The volatility within the global oil markets is expected to persist and will require us to continue to operate at low oil prices. Over the next few months SacOil will continue to aggressively pursue the acquisition of cash-generative assets to ensure the sustainability of the Group whilst also finalising the in-depth review of the Lagia reservoir characterisation. SacOil remains hopeful that the NNPC will grant the Group a renewal of the crude trading agreement which will enable us to grow that segment of the business. Cost containment and the resolution of legacy issues will also remain key focus areas.
30-Nov-2016
(Official Notice)
18-Nov-2016
(Official Notice)
Shareholders are advised that the company expects earnings per share and headline earnings per share for the six months ended 31 August 2016 to be at least 20% lower relative to the prior comparative period. A more detailed trading statement will be published in due course. The information in this Trading Statement has not been reviewed or reported on by the company`s auditors. Shareholders are advised that the results for the six months ended 31 August 2016 will be released before the end of November 2016.
11-Oct-2016
(Official Notice)
SacOil, a South African based independent African oil and gas company, announces the following update with regards to the legal dispute with Nigdel United Oil Company Ltd (Nigdel) relating to the Company?s legacy involvement in Oil Prospecting Licence (OPL) 233 in Nigeria. After careful consideration of the independent legal and financial opinion provided to date, SacOil has entered into a settlement agreement (the Settlement Agreement) with Nigdel whereupon both parties have withdrawn their respective litigation and arbitration claims. Further details of the case can be found in SacOil?s Integrated Annual Report 2015 available on the website: www.sacoilholdings.com
19-Sep-2016
(Official Notice)
Shareholders of the Company are advised that Mr Danladi Michel Verheijen indicated that he will not offer himself for re-election as non-executive director at the SacOil AGM. Ordinary resolution 2.1, as per the AGM notice sent to shareholders on 25 July 2016, was withdrawn at the AGM following Mr Verheijen?s decision.



AGM results

Shareholders are referred to the AGM which was held at 1st Floor, 12 Culross Road, Bryanston, on 19 September 2016 at 10h00 and are advised that in terms of paragraph 3.91 of the JSE Listings Requirements, all ordinary and special resolutions proposed in the Notice of Annual General Meeting were passed, other than ordinary resolution 4, by the requisite number of shareholders present and represented by proxy and being entitled to vote at the AGM.
16-Sep-2016
(Official Notice)
Shareholders are advised that Mr Steve Muller resigned as an independent non-executive director and as the chairman of the audit and risk committee of the company on 15 September 2016 in order to pursue other business opportunities.



Accordingly, ordinary resolutions 2.3 and 3.1, as per the AGM notice distributed to shareholders on 25 July 2016, are hereby withdrawn. The Board has appointed Mr Ignatius Sehoole, an existing independent non- executive director, as a member and chairperson of the Audit and Risk Committee.



Mr Muller was appointed as an independent non-executive director of SacOil on 10 June 2013 and served as chairperson of the Audit and Risk Committee and also as a member of the Nomination and Investment Committees.



25-Jul-2016
(Official Notice)
Shareholders are advised that Mr Bradley Cerff has resigned as an executive director of the Company effective immediately in order to pursue other opportunities. Mr Cerff has agreed to work a three month notice period in order to ensure an orderly handover of responsibilities and will formally leave the Company in October.



Mr Cerff?s responsibilities for the Company?s oil and gas operations will be assumed on an interim basis by SacOil?s Strategy and Business Development Executive, Willem de Meyer.
25-Jul-2016
(Official Notice)
Shareholders are hereby advised that SacOil?s annual report, containing the audited group financial statements for the year ended 29 February 2016, was dispatched to shareholders on Friday, 22 July 2016, and contains no modifications to the audited results which were announced on SENS on 31 May 2016. The annual report is also available at www.sacoilholdings.com.



Notice is hereby given that the annual general meeting of SacOil will be held at 1st Floor, 12 Culross Road, Bryanston, on Monday, 19 September 2016 at 10h00 to transact the business as set out in the notice of the annual general meeting on pages 136 to 142 of the annual report. The date on which shareholders must be recorded as such in the share register to be eligible to vote at the annual general meeting is Friday, 9 September 2016, with the last day to trade being Tuesday, 6 September 2016.

21-Jun-2016
(Official Notice)
SacOil announced that Total E-P RDC (?Total?) operator of Block III, has finalised the acquisition of the 2D seismic survey over the northern part of the Block III area.



The operator successfully completed the acquisition of 244km of 2D seismic data and currently the seismic acquisition contractor is in the process of demobilisation. As reported previously, the seismic survey did not encroach on the Virunga National Park. The next step will be to process and interpret the seismic data, and integrate the results with the previously acquired gravity and magnetic data. This 2D seismic acquisition program is in fulfilment of the minimum work program obligations. SacOil holds a 12.5% effective interest in Block III.
09-Jun-2016
(Official Notice)
SacOil announced that an eight month extension of the current licence term of onshore licence, Block 1 - located in the northern part of Malawi, has been granted with the expiry date now confirmed as 12 August 2017.



To date, SacOil, as operator, is in the process of finalising the environmental and social impact assessments as well as the evaluation and processing of the countrywide gravity and magnetic data over Block 1. In addition, SacOil is in the process of performing a desktop study on the area, which is yielding encouraging results.



The extension allows to SacOil to complete its work program for the licence, which includes the acquisition of infill gravity and magnetic data and completing geological filed work over the licence.
02-Jun-2016
(Media Comment)
According to Business Report, SacOil intends to participate in a power procurement program that the government has put forward. The program would contribute 3 126 megawatts. SacOil is currently in talks with prospective partners in preparation for their involvement once the government initiates procurement. It is probable that the company's participation will be through a joint venture.
31-May-2016
(C)
Revenue for the year R4.7 million (2015: R2.1 million). Profit from operations turned around to R53.3 million (2015: loss of R407.9 million). Profit attributable to equity holders of the parent improved to R53.6 million (2015: loss of R269.2 million). Headline earnings per share came in at 1.04 cents per share (2015:headline loss of 4.67 cents per share).



Dividend

The board has resolved not to declare any dividends to shareholders for the period under review.



Outlook

SacOil continues to make good progress with the implementation of our strategic plan. The challenges that exist in the sector are likely to continue over the next 12 months and will require the company to continue to operate effectively at a lower oil price. As a result of the group's stable financial position, which is underpinned by a diverse portfolio with near term revenue generation potential and no debt, as well as the board's strategy to diversify the company's operations, SacOil remains in a strong position to see out this period and emerge stronger. Through an improved focus on Corporate Governance under the current management team combined with the support of its institutional shareholder register, SacOil is able to mitigate the risks and challenges that currently exist and will continue to look for opportunities to grow into a sustainable, pan-African integrated energy company.
30-May-2016
(Official Notice)
25-Apr-2016
(Official Notice)
Further to the announcement on 1 March, 2016, SacOil announces that a Joint Venture Agreement for the development of the African Renaissance Pipeline Project (?Project?) was signed in Maputo, Mozambique on Friday, April 22, 2016 by the following parties i.e. Empresa Nacional de Hidrocarbonetos (ENH), Profin Consulting Sociedade Anonima (Profin), China Petroleum Pipeline Bureau (CPP), China Petroleum - Technology Development Corporation (CPTDC) and Progas Investment Group (Pty) Ltd.



SacOil as a Company elected not to sign the Joint Venture Agreement at this time, while the Board evaluates the Agreement and the associated opportunity with regards to the Company?s participation in the Project. The Company will provide an update in due course.
22-Apr-2016
(Official Notice)
SacOil, a South African based independent African oil and gas company and EER entered into a MOU to seek investment opportunities in the business activities of the NNPC within the Nigerian oil and gas sector. The Republic of Nigeria is one of the most prolific oil and gas countries in Africa, with significant investment opportunities available in the current economic climate. The Partners have been evaluating a number of opportunities that could provide sustainable revenue returns.



Crude Allocation

SacOil is pleased to announce the formation, at a minimal capital cost to SacOil, of a joint venture company with EER called SacOil Energy Equity Resources Limited (?SEER?). SEER is the contracting party to the agreement for the sale and purchase of Nigerian Crude Oil with the NNPC ("the Crude Oil Agreement").



The Crude Oil Agreement provides SEER with the right to acquire crude oil from NNPC for onward sale. The amount of offtake by SEER is dependent on the aggregate crude production in Nigeria and the prevailing global oil price. The revenue generated from the sale of the crude allocation will contribute meaningful income to SacOil and will support SacOil?s growth and investment strategy across the oil and gas value chain on the African continent.
02-Mar-2016
(Official Notice)
SacOil, on behalf of its subsidiary, Mena International Petroleum Company Ltd. ("Mena"), announced the successful completion of Phase 2 of the development programme and the achievement of the production target of 1 000 bbl/d at its 100% owned Lagia oil field in Sinai, onshore Egypt.



As reported previously, Phase 2 of the development program included:

1. The installation and commissioning of steam facilities for a thermal recovery process on existing production wells,

2. The drilling of five new thermal wells, and

3. The hydraulic stimulation of these five wells, specifically targeting the productive Nukhul geological formation, being the main producing reservoir, at approximately 1000 feet below mean sea level.

4. In addition one of the wells were deepened to investigate the reservoir and hydrocarbon potential of the underlying Thebes Formation.



All five thermal wells successfully intersected producible hydrocarbons in the Nukhul formation. In addition, as reported previously, Lagia 15 was drilled to a total depth of 1,820ft and intersected the Nukhul formation as well as the Thebes formation. Although the Nukhul Formation at this well location was not well developed, it discovered producible oil in the Thebes formation. Post drilling analysis indicates that the discovery in the Thebes formation is of a higher API gravity at 24 degrees API compared to the oil produced from the Nukhul formation in this field. The reserves and resource attributable to the Thebes formation will be included and the associated field Competent Persons Report (CPR) updated accordingly.



All 10 wells were placed on production and at the end of February 2016 reached a targeted wellhead production rate of 1,000 bbl/d. This development programme was successfully completed under budget with no health or safety incidents reported.
01-Mar-2016
(Official Notice)
01-Mar-2016
(Official Notice)
17-Feb-2016
(Official Notice)
With the granting of a two-year extension to current exploration period of Block III by the Minister of Hydrocarbons of the Democratic Republic of Congo (?DRC?), Total E-P RDC (?Total?) as operator of Block III, has commenced with the acquisition of a 2D seismic survey.



As reported previously, the current survey design envisages the acquisition of 300 km of 2D seismic data over the northern part of the Block III area. The survey will not encroach on the Virunga National Park.



This seismic acquisition program is in fulfilment of the work program obligations.



SacOil holds a 12.5% effective interest in Block III.
15-Dec-2015
(Official Notice)
24-Nov-2015
(C)
Operating loss for the interim period narrowed to R3.4 million (2014: loss of R46.6 million), while profit attributable to equity holders of the parent came in at R10.6 million (2014: R22.3 million). Headline earnings per share dropped to 0.25cps (2014: 0.72cps).



Dividend

The Board has resolved not to declare any dividends to shareholders for the period under review.



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.
16-Nov-2015
(Official Notice)
SacOil, through its subsidiary Mena International Petroleum Company Ltd. (Mena), announce it commenced the drilling of the Lagia 11 well on 13 November 2015, at its 100% owned Lagia oil field in Sinai, onshore Egypt. This forms part of the Phase 2 field development operations. As reported previously, the Lagia 11 well is part of a five well drilling campaign aimed at increasing and optimising production.



The Lagia wells will be drilled using the contracted Petro PDSO land rig, Shams 1. The five wells, Lagia 11, 12, 13, 14 and 15 will be targeting the main producing reservoir, the Nukhul formation at approximately 1500 feet below mean sea level. The Phase 2 field development also includes the successful installation and commissioning of steam facilities for a thermal recovery process on the production wells.



The existing five production wells were successfully steamed with the formation reacting positively by accepting the injected steam as anticipated. The thermal recovery process yielded positive results with an increase in production rates observed after the first steam and soak cycle using progressive cavity pumps. The five existing wells were steamed and allowed to soak for a number of days in order to heat up the reservoir and reduce the oil viscosity before starting production. The final program includes the steaming and thermal recovery of all the wells in order to achieve a targeted production rate of 1,000 bbl/day.



The company successfully procured and is in the process of installing ten new thermal well heads and tubing sucker rod pumps, which have been customised specifically for the Lagia field conditions and which will replace the progressive cavity pumps. More details on the results of the drilling, as well as progress on the current operations, will be announced in due course, as operations progress.

12-Nov-2015
(Official Notice)
As previously announced to shareholders on 1 April 2015, SacOil terminated its participation with Transnational Corporation of Nigeria Plc (?Transcorp?), the operator of Oil Prospecting Licence 281 (?OPL281?).



In a letter dated 10 December 2014 to SacOil, Transcorp acknowledged SacOil's termination of the Farm-out and Participation Agreement ("FoPA") and confirmed the effective date of such termination as 3 December 2014. Transcorp further acknowledged its liability in writing to SacOil and agreed to refund the farm-in fees and interest thereon in line with the provisions of the FoPA, requesting SacOil to provide Transcorp with written details of the bank account into which payment would be made. The only contention from Transcorp at that time was the interest rate applicable to the refund although such interest rate was clearly stipulated in the FoPA.



SacOil paid USD12.5 million towards farm-in fees on 28 February 2011, which fees contractually are to be refunded with interest by Transcorp. Notwithstanding the receipt of Transcorp's written acknowledgment of its repayment obligation in December 2014, as well as its public announcement in April 2015 acknowledging SacOil?s exit from OPL281, SacOil subsequently received notice on 18 June 2015 from Transcorp that it?s termination of the FoPA was wrongful and amounted to a repudiation of the FoPA. Transcorp has initiated court proceedings in this respect and is also claiming damages from SacOil. SacOil is opposing these proceedings and has engaged counsel to recover all monies due and payable pursuant to the FoPA.



In the interim and pursuant to the FoPA, SacOil filed a notice for arbitration on 28 August 2015 with the Nigerian Chartered Institute of Arbitrators, Nigeria Branch, to recover its farm- in and related fees plus contractual interest thereon.



The SacOil board and management remain committed to recovering from Transcorp all amounts owed and to institute the requisite legal actions accordingly.
11-Nov-2015
(Official Notice)
09-Nov-2015
(Official Notice)
21-Oct-2015
(Official Notice)
Following application to the Ministry of Hydrocarbons of the Democratic Republic of Congo (?DRC?), the joint venture partners, with Total E-P RDC as operator, were informed that the Block III licence was extended for an additional two years.



With this extension, the current exploration period of Block III is extended from 27 January 2016 to 26 January 2018, which will allow more time to complete the acquisition and processing of 2D seismic data.



To date, the joint venture partners have successfully completed the acquisition and processing of a gravity and magnetic survey on the northern part of the Block III area, outside the Virunga National Park.



SacOil holds a 12.5% effective interest in Block III.
02-Oct-2015
(Official Notice)
In terms of paragraph 3.91 of the JSE Listings Requirements, shareholders are hereby advised that all the ordinary resolutions and special resolutions, as set out in the notice of the Annual General Meeting (?AGM?) save for Ordinary Resolution 3.1 which was withdrawn at the AGM, were passed by the requisite majority of shareholder votes cast by shareholders present or represented by proxy at the AGM held on 1 October 2015 at 12 Culross Road, Bryanston, South Africa.



Altogether 80.65% of voteable shares in issue, being 2 637 053 320 shares, were represented at the AGM.
01-Oct-2015
(Official Notice)
In compliance with rule 3.59(b) of the Listings Requirements of the JSE Ltd., shareholders of the Company are hereby advised that after six years as part of the SacOil board of directors ("the Board"), Mr Gontse Moseneke indicated that he will not offer himself for re-election as non-executive director at the Annual General Meeting (?AGM?) of SacOil held on 1 October 2015. Ordinary resolution 3.1, as per the AGM notice sent to shareholders on 31 August 2015, was withdrawn at the AGM following Mr Moseneke?s decision.



The results of the AGM will be issued on 2 October 2015.
17-Sep-2015
(Official Notice)
SacOil, through its subsidiary Mena International Petroleum Company Ltd. ("Mena"), announced the commencement of phase 2 of the field development operations at its 100% owned Lagia oil field in Sinai, onshore Egypt .



This second phase includes the installation of steam facilities for a thermal recovery process on the existing production wells and the drilling of a minimum of 5 additional thermal wells with the intent of further enhancing existing production and the recovery of oil from the field.



SacOil procured a steam generator earlier this year and is proud to confirm that the generator arrived on site on 4 September 2015. Commissioning and operational testing is currently under way and the company is to commence full-scale steaming by the end of September 2015.



Initial steaming will focus on the existing production wells, which are currently producing oil from cold flow only. It is anticipated that each well will be steamed and allowed to soak for a number of days before starting production. The commencement of phase 2 also coincides with the drilling of a minimum of 5 additional wells. The drilling of Lagia 11 to 15 will start in mid-October 2015. Aligning the steaming process with the additional drilling programme presents an ideal scenario to optimise the use of on-site resources and test the potential upside of the field, which is in line with the company?s strategy to fast-track the development of the Lagia oil field to production of above 1 000 bbls/d.



More details on the results of the second phase of development, as well as progress on the current operations, will be announced in due course.
01-Sep-2015
(Official Notice)
Shareholders are hereby advised that SacOil?s annual report, containing the audited summarised group financial statements for the year ended 28 February 2015, was dispatched to shareholders yesterday, 31 August 2015, and contains no modifications to the audited results which were announced on SENS on 21 May 2015. The annual report is also available at www.sacoilholdings.com.



Notice of AGM

Notice is hereby given that the annual general meeting of SacOil will be held at 1st Floor, 12 Culross Road, Bryanston, on Thursday, 1 October 2015 at 10h00 to transact the business as set out in the notice of the annual general meeting on pages 139 to 144 of the annual report. The date on which shareholders must be recorded as such in the share register to be eligible to vote at the annual general meeting is Friday, 25 September 2015, with the last day to trade being Thursday, 17 September 2015.
09-Jun-2015
(Official Notice)
SacOil announced the receipt of USD10 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 Ltd.?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 USD10 million was received by SacOil on 5 June 2015. Half of the USD10 million receipt is treated as a part repayment of EERNL?s outstanding loan related to OPL 233. This refund removes the restriction on the cash balance associated with the cash collateral.
02-Jun-2015
(Official Notice)
Shareholders are advised that the independent auditors report on the Company?s 28 February 2015 consolidated condensed preliminary financial statements is unqualified.
21-May-2015
(C)
Revenue for the year came in at R2.1 million (nil). Loss from operations widened to R407.9 million (52.9 million). Loss attributable to equity holders was R269.2 million (profit of R19.6 million). In addition, headline loss per share of 4.67cps (earnings of 1.37cps) were recorded.



Dividend

The board has resolved not to declare any dividends to shareholders for the period under review.



Prospects

The restructuring of the group's portfolio of assets and the resolution of legacy issues has positioned the group to pursue more opportunities on the African continent. In the execution of its revised strategy SacOil will be adding more cash-generative assets, advancing its exploration assets and progressing studies in Mozambique. The group intends to progress the development of the Lagia Oil Field and increase production to more than 1 000 barrels per day. Management will continue to focus on risk management across its portfolio.
20-May-2015
(Official Notice)
Shareholders are referred to the announcement released on the Johannesburg Stock Exchange News Service (?SENS?) and Regulatory News Service (?RNS?) of the London Stock Exchange on 16 April 2015 in which the Company advised that it expects earnings per share and headline earnings per share for the year ending 28 February 2015 to be at least 20% lower than that of the prior comparative period.



Furthermore, as announced previously to the market on 18 December 2014, SacOil?s strategy is to focus on proven resources as a base for growth, and, as a result, the Company embarked on a process of balancing and rationalising its portfolio of assets. The objective of the rationalisation is to restructure the Company?s capital needs, and focus on cash generative assets. These activities had a material non-cash related impact on the results for the period. The Company will provide further details of the above items in its Annual Results announcement.



SacOil is currently finalising its results for the year ended 28 February 2015, which will be released on SENS and RNS of the London Stock Exchange on Thursday, 21 May 2015.



As a result of the above, shareholders are advised that the losses for the year ended 28 February 2015 are expected to be between R276.5 million and R277.5 million, representing a significant decrease compared to the profit of R9.5 million for the previous year. This equates to a basic loss per share of between 8.51 cents and 8.57 cents, representing a decrease of between 723% and 728% when compared to the earnings per share of 1.37 cents recorded in the corresponding period in 2014.



Basic headline loss per share, which excludes the impact of any impairment losses, gains on acquisition and related tax effect, are expected to be between 4.64 cents and 4.71 cents, representing a decrease of between 440% and 445% when compared to the basic headline earnings per share of 1.37 cents of the corresponding period in 2014.



Net Asset Value per share as at 28 February 2015 is expected to be between 23.17 cents and 25.02 cents, a decrease of between 25% and 19% compared to the net asset value per share of 30.74 cents in the previous period. In addition, the continued weaker average Rand/US Dollar exchange rate and Brent crude oil prices during the period has also impacted the financial results for the period.
20-May-2015
(Official Notice)
SacOil shareholders (?Shareholders?) are advised that, in line with SacOil?s strategy to focus on proven resources as a basis for growth, the Company has embarked on a process of balancing and rationalising its portfolio of assets. The aim of the rationalisation is to restructure the Company?s future capital requirements - focusing on cash generative assets and low risk exploration assets.



Pursuant to the above strategy, SacOil has terminated its joint venture with Nigdel United Oil Company (?Nigdel?) of Nigeria, and consequently its participation in Oil Prospecting Licence (?OPL?) 233.



Accordingly, SacOil has the right to be refunded by Nigdel for all costs expensed to date on OPL 233. Consequently, SacOil has no future commitments and obligations associated with the appraisal of OPL 233. Further announcements relating to the details of the Company?s withdrawal from OPL 233 will be made in due course.
16-Apr-2015
(Official Notice)
In compliance with paragraph 3.4 of the Listings Requirements of the JSE Ltd., a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists, that the financial results for the next period to be reported on are likely to vary by more than 20% from the previous corresponding period.



Shareholders are advised that the Company expects earnings per share and headline earnings per share for the year ending 28 February 2015 to be at least 20% lower than that of the prior comparative period.



A further more detailed trading statement will be published in due course.



The information in this Trading Statement has not been reviewed or reported on by the Company's auditors.



Shareholders are advised that the results for the year ending 28 February 2015 will be released before the end of May 2015.
08-Apr-2015
(Official Notice)
01-Apr-2015
(Official Notice)
In compliance with JSE Ltd. (?JSE?) Listings Requirement 3.9, an issuer who has published a cautionary announcement must provide updates thereon in the required manner and within the time limits prescribed.



With reference to the cautionary announcements, the last of which was published on 16 March 2015 on the Stock Exchange News Service of the JSE and on the Regulatory News Service of the London Stock Exchange, SacOil shareholders (?Shareholders?) are advised that, in line with SacOil?s strategy to focus on proven resources as a basis for growth, the Company has embarked on a process of balancing and rationalising its portfolio of assets. The aim of the rationalisation is to restructure the Company?s future capital requirements and focus on cash generative assets and low risk exploration assets.



Pursuant to the above strategy, SacOil has terminated its participation with Transnational Corporation of Nigeria Plc (?Transcorp?), the operator of Oil Prospecting Licence (?OPL?) 281.



SacOil paid USD12.5 million towards farm-in fees on 28 February 2011, which contractually will be refunded with interest by Transcorp. In addition, SacOil will not have any future commitments and obligations associated with the appraisal of OPL 281. As reported in our recent financial statements, the farm-in fee to Transcorp and the transaction fee payable to Energy Equity Resources Norway Ltd. of USD12 million and USD2.5 million respectively will not be due and payable.



Accordingly, shareholders are advised that caution is no longer required to be exercised when dealing in the Company?s securities.
16-Mar-2015
(Official Notice)
With reference to the cautionary announcements, the last of which was published on 2 February 2015 on SENS, SacOil shareholders (?Shareholders?) are advised that the Company is still in the process of considering its portfolio rationalisation, which, if successfully concluded, may have a material effect on the price of SacOil ordinary shares (?Shares?). Accordingly, Shareholders are advised to continue to exercise caution when dealing in their Shares until a further announcement is made in this regard.
02-Mar-2015
(Official Notice)
SacOil announces that its registered office address has changed from 2nd Floor, The Gabba Dimension Data Campus, 57 Sloane Street, Bryanston, 2021, Gauteng to No.12, Culross Road, Bryanston, 2021, Gauteng with effect from 18 February 2015.
02-Feb-2015
(Official Notice)
In compliance with JSE Ltd. (?JSE?) Listings Requirement 3.9 an issuer that has published a cautionary announcement must provide updates thereon in the required manner and within the time limits prescribed.



With reference to the cautionary announcement published on 18 December 2014 on the Stock Exchange News Service of the JSE and on the Regulatory News Service of the London Stock Exchange, SacOil shareholders (?Shareholders?) are advised that the Company is still in the process of considering its portfolio rationalisation, which, if successfully concluded, may have a material effect on the price of SacOil ordinary shares (?Shares?). In particular, SacOil is considering the cancellation of an agreement to participate in an appraisal asset in Nigeria. As yet, no transaction has been formalized and there can be no guarantee as to the terms or conditions attached to any cancellation of this asset. Further updates will be made in due course.



Accordingly, Shareholders are advised to continue to exercise caution when dealing in their Shares until a further announcement is made in this regard.
28-Jan-2015
(Official Notice)
SacOil Holdings Limited ("SacOil") through its subsidiary Mena International Petroleum Company Limited ("Mena") is pleased to announce the successful on-time completion of phase 1 of the field development operations at the Lagia oil field in Sinai, onshore Egypt.



Highlights

*Successful completion of hydraulic stimulation on all five existing wells.

*Phase 2 operations to commence by June 2015, installation of steam facilities and the drilling of up to 5 additional wells



As previously reported, the aim of phase 1 was to stimulate and re- complete the five existing production wells at the Lagia oil field in order to increase production. Operations commenced on the 4th January 2015 and initial production indications are positive and the Company is confident that the targeted average production of 350 barrels of oil a day will be achievable from these five wells once they are in sustained production.



The oil produced from the Lagia field is trucked to the GPC (General Petroleum Company) facilities, which is owned by Egyptian General Petroleum Corporation, approximately 300 km from the Lagia field. Payments for delivered crude are paid directly to Mena. Following the successful completion of phase 1 the wells remain on production and SacOil is preparing and planning a second phase of field development and production optimisation to start by June 2015. This second phase includes the installation of steam facilities for a thermal recovery process on the existing production wells and the drilling of up to five additional thermal wells at the Lagia oil field, with the intent of further enhancing production and the recovery of oil at the oil field.

06-Jan-2015
(Official Notice)
SacOil Holdings Limited, through its subsidiary Mena International Petroleum Company Limited ("Mena"), is pleased to announce the commencement of field development operations at its 100% owned Lagia oil field in Sinai, onshore Egypt. Mena has contracted Schlumberger Egypt to conduct an initial phase of development, which includes the hydraulic stimulation of the Lagia 6,7,8,9 and 10 wells, specifically targeting the intersected productive Nukhul geological formation. Schlumberger is one of the leading international oil field services companies, with a proven track record of success in Egypt.



Operations commenced on the 4th January 2015 and well results are expected by the end of January 2015. The Company anticipates total daily production of approximately 350 barrels of oil per day, provided the completion of operations at each of these wells is successful. In addition to these hydraulic stimulation operations, a thermal recovery process is being planned for the first half of 2015, which should further enhance oil production and recovery of the reserves from the Lagia oil field.



SacOil is preparing and planning a second phase of development operations to start by June 2015, which includes the drilling of up to five additional wells in the Lagia oil field. More details of this phased development, as well as progress on the current operations, will be announced in due course.
18-Dec-2014
(Official Notice)
Shareholders are advised that, in line with SacOil?s strategy to focus on proven resources as a base for growth, the Company has embarked on a process of balancing and rationalising its portfolio of assets. The objective of the rationalisation is to restructure the company?s capital needs and focus on cash generative assets. If successful the portfolio rationalisation may have a material effect on the price of the Company?s securities. In particular, SacOil is considering the cancellation of an agreement to participate in an appraisal asset in Nigeria. As yet, no transaction has been formalized and there can be no guarantee as to the terms or conditions attached to any cancellation of this asset. Further updates will be made in due course. Accordingly, shareholders are advised to exercise caution when dealing in the Company?s securities until a full announcement is made.
11-Dec-2014
(Official Notice)
SacOil, the African independent upstream Oil - Gas Company, announce the appointment of Mr Damain Matroos as the Chief Financial Officer of SacOil with effect from 1 February 2015. Mrs Tariro Mudzimuirema, currently Acting Finance Director, will step down from her position on the same date. Tariro will return to the position of Financial Manager on the same date.
08-Dec-2014
(Official Notice)
20-Nov-2014
(Media Comment)
Business Day reports that SacOil wants to build a natural gas pipeline in Mozambique and develop Egyptian oil wells in order to diversify its assets. " We are in discussion with a couple of international engineering companies that would like to participate" in building the plant in Mozambique and a line that would bring the fuel to South Africa, said CEO Thabo Kgogo. The waters off Mozambique are the world largest natural gas discovery in a decade. SacOil also acquired the Lagia oil field on Egypt's Sinai peninsula.
12-Nov-2014
(Official Notice)
Shareholders are advised that Nedbank Capital will no longer be acting in the capacity as Sponsor to SacOil with effect from 1 December 2014. PSG Capital Ltd. has been appointed as Sponsor with effect from the same date.
04-Nov-2014
(C)
Operating loss for the interim period was R46.6 million (2013: profit of R32.2 million), while profit attributable to equity holders of the parent came in at R22.3 million (2013: R26.3 million). Headline earnings per share dropped to 0.72cps (2013: 2.76cps).



Dividend

The Board has resolved not to declare any dividends to shareholders for the period under review.



Outlook

Good progress has been made across the existing portfolio of exploration and appraisal assets during the period.



The acquisition of the Lagia Oil Field in Egypt completed in October 2014 marks an inflexion point in SacOil's investment profile with the Company transitioning from a pure exploration play to an exploration and production business with cash-generating assets. SacOil is now focusing on its funding situation and will assess various alternatives to ensure that an adequate capital structure is in place to deliver on its stated strategy. This may include a combination of portfolio rebalancing, rationalisation of assets and alternative funding options which are being continually assessed. The resolution of the USD18 million loan due to SacOil by EERNL is a top priority which is anticipated to be resolved before the end of the financial year. Longer term, SacOil will continue to execute on ongoing projects in the Democratic Republic of Congo, Malawi, Botswana and Nigeria which are all expected to yield significant future milestones and value for the Group. The partnership announced in March 2014 between SacOil, the Public Investment Corporation of South Africa and the Instituto De Gestao Das Participacoes Do Estado in Mozambique regarding the investigation of gas opportunities and future distribution of gas in southern Africa also offers exciting prospects.
29-Oct-2014
(Official Notice)
Shareholders are advised that for the six months ended 31 August 2014 the Group is expected to report basic earnings per share ("EPS") and headline earnings per share ("HEPS") of between 0.65 cents and 0.79 cents per share, being a decrease of 64% to 84% compared to the reported EPS and HEPS of 2.76 cents for the six months ended 31 August 2013.



The main factors leading to the decrease in earnings are in relation to the impact of currency valuations on financial assets as well as a provision for impairment and the higher expensed business development activities.



The Group's interim financial results for the six months ended 31 August 2014 are expected to be released on or about 3 November 2014.
28-Oct-2014
(Official Notice)
Further to the announcement dated 23 October 2014, where the Board of SacOil confirmed that all the conditions precedent, as contained in the sale and purchase agreement dated 9 September 2014, to acquire Mena International Petroleum Company Ltd had been met and the acquisition had become unconditional, the Company can now confirm that application has been made for the 183,666,947 ordinary shares in the Company ("Consideration Shares") to be admitted to trading on AIM and it is expected that dealings will commence on 29 October 2014.



Following the admission to trading on AIM of the Consideration Shares on 29 October 2014, the Company's issued share capital will consist of 3,269,836,208 Ordinary Shares.



The total number of voting rights in the Company will be 3,269,836,208. The voting rights on all these shares are identical. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules following 29 October 2014.

23-Oct-2014
(Official Notice)
09-Oct-2014
(Official Notice)
12-Sep-2014
(Official Notice)
10-Sep-2014
(Official Notice)
19-Aug-2014
(Official Notice)
SacOil, the African independent upstream oil and gas company, announced the assignment of 20% equity in Oil Prospecting Licence ("OPL") 233 offshore Nigeria ("the participating interest"). The assignment of the participating interest was duly granted and authorised by the Nigerian National Petroleum Corporation ("NNPC") as per the submitted Deed of Assignment under the OPL 233 Production Sharing Contract ("PSC"). This perfects title of the company's 20% working interest in OPL233 and will allow the company to commence a broader and more proactive work programme over the asset.



Accordingly, the assignment of the participating interest is a milestone in the company's evolution and is the first asset over which the company has perfected title in Nigeria. The focus now is to continue the progress made on the assets by working in collaboration with the joint venture partners to deliver reserves and production.



OPL 233 is an offshore oil block that is located in the shallow marine area of the prolific Niger Delta region. It encompasses an area of approximately 126 square kilometres and is located in water depths ranging from 3 to 10 metres.



As reported previously, SacOil and its joint venture partners have commenced operations for the acquisition of 3D Seismic Ocean Bottom Cable ("OBC") survey, with mobilisation of equipment for the survey completed. Following a number of operational delays in the course of mobilisation, the 3D OBC acquisition work is expected to commence immediately, with completion scheduled for the end of October 2014, subject to operational contingencies and weather related downtime. The 3D seismic data will provide valuable subsurface information relevant for the quantification of the licence's resource potential, as well as the selection of optimal drilling locations.
11-Aug-2014
(Official Notice)
In terms of paragraph 3.9 of the JSE Listings Requirements, immediately after an issuer acquires knowledge of any material price sensitive information and the necessary degree of confidentiality of such information cannot be maintained, an issuer must publish a cautionary announcement. As such, shareholders are advised that SacOil has entered into non-binding negotiations ("the Potential Transaction") which, if successfully concluded, may have a material effect on the price of the Company's securities. Accordingly, shareholders are advised to exercise caution when dealing in the Company's securities until a full announcement is made.



Clarification of recent media coverage

SacOil advised that, contrary to a recent press report, it is not in discussions and/or negotiations to make an acquisition of a production asset in Nigeria nor is it seeking to acquire any asset producing 5 000 barrels of oil per day. However, SacOil in its normal course of business continuously seeks opportunities to expand and optimise its portfolio of upstream assets, and will engage in informal discussions from time to time with several parties regarding such opportunities.
11-Aug-2014
(Official Notice)
SacOil announced the formal appointment of Mr Bradley Robert Cerff as an Executive Director of the company with immediate effect .
31-Jul-2014
(Media Comment)
Business Report - SacOil is in talks to buy its first production asset says chairman Tito Mboweni. Mr Mboweni states that the company had the possibility of an oil mining lease for a project that was in production phase in Nigeria.
19-Jun-2014
(Official Notice)
Further to SacOil's audited results for the year ended 28 February 2014, released on SENS on Wednesday, 28 May 2014, shareholders are advised that the Integrated Annual Report together with the notice of Annual General Meeting ("AGM") has been posted to shareholders on 19 June 2014. The Integrated Annual Report contains no modifications to the aforementioned published audited results.



Shareholders are further advised that electronic copies of the Integrated Annual Report will be available for downloading by close of business today on SacOil's website, www.sacoilholdings.com. Upon enquiry, a printed version may be requested from the Company at info@sacoilholdings.com.



Annual General Meeting

Notice is given that the AGM of shareholders will be held on Friday, 12 September 2014 at 10:00 at 2nd Floor, The Gabba Building, Dimension Data Campus, 57 Sloane Street, Bryanston, 2021 to conduct the business as stated in the notice of AGM. The directors of SacOil have determined that the record date for the purposes of the AGM, being the date on which a shareholder must be registered in the Company's share register in order to participate in and vote at the AGM is Friday, 5 September 2014.
05-Jun-2014
(Official Notice)
The Johannesburg Stock Exchange ("JSE") advised that the auditor's report on the company's Summarised Audited financial results for the year ended 28 February 2014 contains a modification. Shareholders are advised to refer to the results which were recently published on SENS to ascertain the exact nature of the modification. Accordingly, the company's listing on the trading system will be annotated with an "E" to indicate the modification. The annotation will be removed when the company's auditor's report no longer contains a modification.
28-May-2014
(C)
The loss from operations was slightly higher at R52.9 million (loss of R52.4 million). A net attributable profit of R19.6 million (loss of R55.6 million). In addition, headline earnings per share came in at 1.37cps, compared to a loss of 8.10cps previously.



Dividend

No dividend has been declared.
27-May-2014
(Official Notice)
Shareholders are hereby advised that the group expects to report:

* basic earnings per share between 1.25 cents and 1.49 cents per share for the year ended 28 February 2014 compared to a reported basic loss per share of 6.10 cents for the year ended 29 February 2013; and

* headline earnings per share between 1.25 cents and 1.49 cents per share for the year ended 28 February 2014 compared to a reported headline loss per share of 8.10 cents for the year ended 29 February 2013.



The financial results for the year ended 28 February 2014 are expected to be released on or about 28 May 2014.
09-May-2014
(Official Notice)
The Company refers its shareholders to previous communication relating to its contractual interests in relation to the Oil Prospecting Licence 281 ("OPL 281"), which is located onshore the Federal Republic of Nigeria ("Nigeria"). On 06 October 2010 SacOil through its wholly-owned subsidiary SacOil 281 Nigeria Ltd. ("SacOil 281") concluded a farm-in agreement with EER 281 Nigeria Ltd. ("EER 281") and Transnational Corporation of Nigeria PLC ("Transcorp"). In terms of the farm-in agreement, SacOil 281 will acquire from, and be assigned a 20% interest in the OPL 281 concession by Transcorp. The assignment to SacOil 281 of the participating interest in OPL 281 requires the prior approval from the Government of Nigeria. A pre-requisite to seeking such approval has been for Transcorp to have entered into a production sharing contract ("PSC") for OPL 281 with the Nigerian National Petroleum Corporation ("NNPC").



Transcorp has informed SacOil that the NNPC has signed the PSC for OPL 281. NNPC's signing of the PSC for OPL 281 now clears the way for Transcorp and SacOil 281 to prepare and to lodge an application to seek the approval from the Government of Nigeria for Transcorp to assign a 20% participating interest to SacOil 281. With the signing of the PSC, Transcorp, as operator of OPL281, will now proceed to execute the PSC commitments and work programme to appraise the contingent resources estimated at approximately 100 million barrels of oil equivalent. The Company will now liaise with Transcorp in order to pursue the preparation of the application to seek Government's approval, as well as to attend to the lodging of same with the appropriate authorities in Nigeria. Shareholders will be kept apprised of any further material developments in this regard.
29-Apr-2014
(Official Notice)
SacOil, the African independent upstream Oil - Gas company, announced the appointment of Dr Thabo Kgogo as the Chief Executive Officer of SacOil with effect from 1 June 2014. Mr Roger Rees, currently Acting Chief Executive Officer, will step down from his position on the same date.
31-Mar-2014
(Official Notice)
10-Mar-2014
(Official Notice)
24-Feb-2014
(Official Notice)
Shareholders are hereby advised that the company has entered into an expression of interest ("EoI") dated 19 February 2014 with The Instituto De Gest?o Das Participa??es Do Estado, an entity that manages investment portfolios and shares on behalf of the Government of the Republic of Mozambique, and The Public Investment Corporation (SOC) Ltd. to investigate gas opportunities relating to the future distribution of gas in Southern Africa.



The purpose of the EoI is purely to govern the preliminary discussions, and formalise the relationship, between the parties. These discussions are at a very early stage, with the intention of concluding a formal memorandum of understanding by the end of March 2014.



The above-mentioned may have a material effect on the price of SacOil's shares and accordingly shareholders are advised to exercise caution when dealing in the company's shares until a further announcement is made.
27-Jan-2014
(Official Notice)
SacOil Shareholders are referred to the circular posted to Shareholders on 7 November 2013 (the "Circular") containing details of the capital raising of up to R570 million by way of a renounceable rights offer and the conversion of the Gairloch debt to equity. Capitalised terms in this announcement shall have the same meaning given to them in the Circular, unless the context indicates otherwise.



Results of rights offer

SacOil Shareholders are advised that the Rights Offer closed on Friday, 24 January 2014. A total amount of R336 582 418 has been raised by the Company in terms of the Rights Offer. SacOil Shareholders, or their renouncees, subscribed for 25 756 139 SacOil Shares in terms of their existing shareholdings and 1,542,768 SacOil Shares in terms of excess applications, comprising 1.22% and 0.07% of the 2 111 111 111 SacOil Shares offered in terms of the Rights Offer, respectively, and 1.29% combined. The PIC subscribed for 1 219 302 642 SacOil Shares in terms of the PIC Undertaking, comprising 57.76% of the 2 111 111 111 SacOil Shares offered in terms of the Rights Offer.



On Monday, 27 January 2014, share certificates will be posted to Certificated Shareholders who followed their rights and the CSDP or broker accounts of Dematerialised Shareholders, or their renouncees, who followed their rights will be debited and updated. On Wednesday, 29 January 2014, share certificates will be posted to Certificated Shareholders in respect of successful applications. In addition, the CSDP or broker accounts of Dematerialised Shareholders who have applied for excess applications will be debited and updated according to the excess applications allocated to them.



The specific issue

SacOil Shareholders are advised that 883,449,144 SacOil Shares will be issued to nominees of Gairloch for R238,531,269 in settlement of the Gairloch Loans. The Specific Issue Shares are expected to be listed on the JSE on Monday, 27 January 2014. Application has been made for Rights Offer Shares and the Specific Issue Shares to be admitted to trading on AIM, which is expected to occur on or about Thursday, 30 January 2014.
11-Dec-2013
(Official Notice)
The Directors of SacOil are pleased to announce, in accordance with Rule 13 of the AIM Rules, that the Company has entered into an agreement with the Public Investment Corporation (SOC) Limited (the PIC) dated 3 December 2013 in terms of which the PIC has agreed to advance funding to the Company in the form of a convertible bridge loan facility (the Convertible Bridge Loan) of US$20.5m to fulfil the Group's financing obligations relating to its assets, in advance of the Specific Issue and the receipt of funds from the Rights Offer (the Transactions) (as detailed in the announcement dated 12 September 2013). The Convertible Bridge Loan is advanced to SacOil at a rate of interest linked to the 3 month Johannesburg Interbank Agreed Rate and is repayable by 31 January 2014 (the Repayment Date). It is anticipated that the repayment of this Convertible Bridge Loan will be through the issue of sufficient number of Rights Offer Shares to the PIC at R0.27 per SacOil share. Shareholders are reminded of the PIC?s undertaking to support the Rights Offer to the extent of R329,211,713.



To the extent that the Transactions are not implemented by the Company prior to the Repayment Date, then the Convertible Bridge Loan shall be settled by the issue of new shares in the Company, sufficient in number, at a price of R0.27 per SacOil share to enable the conversion of the Convertible Bridge Loan into shares in the Company ("the Bridge Loan Shares"). The issuance of the Bridge Loan Shares shall be subject to the passing of a special resolution, at a general meeting of shareholders on or before 14 March 2014, authorising such issuance. By virtue of the PIC being a substantial shareholder (16.59%) in the Company, the Convertible Bridge Loan constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules. The directors of SacOil consider, having consulted with finnCap Limited (the Company's nominated advisor), that the terms of the Convertible Bridge Loan are fair and reasonable insofar as the Company's shareholders are concerned.
06-Dec-2013
(Official Notice)
06-Dec-2013
(Official Notice)
SacOil shareholders are referred to the notice of general meeting attached to the circular posted to Shareholders on 7 November 2013 (the "Circular") containing details of the conversion of the Gairloch debt to equity and the capital raising of up to R570 million by way of a renounceable rights offer. Capitalised terms in this announcement shall have the same meaning given to them in the Circular, unless the context indicates otherwise.



Results of the General Meeting

Shareholders are advised that, at the General Meeting held today, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from Shareholders present in person or represented by proxy. The special resolution passed at the General Meeting will be filed with, and registered where required, by the Companies and Intellectual Property Commission.



Appointment of Directors

At the General Meeting, Mr Danladi Verheijen and Ms Lola Akinleye were appointed as non- executive Directors of the Company with effect from the Completion Date (as defined in Annexure 5 of the Circular), which is expected to be on or about Monday, 27 January 2014.
05-Dec-2013
(Official Notice)
Shareholders are referred to the announcement dated 12 September 2013 containing details of the conversion of the Gairloch debt to equity (the Specific Issue) and the capital raising of up to R570 million by way of a renounceable rights offer (the Rights Offer) (collectively the Transactions). Shareholders are further referred to the announcement dated 25 October 2013 relating to the renewal of cautionary announcement.



The pro forma financial effects of the Specific Issue and Rights Offer disclosed in the circular posted to shareholders on 7 November 2013 (the Circular) were based on SacOil?s published annual financial results for the year ended 28 February 2013. On 22 November 2013, SacOil published its reviewed interim results for the six months ended 31 August 2013 (Interim Results). As required by the JSE Limited Listings Requirements, the Company has updated the unaudited pro forma financial information relating to the Transactions.



Withdrawal of cautionary announcement

As the pro forma financial information has been disclosed, shareholders are advised that they are no longer required to exercise caution when dealing in the Company's securities.
29-Nov-2013
(Official Notice)
Shareholders are referred to the notice of the annual general meeting ("AGM") attached to the integrated annual report for the year ended 28 February 2013, posted to Shareholders on 23 September 2013.



Shareholders are advised that at the AGM held today, 29 November 2013, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from Shareholders present in person or represented by proxy.



All of the special resolutions passed at the AGM will be filed with, and registered where required, by the Companies and Intellectual Property Commission.
22-Nov-2013
(C)
Operating profit for the interim period increased to R32.2 million (2012: R32 million), while profit attributable to equity holders of the parent came in at R26.3 million (2012: loss of R12.5 million). Headline earnings per share turned around to 2.76cps (2012: loss of 2.60cps).



Dividends

The Board has resolved not to declare any dividends to shareholders for the period under review.



Going concern

The Board is satisfied that the planned recapitalisation of the Company, as referred to in the General Meeting Circular to SacOil shareholders dated 7 November 2013, will ensure that the Group has adequate resources to continue operating for the next 12 months. The Group interim financial statements presented have been prepared on a going concern basis.
20-Nov-2013
(Official Notice)
SacOil's financial results are significantly impacted by foreign exchange fluctuations, imputed interest arising from financial assets carried at amortised cost, and fluctuations in finance costs. It is therefore not unusual for there to be significant changes in the financial results from one period to another. As such SacOil expects:

*basic earnings per share and headline earnings per share for the six months ended 31 August 2013 to be between 2.51 cents and 3.01 cents per share compared to a reported basic loss per share and headline loss per share of 1.64 cents and 2.63 cents respectively for the six months ended 31 August 2012.



Restatement of results for the six months ended 31 August 2012

In the prior financial period the Group capitalised costs incurred in the execution of the work program for Block III, and paid by Total RDC ("Total") on behalf of Semliki Energy SPRL ("Semliki"), a subsidiary within the Group, in terms of a cost carry arrangement under the farm-in agreement for Block III. The capitalisation of these costs increased the Block III exploration and evaluation asset resulting in a corresponding increase in liabilities representing the amounts owed to Total. Consequently, the Group recognised a deferred tax asset relating to the future tax benefits available to Semliki as a result of the carried costs. In order to align its accounting practices with IAS 37 - Provisions, Contingent Liabilities and Contingent Assets and with the accounting practice of comparable companies in the industry, the Group decided during the 2013 financial year not to capitalise these costs. Comparative figures have been restated to reflect the change in accounting policy. The previously reported comprehensive loss attributable to SacOil of R12.6 million has therefore been adjusted and restated to a comprehensive loss attributable to SacOil of R12.5 million for the six months ended 31 August 2012. This has resulted in the minor restatement of the basic loss per share and the headline loss per share to 1.62 cents and 2.60 cents, respectively for the six months ended 31 August 2012. The group's results for the six months ended 31 August 2013 are expected to be published on or about 22 November 2013.
08-Nov-2013
(Official Notice)
07-Nov-2013
(Official Notice)
Further to the announcement released on the Stock Exchange News Service of the JSE Ltd. ("JSE") and on the Regulatory News Service of the London Stock Exchange on 12 September 2013 (the "Announcement"), shareholders are advised that the circular relating to:

*the Specific Issue (as defined in the Announcement);

*the Rights Offer (as defined in the Announcement);

*the proposed Whitewash Resolution (as defined in the Announcement); and

*the proposed appointment of Gairloch Limited nominated directors,

(the "General Meeting Circular")

has today, 7 November 2013, been posted to SacOil shareholders and has been made available on SacOil's website, www.sacoilholdings.com.



A general meeting of SacOil shareholders will be held at 2 Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston, Johannesburg on Friday, 6 December 2013 (the "General Meeting"), commencing at 10:00, or at any adjournment thereof, to consider and, if deemed appropriate, to approve the resolutions as more fully set out in the notice of general meeting attached to the General Meeting Circular.



The record date to determine shareholders who will be eligible to participate and vote at the General Meeting is Friday, 29 November 2013.
07-Nov-2013
(Official Notice)
Shareholders are referred to the announcement dated 12 September 2013 regarding the establishment of various Board sub-committees and the announcements dated 17 September 2013 and 23 September 2013 containing details of the Company's annual general meeting, scheduled to be held on Friday, 29 November 2013 at 10:00 at 2nd Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston ("the Annual General Meeting").



On 23 September 2013 the Company circulated a notice of Annual General Meeting ("the Notice") dealing with, inter alia, the election of Audit Committee members. The JSE Ltd. subsequently informed the Company that its Audit Committee would not be properly constituted according to the requirements of the JSE Ltd. Listings Requirements ("the Listings Requirements"), if Ordinary Resolution Number 3 - Election of Audit Committee Members, as contained in the Notice, was passed by the shareholders, as the Listings Requirements require an audit committee to be comprised of at least three independent non-executive directors, as recommended by the revised Code of and Report on Governance Principles for South Africa (King III).



In order to ensure compliance with the Listings Requirements the Notice must be amended to include an ordinary resolution that proposes, for election as Audit Committee members, directors who meet the requirements of the Listings Requirements. Accordingly, the Company has distributed to shareholders an addendum to the Notice, which amends Ordinary Resolution Number 3 by replacing Ignatius Sehoole, who is a non-executive director, with Vusi Pikoli, an independent non-executive director, to ensure compliance with the Listings Requirements.



The date, time and location of the Annual General Meeting remain unchanged.
25-Oct-2013
(Official Notice)
Shareholders are referred to the announcement dated 12 September 2013 containing details of the conversion of the Gairloch debt to equity (the Specific Issue) and the capital raising of up to R570 million by way of a renounceable rights offer (the Rights Offer). As the pro forma financial effects of the Specific Issue and Rights Offer have not yet been published, in line with the JSE Listings Requirements, shareholders are advised to continue to exercise caution when dealing in the company's securities until a further announcement is made.

14-Oct-2013
(Official Notice)
02-Oct-2013
(Official Notice)
SacOil has issued 2,777,777 new ordinary shares of no par value in the share capital of the Company (SacOil Shares) at an issue price of R0.27 per ordinary share (the Issue Shares), thereby raising a total cash amount of R750,000 (the Cash Issue).



Details regarding the cash issue

The Issue Shares were issued to a public shareholder and not to a related party as defined in the JSE Limited Listings Requirements. The Issue Shares have been issued at a 4.6% discount to the 30-day volume weighted average price of SacOil Shares as traded on the exchange operated by the JSE Limited (the JSE) for the 30 business days immediately prior to the suspension of trading of the SacOil Shares on the JSE and AIM Market (AIM) of the London Stock Exchange (LSE) on 31 May 2013. The Cash Issue has been implemented in terms of the general authority granted to SacOil?s directors to issue shares for cash, which was approved by SacOil shareholders at the Company?s general meeting held on 30 May 2013, and in compliance with the limitations related thereto. The Issue Shares rank pari passu with the existing SacOil Shares in issue.



Shares in issue

The Issue Shares are expected to be listed on the JSE on or about 2 October 2013. Application has been made for the Issue Shares to be admitted to trading on AIM which is expected to occur once the suspension of trading in SacOil Shares is lifted. Following the Cash Issue, SacOil will have 956,118,568 SacOil Shares in issue..
23-Sep-2013
(Official Notice)
Shareholders were advised that the integrated annual report is available on the company's website(www.sacoilholdings.com) and that it has been distributed to shareholders without modification.



The annual general meeting

The annual general meeting of SacOil will be held on Friday, 29 November 2013 at 10:00 at 2nd Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston. The record date on which members must be recorded as such in the register maintained by the transfer secretaries of the company for the purpose of being entitled to attend and vote at the annual general meeting is Friday, 22 November 2013.



Update to shareholders

Further to the announcement dated 12 September 2013, the directors of SacOil believe that the company is now in compliance with its regulatory requirements. Before seeking the restoration of trading in the company's shares on both the Main Board of the JSE Ltd. and the AIM Market of the London Stock Exchange the directors will now finalise their holistic review of the company during the course of the next seven days. For the avoidance of doubt, restoration will not occur as had previously been anticipated.
17-Sep-2013
(C)
Operating loss was recorded at R52.4 million (2012: profit of R77.7 million), while loss attributable to owners of the parent narrowed to R55.6 million (2012: loss of R101.3 million). Furthermore, headline loss per share widened to 8.10cps (2012: headline loss per share of 5.02cps).



Dividend

The board has resolved not to declare any dividends to shareholders for the period under review.



Posting of integrated annual report and details of annual general meeting

Shareholders are advised that the integrated annual report is available on the Company's website (www.sacoilholdings.com) and will be posted to shareholders on 23 September 2013. The annual general meeting of SacOil will be held on Friday, 29 November 2013 at 10:00 at 2nd Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston.



Prospects

The successful completion of the Transactions will see the Company recapitalised and able to fund its existing assets to June 2015. The Group's underlying assets remain attractive. The proceeds of the Rights Offer will be applied to moving these assets up the value curve. Our stronger balance sheet will further allow us to pursue value enhancing opportunities on the African continent.

12-Sep-2013
(Official Notice)
25-Jul-2013
(Official Notice)
SacOil announce the formal appointment of Mr Roger Rees as interim chief executive officer and Mrs Tariro Mudzimuirema as interim financial director of the Company with immediate effect.



The company's shares will remain suspended on the JSE and AIM pending further announcements in this regard. The following further information in relation to the appointments of Mr Rees and Mrs Mudzimuirema is disclosed in accordance with Schedule 2(g) of the AIM Rules for Companies:

12-Jul-2013
(Official Notice)
SacOil announced the formal appointment of Mr Ignatius Sehoole as non- executive director and Mr Vusumzi Pikoli as independent non-executive director of the company with immediate effect.
10-Jun-2013
(Official Notice)
SacOil announced the formal appointment of Mr Tito Titus Mboweni as its new independent non-executive Chairman, and Ambassador Mzuvukile Jeff Maqetuka and Mr Stephanus Hilgard Muller as independent non-executive directors of the company, with effect from 10 June 2013.
05-Jun-2013
(Official Notice)
31-May-2013
(Official Notice)
Shareholders were referred to the announcements dated 22 April 2013 and 31 May 2013 in terms of which the company announced changes to its board of directors.



As was previously announced, the company has agreed to appoint Mr Tito Titus Mboweni as its new independent non-executive Chairman, and Mr Mzuvukile Jeff Maqetuka as an independent non-executive director. The company's advisors are in the process of finalising various administrative and regulatory compliance requirements in this regard, after which the new directors will be formally appointed and able to assume office with full capacity as directors.



Further, the company announced the proposed appointment of Mr Stephanus Hilgard Muller as director in the capacity of independent non-executive director. His appointment will be finalised once the company's advisors have concluded the standard regulatory compliance reviews in this regard.



These new appointments are expected to stabilise the company and, further announcements will be made in due course.
31-May-2013
(Official Notice)
SacOil announces that, following the shareholder vote against Special Resolution Number 1, Messrs John Bentley and Bill Guest have resigned as non-executive directors and Mr Robin Vela has resigned as Executive Director and Chief Executive Officer of the company with immediate effect. The three directors, representing a majority of the board, believed that the conversion of the Gairloch Ltd loans to equity was in the best interests of the company and its shareholders and had recommended that shareholders vote in favour of the resolution approving such conversion.



Following these resignations application has been made for the trading of the Company's shares on AIM and the JSE to be suspended pending further appointments to the board. Shareholders will be kept appraised of matters in this regard.
30-May-2013
(Official Notice)
SacOil shareholders are referred to the notice of general meeting attached to the circular posted to Shareholders on 8 May 2013 ("the Circular"). Capitalised terms in this announcement shall have the same meaning given to them in the Circular, unless the context indicates otherwise.



Shareholders are advised that, at the General Meeting held on 30 May 2013, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from Shareholders present in person or represented by proxy, except for the following which were not approved by the requisite majority:

* special resolution number 1, relating to the Specific Issue; and

* special resolution number 2, relating to the remuneration of the non-executive Directors of SacOil.



All of the special resolutions passed at the General Meeting will be filed with, and registered where required, by the Companies and Intellectual Property Commission.
29-May-2013
(Official Notice)
28-May-2013
(Official Notice)
Given the nature of SacOil's business, which requires lump sum upfront capital investment, it is not unusual for there to be significant changes in the financial results from one period to another. As such SacOil expects:

*the basic loss per share for the year ended 28 February 2013 to be between 5.54 cents and 6.65 cents per share compared to a reported basic loss per share of 13.35 cents for the year ended 29 February 2012; and

*the headline loss per share for the year ended 28 February 2013 to be between 7.36 cents and 8.84 cents per share compared to a reported headline loss per share of 4.22 cents for the year ended 29 February 2012.



Restatement of results for the year ended 29 February 2012

In the prior financial period the Group capitalised costs paid by Total RDC (Total) on behalf of Semliki Energy SPRL (Semliki), a subsidiary within the Group, in terms of a cost carry arrangement under the farm-in agreement for Block III. These costs increased the Block III exploration and evaluation asset resulting in a corresponding increase in liabilities representing the amounts owed to Total and the recognition of a deferred tax asset associated with the future tax benefits available to Semliki in relation to the carried costs. To align its accounting practices with IAS 37 - Provisions, Contingent Liabilities and Contingent Assets and with comparable companies in the industry, the Group has decided not to capitalise these costs.



Comparative figures have been restated to reflect the change in accounting policy. The previously reported comprehensive loss attributable to SacOil of R95.8 million has therefore been adjusted and restated to a comprehensive loss attributable to SacOil of R101.5 million for the year ended 29 February 2012. This has resulted in the restatement of the basic loss per share and the headline loss per share to 14.54 cents and 5.06 cents, respectively for the year ended 29 February 2012. The above information has not been reviewed or reported on by the Company?s auditors and the Group?s results for the year ended 28 February 2013 are expected to be published on 31 May 2013.
09-May-2013
(Official Notice)
SacOil announced that its Botswana subsidiary, Transfer Holdings (Pty) Ltd., has been advised by the Botswana Department of Mines that three exploration licenses were duly approved by the Honourable Onkokame Kitso Mokaila, Minister of Minerals, Energy and Water Resources of the Republic of Botswana and are ready for collection. The petroleum exploration Licences Number, 123/2013, 124/2013 and 125/2013 were awarded to Transfer Holdings (Pty) Ltd. on 29 April 2013.
08-May-2013
(Official Notice)
Further to the announcement released on SENS on 10 April 2013 (the "Announcement"), SacOil shareholders are advised that the circular relating to:

* the Specific Issue (as defined in the Announcement);

* the Services Agreement (as defined in the Announcement);

* the remuneration of the non-executive directors of SacOil; and

* a general authority of the directors to issue shares for cash, (the "Circular") has on 8 May 2013, been posted to SacOil shareholders and has been made available on SacOil's website, www.sacoilholdings.com.



A general meeting of SacOil shareholders will be held at 2nd Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston, Johannesburg on Thursday, 30 May 2013, commencing at 10h00, or at any adjournment thereof, to consider and, if deemed appropriate, to approve the resolutions as more fully set out in the notice of general meeting attached to the Circular.
22-Apr-2013
(Official Notice)
SacOil, the African independent upstream oil and gas company, is pleased to announce the appointment of Mr Tito Titus Mboweni as independent non-executive chairman and Ambassador Mzuvukile Jeff Maqetuka as independent non-executive director of SacOil with effect from 1 June 2013.
11-Apr-2013
(Official Notice)
SacOil announces that Richard Linnell and Colin Bird have resigned as directors of the company with immediate effect.
10-Apr-2013
(Official Notice)
10-Apr-2013
(Official Notice)
31-Dec-2012
(Official Notice)
SacOil announced it has entered into a series of agreements that will enable the transfer of the company's existing loan agreement with RenCap Securities (Pty) Ltd. (South Africa), (formerly called Renaissance BJM Securities (Pty) Ltd. (South Africa))("RenCap") to Gairloch Ltd. (a private investment holding company registered in the British Virgin Islands and controlled by Dr Olatunji Olowolafe)("Gairloch" or the "lender"). The loan is for the amount of USD11.25 million and was provided to SacOil to fund the USD10.0 million cash collateral required to enable the posting of the USD25.0 million performance bond for Block OPL 233 in Nigeria ("OPL233").



The Company has also successfully put in place some amendments to the loan it provided EER, its partner in Block OPL 233 in Nigeria as part of the farm-in to that block. The changes will ensure repayment of part of the loan by 31 May 2013. The mutually agreed total outstanding amount owed to SacOil by EER is USD26.4 million as at 30 November 2012.



The inter-conditional agreements entered into include:

* Deed of Novation / Sale and Assignment Agreement between RenCap, Gairloch and SacOil;

* Deed of Confirmation and Amendment / the Confirmation and Amendment Agreement between Gairloch and SacOil; and

* An Addendum to the Loan Agreement between SacOil and EER.



Board change

Roger Rees has resigned as Finance Director of the Company with effect from 23 December 2012. Roger has agreed to continue to work with the Company on a consultancy basis going forward.
13-Dec-2012
(Official Notice)
SacOil, the African independent upstream oil - gas company, announced the award of 100% equity interest and operator status in Block 1, an onshore petroleum prospecting license in Malawi. Following due process and intensive negotiations between SacOil and the Malawian government, the prospecting licence was awarded to SacOil on the 12 December 2012. The license was duly signed by the Honourable, John Bande, Minister of Mining in the Republic of Malawi.



Block 1 is located in the North Western part of Malawi bordering Tanzania to the North and Zambia to the west. At 12,265 square kilometres, Block 1 is the second largest petroleum exploration licence demarcated in Malawi. The licence is located on trend with the East African rift system which is a proven exploration province with prolific oil discoveries in Sudan, Chad, Kenya and Uganda. It is anticipated that the same Tertiary rift system will be present in Malawi. This award dovetails with SacOil's strategy of building a balanced upstream oil and gas portfolio through the acquisition of early stage opportunities in Africa similar to that which has already been demonstrated by the company in the DRC.



The term of the exploration licence is divided into an initial four (4) year period followed by two subsequent three (3) year renewal periods. During the initial four (4) year period it is envisaged that desktop studies and the acquisition of gravity and magnetic data will take place in order to evaluate the petroleum potential of the block. The financial obligation on SacOil for the initial 4 year period is a total of USD2 million.
06-Dec-2012
(Official Notice)
SacOil announced the appointment of Roger Rees as finance director of SacOil with immediate effect.
30-Nov-2012
(Official Notice)
Shareholders were referred to the notice of the annual general meeting ("AGM") attached to the integrated annual report for the year ended 28 February 2012, posted to shareholders on 31 August 2012.



Shareholders were advised that at the AGM held today, 30 November 2012, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from shareholders present in person or represented by proxy, except for the following which were not approved by the requisite majority:

*ordinary resolution number 5, relating to the endorsement of SacOil remuneration policy;

*ordinary resolution number 7, relating to the general authority to issue shares for cash; and

*special resolution number 2, relating to the remuneration of non-executive directors.



All of the special resolutions passed at the AGM will be filed with, and registered where required, by the Companies and Intellectual Property Commission.



A shareholder update was presented by Robin Vela, CEO of SacOil, at the annual general meeting and this presentation is now available on SacOil's website (www.sacoilholdings.com).
21-Nov-2012
(C)
Operating profit of R32 million (August 2011: R50.4 million) was recorded. Loss attributable to owners of the parent narrowed to R12.6 million (August 2011: loss of R100.1 million) and headline loss per share was smaller at 2.63cps (August 2011: loss of 5.12cps).



Dividend

The board has resolved not to declare any dividends to shareholders for the period under review, choosing to retain cash for working capital and project development requirements.



21-Nov-2012
(Official Notice)
Given the nature of SacOil's business, which requires lump sum upfront capital investment, it is not unusual for there to be differences in the financial results from one period to another. As such SacOil expects:

*the basic loss per share for the 6 month period ended 31 August 2012 to be between 1.5 cents and 1.7 cents per share compared to a reported basic loss per share of 4.57 cents for the 6 month period ended 31 August 2011.

*the headline loss per share for the 6 month period ended 31 August 2012 to be between 2.5 cents and 2.7 cents per share compared to a reported headline earnings per share of 5.69 cents for the 6 month period ended 31 August 2011.



Restatement of results for the 6 month period ended 31 August 2011

During the 6 month period ended 31 August 2011, whilst the group correctly recognised the impact of cash proceeds together with a receivable, associated with the contingent bonuses receivable from Total E-P RDC on the farm-out of the 60% interest of Block III, the value of the receivable, as well as the tax and interest related thereto were not correctly recognised. The previously reported comprehensive loss attributable to SacOil of R31.1 million has therefore been correctly adjusted and restated to a comprehensive loss attributable to SacOil of R100.1 million to correct the misstatements for the period ended 31 August 2011. This has resulted in the restatement of the basic loss per share and headline loss per share to 14.7 cents and 5.1 cents per share, respectively, for the period ended 31 August 2011. The impact of the aforementioned cash proceeds and receivable was correctly accounted for in the results for the year ended 29 February 2012.



The group's interim results for the 6 month period ended 31 August 2012 will be published on or before 22 November 2012.
01-Nov-2012
(Official Notice)
SacOil announced it has received USD3.0 million from its Nigerian partner, Energy Equity Resources ("EER"). This represents a part repayment of the cash collateral contribution owed to SacOil by EER and will assist SacOil in settling its outstanding balances to YA Global Masters SPV Ltd. ("YA").



SacOil had borrowed USD3.4 million from YA to enable it to part fund the cash collateral of USD10 million required as part of the posting of the USD25 million Performance Bond (the "Bond") for OPL 233 announced on 17 April 2012.



SacOil will now settle the remaining indebtedness to YA by making a cash payment of USD1.0 million and issuing 35 072 412 new SacOil ordinary shares ("Shares") to YA at a price of R0.32 per share (the "Issue"), raising R11.2 million (approximately USD1.2 million). The Issue is in line with the terms of a Standby Equity Distribution Agreement between YA and SacOil which was approved by SacOil shareholders in a general meeting on 17 November 2011.



YA has placed in excess of 50% of the shares from this issue at R0.32 to off market investors and has agreed to holding restrictions relating to the remaining shares held.



Application will be made to the JSE Ltd. ("JSE") to grant a listing of the shares and to the London Stock Exchange for the admission of the Shares to trade on the AIM Market ("AIM"). The listing of the shares on the JSE and the admission of the Shares to trade on AIM are expected to take place on Tuesday, 13 November 2012. The shares will rank pari passu in all respects with the company's ordinary shares already in issue.
16-Oct-2012
(Official Notice)
SacOil notes the recent significant rise in the price of its shares. As previously announced on 12 September 2012 and 3 October 2012, Total E-P RDC (Total) successfully conducted an airborne gravity and magnetic survey on the northern part of Block III outside the Virunga National Park. The final interpretation of the survey and report by Total has been received and disclosed in the same announcements. There is no new information that has yet to be disclosed. This particular announcement has been made in order to comply with UK regulatory requirements.



As part of the rollover of the Renaissance Capital facility utilised to procure the USD25m performance bond, the company has today entered into a subscription arrangement with Renaissance Capital (RenCap), where the salient terms are that RenCap will have the option until 30 November 2012 to subscribe for up to 20,000,000 SacOil Shares at a price that is equivalent to a 10% discount to the 30 day volume weighed average price at the time of exercise.
03-Oct-2012
(Official Notice)
12-Sep-2012
(Official Notice)
SacOil announced that Total E-P RDC (''Total''), the Operator of Block III, Albertine Graben in the Democratic Republic of Congo, has successfully conducted an airborne gravity and magnetic survey on the northern part of the Block III area, located outside the Virunga National Park. SacOil holds a 12.5% effective interest in Block III.



Preliminary processing of the Block III gravity and magnetic data broadly confirms the trend observed in the adjacent concessions in Uganda. It is expected that more detailed processing will identify features similar to those that were found to be oil-bearing in Uganda.



Planning for the acquisition of a 2D seismic survey, to map potential oil and gas prospects, is underway and Total has initiated a tendering process. Subject to the positive identification of structures that may contain oil and gas, Total intends to drill an exploration well, in order to determine the presence of oil and/or gas and the potential commercial viability of Block III.



In terms of the Farm-in and Joint Venture Agreements on Block III, Total bears all the costs associated with the acquisition of the airborne gravity and magnetic survey and will carry SacOil through the seismic survey, any subsequent exploration and appraisal wells, up to a final investment decision.
31-Aug-2012
(Official Notice)
SacOil shareholders were advised that the SacOil audited group and company annual financial statements, contain no modifications to the Reviewed Provisional Results for the year ended 29 February 2012 which were released on SENS and on the Regulatory News Service of the London Stock Exchange on 31 May 2012. The Integrated Annual Report together with the notice of annual general meeting ('AGM") has been posted to shareholders.



Notice was also given that the AGM will be held on Friday, 30 November 2012 at 10:00am at 2 Floor, The Gabba Building, Dimension Data Campus, 57 Sloane Street, Bryanston, 2021 to conduct the business as stated in the notice of AGM.



Shareholders are further advised that electronic copies of the Integrated Annual Report will be available for downloading by close of business today on SacOil's website, www.sacoilholdings.com. Upon enquiry, a printed version may be requested from the company at info@sacoiholdings.com. Shareholders are further advised as to the below salient dates:

*Last date to trade to be eligible to vote: Friday, 16 November 2012.

*Record date to be eligible to vote: Friday, 23 November 2012.

*Last date for lodging forms of proxy: Wednesday, 28 November 2012 at 10h00.

*Date of the AGM: Friday, 30 November 2012 at 10h00.
21-Aug-2012
(Official Notice)
In compliance with the JSE Ltd. ("JSE") Listings Requirement 3.9 and with reference to various cautionary announcements, with the most recent thereof dated 9 July 2012 released on SENS and on the Regulatory News Service of the London Stock Exchange, SacOil shareholders ("shareholders") are advised that the company continues to look at specific potential transactions in the ordinary course of business.



However, in light of uncertainty regarding the date on which an acquisition could be completed the board and management of SacOil feel it prudent to withdraw from discussions until the negotiating parties are in a position where decisions can be made decisively and rapidly. Accordingly, shareholders are advised that caution is no longer required to be exercised when dealing in the company's securities.
31-Jul-2012
(Official Notice)
SacOil announced the appointment of Mr Craig Campbell as Vice President Finance of SacOil with effect from 1 September 2012. Furthermore, Mrs Carina de Beer has resigned as financial director of SacOil with effect from 30 July 2012 though she will remain with the company for the next six months to ensure a smooth transition of responsibilities. A further announcement will be made as soon as the appointment of a new financial director to the board of SacOil has been finalised.
06-Jun-2012
(Official Notice)
31-May-2012
(C)
Revenue for the year ended 29 February 2012 increased to R37.2 million (2011: R35.1 million). Gross profit lowered to R10.6 million (2011: R11.6 million), loss from operations widened to R44.6 million (2011: loss of R27.2 million), while loss attributable to owners of the parent shot up to R95.5 million (2011: R29.7 million). Furthermore, headline loss per share narrowed to 4.22cps (2011: 6.62cps).



Dividends

The board has resolved not to declare any dividends to shareholders for the period under review.
31-May-2012
(Official Notice)
23-May-2012
(Official Notice)
SacOil notes that the JSE announced on SENS ("the announcement"), a public censure of the company in respect of a breach of general principle (v) as contained in the JSE Listings Requirements ("public censure"). The public censure relates to the disclosure of headline earnings per share in the trading statements referred to in the announcement. SacOil submits that the difference between the information contained in the relevant trading statements referred to, arose from a differential accounting treatment of the group's intangible assets. The accounting treatment of intangible assets is a complex and opaque issue that has been the subject of global debate. Furthermore, it was also the first time that SacOil reported on the divestment of an intangible asset.



SacOil co-operated fully throughout the JSE's investigation, has accepted the JSE's findings and the matter has now been fully concluded. The company has taken the following steps in order to prevent a recurrence of the events that lead to the JSE's investigation:

* the company has appointed Ernst - Young as transactional advisers to advise on complex transactions and the accounting and tax treatment thereof;

* the company has appointed Ernst -Young as its reporting auditors to facilitate access to oil and gas experienced professionals, both in South Africa and in the United Kingdom, to advise on, amongst other, the accounting treatment of complex transactions; and

* going forward and as far as practicably possible, the group's interim reporting will, as a minimum, be released as reviewed by its auditors.
22-May-2012
(Official Notice)
SacOil shareholders are advised that the company is still in the process of considering various proposals and potential transactions, which if successfully concluded, may have a material effect on the price of SacOil ordinary shares ("shares"). Accordingly, Shareholders are advised to continue to exercise caution when dealing in their chares until a further announcement is made in this regard.
30-Apr-2012
(Official Notice)
SacOil shareholders ("Shareholders") are advised that 32 135 560 new SacOil ordinary shares ("SEDA Shares") will be issued to YA Global Masters SPV Ltd at a price of R0.49 (GBP0.04) per SEDA Share ("the Issue"), pursuant to the terms of the Standby Equity Distribution Agreement dated 12 October 2011 and approved by shareholders in a general meeting on 17 November 2011, raising GBP1.3million. Application has been made to the JSE Limited ("JSE") to grant a listing of the SEDA Shares and to the London Stock Exchange for the admission of the SEDA Shares to trading on the AIM Market ("AIM"). The listing of the SEDA shares on the JSE and the admission of the SEDA Shares to trading on AIM are expected to take place on Thursday, 3 May 2012. The SEDA Shares will rank pari passu in all respects with the Company`s ordinary shares already in issue. The proceeds of the Issue completes the funding of the performance bond on SacOil's oil concession block OPL 233 in Nigeria. SacOil's total issued share capital after the Issue will be 893 689 516 ordinary shares.
17-Apr-2012
(Official Notice)
SacOil is pleased to announce that it has successfully procured a USD25 million Performance Bond ("Bond"), which enables it to assist NIGDEL United company Ltd ("NIGDEL") to fulfil its obligations under the Profit Sharing Contract ("PSC") on oil concession OPL 233 in Nigeria ("the Concession"). The Bond is payable to the Nigeria National Petroleum Corporation ("NNPC"). SacOil entered into a farm-in agreement with NIGDEL and Energy Equity Resources ("EER") dated 30 November 2010 under which SacOil and EER agreed to assist NIGDEL in the procurement of the Performance Bond as required under the PSC. The Bond, which was issued by Ecobank Nigeria PLC ("Ecobank"), was approved on the condition, inter alia, that cash collateral in the amount of USD10million is delivered in favour of Ecobank. SacOil has now delivered the aforementioned cash collateral through a combination of debt and equity funding and accordingly the Bond was posted on 13 April 2012.



SacOil has provided EER's 50 per cent share of the obligations under the bond, secured against EER's interest in the concession. EER is obliged to repay to SacOil its 50 per cent share of the Bond together with interest and costs associated with the cash collateral and the procurement of the Bond prior to the commencement of an agreed work program on the Concession. The successful posting of the performance bond allows the partners to proceed with the acquisition of up to 100 km2 Ocean Bottom Cable (OBC) 3D seismic survey. Results of this survey are expected to enable the optimum placement of an appraisal well following the Olobia-1 oil discovery which, if successful, will be placed on an extended well test subject to NNPC and Department of Petroleum Resources ("DPR") approvals. Production data obtained from the extended well test should enable a better estimate of recoverable resources and the optimal design of a full field development. This would not only provide SacOil with the ability to book proved reserves, it would also provide cash flow to SacOil and its partners. Results from the OBC survey are furthermore expected to provide information on additional prospective resources in the Concession which may enhance the value of the acreage and support continued exploration and appraisal activities.



Appointment of joint broker

The company is also pleased to announce the appointment of GMP Securities Europe LLP as joint broker with immediate effect.
04-Apr-2012
(Official Notice)
With reference to the cautionary announcement published on 2 September 2011 and the further cautionary announcements published on 13 October 2011, 24 November 2011, 10 January 2012 and 21 February 2012 on SENS, SacOil shareholders ("shareholders") are advised that the company is still in the process of considering various proposals and potential transactions, which if successfully concluded, may have a material effect on the price of SacOil ordinary shares ("shares"). Accordingly, shareholders are advised to continue to exercise caution when dealing in their shares until a further announcement is made in this regard.
29-Mar-2012
(Official Notice)
On 12 March 2012, Total E-P RDC ("Total") acquired a further 6.66% effective interest in Block III from DIG Oil (Pty) Ltd. ("DIG"), a shareholder in Semliki Energy SPRL ("Semliki"). Pursuant to the acquisition, Total's holding in Block III increased to 66.66%, whereas SacOil's effective interest remains unchanged at 12.5%, DIG's holding reduces to 5.84% and the Democratic Republic of Congo ("DRC") Government retains 15.0%. As a result of this transaction, Semliki, a company incorporated in the DRC and through which SacOil and DIG own their interests in Block III, is now owned 68% by SacOil and 32% by DIG. SacOil's effective interest of 12.5%, its entitlement to contingent cash bonuses of USD54 million and a free carry on all exploration expenses up to final investment decision (when a development plan is approved) remains unchanged.



Issue of shares for cash to YA Global Masters SPV Ltd ("YA") SacOil shareholders ("shareholders") are advised that 29 328 257 new SacOil ordinary shares ("SEDA shares") will be issued to YA at a price of R0.43 per SEDA share pursuant to the terms of the Standby Equity Distribution Agreement dated 12 October 2011 and approved by shareholders in a general meeting on 17 November 2011. Application has been made to the JSE to grant a listing of the SEDA shares. The listing of the SEDA shares on the JSE and the admission of the SEDA shares to trading on AIM are expected to take place on Wednesday, 4 April 2012. The SEDA shares will rank pari passu in all respects with the existing SacOil ordinary shares already in issue. The proceeds of the issue of the SEDA shares will be utilised towards funding of corporate costs in relation to potential transactions and proposals.



Appointment of auditors and joint broker

The company announced the following appointments effective 26 March 2012:

* Ernst - Young Inc. (South Africa) as independent external auditors; and

* FirstEnergy Capital as joint broker (United Kingdom).
21-Feb-2012
(Official Notice)
SacOil shareholders are advised that the company is still in the process of considering various proposals and potential transactions, which if successfully concluded, may have a material effect on the price of SacOil ordinary shares ("Shares"). Accordingly, shareholders are advised to continue to exercise caution when dealing in their shares until a further announcement is made in this regard.
08-Feb-2012
(Official Notice)
01-Feb-2012
(Official Notice)
SacOil announced that it has raised R5 000 000 by the issue of 11 111 112 new ordinary shares of no par value in SacOil to Peregrine Securities Pty Ltd ("Peregrine") at a price of R0.45 per ordinary share being a 10% discount to the 30 day VWAP of ordinary shares on 16 January 2012, the day prior to the signing of an irrevocable undertaking by Peregrine to subscribe for ordinary shares. Application has been made for these ordinary shares to be listed on the JSE Ltd ("JSE") and admitted to trading on the AIM Market of the London Stock Exchange plc and such listing and admission are expected to occur by no later than 1 February 2012.
07-Dec-2011
(Official Notice)
SacOil shareholders ("shareholders") are advised that further to the general meeting of shareholders which was held on Thursday, 17 November 2011 ("general meeting") and the passing of a special resolution relating to a specific authority to issue up to a maximum of 339 390 036 SacOil ordinary shares ("Shares") over a three year period ending November 2014 ("specific issue"), 14 318 181 shares (the "SEDA shares") have been issued to YA at a price of R0.44 per share pursuant to the terms of the Standby Equity Distribution Agreement dated 12 October 2011. Application has been made to the JSE to grant a listing of the SEDA shares. The listing of the SEDA Shares on the JSE are expected to take place on Tuesday, 13 December 2011. The proceeds of the issue of the SEDA Shares will be utilised to repay short term debt.
24-Nov-2011
(Official Notice)
With reference to the further cautionary announcement published on Thursday, 13 October 2011 on SENS, SacOil shareholders ("shareholders") are advised that the company is still in the process of considering various proposals and potential transactions, which if successfully concluded, may have a material effect on the price of SacOil ordinary shares ("shares"). Accordingly, shareholders are advised to continue to exercise caution when dealing in their shares until a further announcement is made in this regard.
17-Nov-2011
(Official Notice)
Shareholders of SacOil ("shareholders") are referred to the circular to shareholders dated 24 October 2011 relating to the following:

* a specific issue of 111 940 298 SacOil ordinary shares for R75 000 000 in cash to Timtex Investments Proprietary Ltd, being a related party to SacOil, at an issue price of R0.67 per SacOil ordinary share;

* a specific authority to issue up to a maximum of 339 390 036 SacOil ordinary shares for R197 992 500 in cash to Yorkville Advisers UK LLP, calculated using an illustrative issue price of R0.58 per SacOil ordinary share (collectively referred to as the "specific issues" );

* a specific payment to Encha Group Ltd of R1 500 000 pursuant to a promoter's fee ("specific payment"); and

* proposed amendments to the SacOil Share Option Scheme ("amendments").



Shareholders are accordingly advised that at the general meeting ("GM") of shareholders held on 17 November, the ordinary and special resolutions in relation to the specific issues and the specific payment as detailed above and tabled at the GM, were approved by the requisite majority of votes required from shareholders. An application has been made to the JSE to grant a listing of the 111 940 298 new SacOil shares, in respect of the specific issue to Timtex, with effect from Tuesday, 22 November 2011. Shareholders are further advised that the ordinary resolution dealing with the Amendments was not approved by the requisite majority of votes required from shareholders. This resolution required a 75% majority vote of all shareholders present and voting at the GM. Accordingly no amendments will be effected to the current share option scheme.



Results of annual general meeting

Shareholders are referred to the notice of the annual general meeting ("AGM") attached to the annual report for the year ended 28 February 2011, posted to shareholders on 24 August 2011. Shareholders are advised that at the AGM held on 17 November, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from shareholders.
14-Nov-2011
(C)
Revenue increased to R19.3 million (August 2010: R16.5 million), while gross profit increased to R5.7 million (August 2010: R5 million). The company recorded a profit on results from operating activities of R1.4 million (August 2010: R1.3 million). Loss attributable to owners of the parent amounted to R31.1 million (August 2010: loss of R7 million) and headline earnings per share was recorded at 5.69cps (August 2010: loss of 2.21cps).



Dividend

The board has resolved not to declare any dividends to shareholders for the period under review.



Prospects

SacOil has made solid progress on a number of fronts over the last six months. With the farm-out to Total in place and the funds gained though the placing and the SEDA, the company is well positioned to be able to progress its plans in Nigeria as well as look at additional options to grow its asset portfolio. The focus of most oil - gas companies in Africa is on high impact but sizable exploration assets. That leaves numerous already discovered and as such relatively de-risked smaller plays for SacOil to take advantage of. For a company of SacOil's size, these opportunities are not only highly commercial but also provide the potential for fast track production and revenue, which in turn creates the foundation for future step growth.
10-Nov-2011
(Official Notice)
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.
25-Oct-2011
(Official Notice)
SacOil shareholders were advised that the group has reasonable certainty that the group's earnings and headline earnings for the six months ending 31 August 2011 will be negatively impacted by at least 330% to 350%. The interim results for the six months ending 31 August 2011 will be released on or about 31 October 2011.
25-Oct-2011
(Official Notice)
13-Oct-2011
(Official Notice)
02-Sep-2011
(Official Notice)
SacOil shareholders were advised that SacOil is proposing, subject to shareholder and regulatory approvals,

*a specific issue of ordinary shares of no par value in SacOil ("ordinary shares") to Timtex Investments (Pty) Ltd ("Timtex"), an associate of Encha Group Ltd (currently a material shareholder in SacOil holding 36.01% of the issued ordinary shares) and a related party in terms of the JSE Ltd ("JSE") Listings Requirements. Timtex holds 4.96% in the issued capital of SacOil. Timtex has signed an irrevocable undertaking to subscribe for 111 940 298 new ordinary shares at an issue price of 67 cents per share ("the issue price"), being the closing price of an ordinary share on 29 August 2011, the day before Timtex signed such irrevocable undertaking ("the signature date")("the specific issue").



The proceeds of R75 000 000 from the proposed specific issue have already been received by SacOil, and will be utilised to fund the company's operations and projects.



The issue price will be at a premium to the weighted average traded price of SacOil securities over the thirty business days prior to the signature date. A promoter's fee of R1 500 000 will also be paid to Encha in terms of a letter of agreement between SacOil and Encha which entitles Encha to a promotor's fee equal to 2% of gross equity raised through introduction by Encha. The agreement to pay such fee, which is subject to the approval of the specific issue by shareholders, is considered to be a related party transaction pursuant to the AIM Rules for companies because Encha is a substantial shareholder in the company.



Documentation

A circular, setting out the full terms of the specific issue and incorporating a notice convening a general meeting of shareholders of ordinary shares to approve the implementation of the specific issue will be posted on or about 30 September 2011.



Cautionary announcement

Shareholders are advised that the company is considering various proposals and potential transactions, which if successfully concluded, may have a material effect on the price of SacOil's securities. Accordingly, shareholders are advised to exercise caution when dealing in the company's securities until a further announcement is made in this regard.
26-Aug-2011
(Official Notice)
Shareholders were advised that the annual financial statements for the year ended 28 February 2011, containing a notice of the annual general meeting of shareholders, will be distributed to shareholders (recorded in the share register on Friday, 19 August 2011), on Monday, 29 August 2011. These annual financial statements contain no modifications to the reviewed provisional results of the group as published on SENS on Tuesday, 24 May 2011. The annual financial statements will also be available on the company's website at www.sacoilholdings.com.



Notice of annual general meeting

Notice was given that the annual general meeting of shareholders will be held on Thursday, 17 November 2011 at 10:00 at 2nd Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston to consider, and if deemed fit, approve the resolutions as set out in the notice of the annual general meeting.
15-Aug-2011
(Official Notice)
Operational Update Block III, Albertine Graben, Democratic Republic of Congo SacOil Holdings Limited (AIM/JSE), the independent African upstream oil and gas company is pleased to provide an operational update on the Block III oil concession ("Block III"), Albertine Graben in the Democratic Republic of Congo (`DRC`), in which SacOil has an effective 12.5 per cent. interest. As announced on 4 March 2011, Semliki Energy SPRL ("Semliki"), a 50 per cent. owned subsidiary of SacOil, successfully concluded a farm-in agreement in March 2011 with Total E-P RDC ("Total") pursuant to which Total acquired an effective 60 per cent. undivided interest in, and became the operator of, Block III. The Government of DRC holds an effective 15 per cent. interest and DIG Oil holds an effective 12.5 per cent. interest respectively in Block III.



Work Programme

SacOil announce the establishment of the Block III Operations Committee ("Committee") for the management of Block III joint venture operations. The Committee consists of members from SacOil, Total, DIG and a representative of the Government. The first meeting took place in Kinshasa in June 2011 and further meetings are scheduled to take place on a bi-annual basis to monitor and report back on the execution of the work programme. The work planned and agreed on Block III includes an airborne gravity and magnetic survey over the licence area, the results of which are expected in Q4 of 2011. This will form the basis for the next stage of the programme which will include the acquisition of a targeted 2D seismic survey. The performance of the work programme is subject to first obtaining the relevant ministerial authorisation.
04-Aug-2011
(Official Notice)
SacOil would like to clarify incorrect information pertaining to the company, released on Bloomberg on 27 July 2011. The release claims that the company has received interest from internationals in terms of the ownership of the company and its assets. This is incorrect. The company was in fact asked whether it would consider a farm down or involvement of partners in its assets. The CEO's response was that there had been some interest indicated in doing so (as is normal in the Oil and Gas industry) but that no talks were taking place. Accordingly, shareholders were advised that the company is currently not involved in any discussions relating to the disposal of the company or its assets.
27-Jul-2011
(Official Notice)
Shareholders are referred to the announcement published on 27 June 2011, relating to the appointment of Mr. Jan Maier as chief operating officer. Prior to taking up his post and the effective date of his appointment, due to unforeseen personal reasons, the company and Jan have resolved that he will not take up the position. In the circumstances, the board of directors of SacOil has resolved to release Jan from his service agreement with the company. Mr. Bradley Cerff, the company's vice president, continues to manage SacOil's operational matters and remains focussed on bringing the company's current assets to account. The board of SacOil has already engaged in discussions with other experienced and qualified candidates from the Oil and Gas Industry who have been identified as being suitable to fulfil the role. A further announcement in this regard will be made in due course.
27-Jun-2011
(Official Notice)
The board announced the appointment of Jan Maier as chief operating officer of SacOil and appointment to the board with effect from 11 July 2011. The board is also pleased to announce the appointment of Bradley Cerff as vice president - commercial with effect 9 May 2011. Other recent appointments to the Board include Messrs. John Bentley and Bill Guest who were appointed as non-executive directors of the company.
08-Jun-2011
(Official Notice)
The aggregate of the Competent Person's Report valuations per SacOil share for SacOil oil and gas interests is 370 cents per share. The company has engaged further independent oil and gas industry specific analysts in both South Africa and the United Kingdom and expects further independent analyst reports on the company and its assets to be available to all stakeholders shortly.
25-May-2011
(Official Notice)
SacOil announced the appointment of Shore Capital Stockbrokers Ltd as the company's joint broker in the UK with immediate effect.
24-May-2011
(C)
Revenue increased to R35.1 million (R31.7 million). Gross profit rose marginally to R11.5 million (R11.5 million). A loss attributable to shareholders of R30 million (profit of R2.3 million) was made. In addition, a headline loss per share of 6.62cps (earnings of 0.95cps).



Outlook

SacOil is intent on becoming a leading independent African upstream oil and gas company with a balanced portfolio of Pan-African assets. SacOil's assets are in all phases of the upstream cycle - exploration, appraisal and near production - and are currently in the DRC and Nigeria. The board continues to seek other opportunities which have the potential to add value to the group.
24-May-2011
(Media Comment)
Business Day reports that SacOil CEO Robin Vela has asked the JSE to investigate what it deems to be suspicious movements of its share price, saying the company is concerned about the possible manipulation of its shares. The company?s hares fell more than 25% on the JSE. Mr Vela said SacOil suspected short-selling or manipulation of its shares and had referred the matter to the JSE.
23-May-2011
(Official Notice)
SacOil Holdings Ltd, the independent Pan-African upstream oil and gas company, listed on both the JSE Ltd ("JSE") and the AIM market of the London Stock Exchange ("AIM"), provides an update on its corporate activities. Further to the company's admission to AIM on 8 April 2011, the company has embarked on a number of successful initiatives, including road shows and presentations, to create awareness both locally and internationally of SacOil's strategic objectives. As part of the company's growth strategy, SacOil reviewed a number of potential capital raise opportunities to fund its current and future operations.



Global interest in a potential share offering was substantial however, given the present volatility in the markets, recent movements in the company's share price, particularly on the JSE, and a concern regarding dilution from existing shareholders, the company has accordingly determined that it will not complete a private placing of shares at this time. The company has instituted an inquiry into the cause of the share price movements and has raised concerns regarding the possible manipulation and/or short selling of its securities, to the relevant department of the JSE. The company has also received confirmation from all its major shareholders that they continue to support the Company and have not been divesting their interests in SacOil.
13-Apr-2011
(Media Comment)
According to Business Report, SacOil was considering raising as much as USD100 million (R664 million) in an equity offering to accelerate the development of its projects in Nigeria. SacOil wants to speed up development of its projects in Nigeria after selling part of its stake in an exploration block in the Democratic Republic of Congo to Total.
11-Apr-2011
(Official Notice)
The board of directors of SacOil ("the board") announced the appointment of, Mr. John Bentley and Mr. Bill Guest as non-executive directors, with effect from 1 May 2011.



Intention to raise further capital

Further to the company's successful listing on the AIM market of the London Stock Exchange on 8 April 2011, SacOil will be embarking on a number of initiatives including road shows and presentations to create awareness both locally and internationally of the company's strategic objectives as well as current and future business operations. It also intends to raise further capital to fund its current and future operations.



Appointment of sponsor

The board announced the appointment of Standard Bank as the company's sponsor on the JSE.
08-Apr-2011
(Official Notice)
SacOil announced the commencement of trading in its shares on AIM after an introduction by the company's nominated adviser and broker finnCap Ltd and joint broker Renaissance Capital Ltd. The company remains listed on the main board of the JSE Ltd. SacOil is intent on becoming a leading independent African upstream oil and gas company with a balanced portfolio of Pan-African assets.
31-Mar-2011
(Official Notice)
Further to previous announcements, the last of which was made on 4 March 2011, the board of SacOil is pleased to announce that Semliki Energy SPRL ("Semliki"), a 50 per cent subsidiary of SacOil and a company incorporated in the Democratic Republic of the Congo ("DRC"), has successfully completed the satisfaction of the conditions precedent for the transaction with Total in terms of which Semliki will transferto Total, a 60 per cent interest in the rights and obligations of the Contractant (the "Block III Rights") under the Production Sharing Contract pertaining to Block III, AlbertineGraben in the DRC ("Block III"). The last condition precedent, being the approval of SacOil shareholders ("shareholders") in general meeting, has now been satisfied.



Shareholders are advised that the ordinary resolutions, in relation to the transfer, the bonus issues, the specific issue to Renaissance, the conversion issue and the call options, as detailed above and tabled at the general meeting, were approved by the requisite majority of votes required from Shareholders. An application has been made to the JSE to grant a listing of the 796 577 new SacOil shares, in respect of the Specific Issue to Renaissance, with effect from Monday 4 April 2011. Shareholders are further advised that the proposed implementation of the Encha Memorandum of Agreement was not approved by the requisite majority of votes required from shareholders.
14-Mar-2011
(Official Notice)
11-Mar-2011
(Official Notice)
09-Mar-2011
(Official Notice)
Further announcement in relation to proposed admission to trading on the AIM Market of the London Stock Exchange ("AIM") With reference to an announcement on Securities Exchange News Services dated 8 March 2011, SacOil wishes to confirm that the company will not be listing any new shares upon admission to trading on AIM. Its existing shares in issue of 674 090 410 are expected to be admitted to AIM on or about 8 April 2011 thereby allowing foreign investors to trade in SacOil ordinary shares on AIM. The issued shares of the company remain 674 090 410 and will remain unchanged when both listed on the JSE Limited and admitted to trading on AIM.
08-Mar-2011
(Official Notice)
07-Mar-2011
(Media Comment)
According to Business Day, JSE-listed SacOil Holdings says one of Europe's largest oil producers France's total, will buy a 60% stake in its oil block in the Democratic Republic of Congo, which borders on oil-rich Uganda's fields. SacOil and black-empowered venture partner Divine Inspiration will each keep a 12.5% holding in its Block 3, Albertine Graben rights, while Congo's national oil firm, Societe Nationale Petroles du Congo, is likely to take 15%. "The value of that deal to SacOil is conservatively USD300 million", CEO Robin Vela said on Friday, and the venture hoped to find a minimum of 200-million barrels of oil. "We get an initial consideration - USD7.5 million cash up front; then the two bonuses equalling USD58 million at a final investment, which is three years from completion (of the contract) at end March, " he said.
04-Mar-2011
(Official Notice)
01-Mar-2011
(Official Notice)
21-Feb-2011
(Official Notice)
Following the requisite majority approval by SacOil shareholders at the annual general meeting of the company held on 17 November 2010, where SacOil directors received authorisation to issue shares for cash in accordance with paragraph 5.52 of the JSE Ltd's ("JSE") listings requirements, the board of SacOil is pleased to announce that 46 666 666 new SacOil shares ("the shares"), equating to 7.44% of the issued share capital of the company will be listed on the JSE and issued to PIC on or about 28 February 2011 ("issue for cash"). PIC is wholly owned by the South African government and its clientele comprises public sector entities - most of which are pension, provident, social security, development and guardian funds. PIC is one of the largest investment managers on the African continent and manages assets valued at over R910.9 billion (USD126.5 billion). With a mission to invest in viable investment vehicles to yield satisfactory gains for its shareholders, PIC's investment mix includes fixed income investments in the capital and money markets, equities listed on the JSE and properties in the industrial, commercial and retail sectors.



The shares will be issued at 150 cents per SacOil share to PIC, being a 7.69 per cent discount to the 30 day VWAP of SacOil's shares on the JSE on 17 February 2011, the date that PIC signed an irrevocable undertaking to subscribe for the shares. The shares have been offered at a discount due to the long-term strategic investment that PIC has made into SacOil and which will in the long run have mutual benefits for both entities. The shares will be used to fund working capital and will rank pari passu with the existing SacOil shares.
16-Feb-2011
(Official Notice)
The board of SacOil (the "Board") announced that, further to previous announcements the last of which was made on 19 January 2011, it is in advanced negotiations with TOTAL E-P RDC ("Total") pursuant to which Total will farm into an undivided interest in Block III. The Government of the Democratic Republic of the Congo, acting through the Minister of Hydrocarbons, has consented to Total farming into and being appointed Operator of Block III. The Board is currently finalising negotiations and full details of the farm in agreement will be announced in due course. SacOil shareholders are therefore required to continue to exercise caution when dealing in their SacOil securities, until a further announcement is made in this regard.
18 Jan 2011 11:23:38
(Official Notice)
Further to the cautionary announcement published on SENS on 7 December 2010 and announcements made on 25 June, 26 July, 3 September and 30 September 2010, SacOil shareholders are advised that the company is still considering various proposals and potential transactions, which if successfully concluded, may have a material effect on the price of SacOil`s securities. Accordingly, SacOil shareholders are advised to continue to exercise caution when dealing in the company's securities until a full announcement in this regard is made.

10 Dec 2010 08:44:51
(Media Comment)
Business Day reported that SacOil is in talks with "super-major" oil companies to help develop deposits in the Democratic Republic of Congo. CEO Robin Vela said SacOil is looking for partners that have technical expertise and operational capacity.
07 Dec 2010 10:47:38
(Official Notice)
18 Nov 2010 10:42:50
(Official Notice)
SacOil shareholders are referred to the detailed announcements relating to the proposed unbundling of Pioneer Coal (Pty) Ltd ("Pioneer Coal") dated 15 December 2008 and 25 March 2009 and are advised that the unbundling will not proceed on the basis as detailed in these announcements. However, Pioneer Coal is currently seeking coal exploration assets and once it makes a suitable acquisition, it is intended that such shares will be distributed to SacOil's shareholders by way of an unbundling.

17 Nov 2010 15:18:46
(Official Notice)
SacOil shareholders are advised that all of the resolutions tabled at the annual general meeting held on Wednesday, 17 November 2010 were passed by the requisite majority of shareholders. The special resolution will be lodged with the Registrar of Companies for registration as soon as is reasonably possible.
29 Oct 2010 07:44:48
(C)
Revenue increased slightly to R16.5 million (R16.1 million), while gross profit decreased to R5.0 million (R6.1 million). The company recorded an operating loss of R2.9 million (profit of R1.1 million). In addition, loss for the period amounted to R7 million (profit of R1.5 million) and headline loss per share was recorded at 2.21cps (earnings of 0.47cps).



Dividend

The board has resolved not to declare any dividend to shareholders for the period under review.



Prospects

As announced on 12 October 2010, SacOil is pursuing a secondary listing on AIM by the end of Q1 2011. Although SacOil has successfully raised capital by way of issues of shares for cash, the company?s intention is to attract new institutional investors to ensure that SacOil is sufficiently capitalised to further develop current exploration projects and execute near production and producing asset oil and gas transactions it has in the pipeline. SacOil has progressed on its stated strategic focus of targeting the acquisition of discovered but undeveloped or indeed prior producing but now shut in near term producing and production assets on the African continent. In the important Nigerian oil and gas market, the JV with EER gives SacOil an opportunity to pursue an initial transaction in the onshore swamp area of the Niger Delta of discovered but undeveloped oil assets. The JV partnership further benefits SacOil in that it can now acquire oil and gas assets disposed of by International oil companies as a result of Nigeria's indigenisation legislation. An introduction to AIM will provide the company with a further platform to raise its public profile and afford United Kingdom ("UK") investors the opportunity to participate in the future growth of the business. It is understood that the AIM market has a bigger appetite for upstream oil and gas assets. The company's vision is to successfully build SacOil into a Pan African independent upstream oil and gas company. It has an ambitious and aggressive acquisition led growth strategy and it is well positioned to harness its foot hold into Africa. Its JV with EER is a case in point.
27 Oct 2010 14:51:11
(Official Notice)
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 growth prospects. The financial information on which this trading statement is based has not been reviewed or reported on by the company's auditors.

15 Oct 2010 09:43:15
(Official Notice)
The board of directors of SacOil announce the appointment of Colin Bird, currently an Independent non-executive director, to the board as an executive director with effect from 13 October 2010.
15 Oct 2010 09:14:02
(Media Comment)
The Financial Mail reported that people were surprised to hear at a SacOil strategy briefing that Greg Blank, a successful trader who was sentenced to jail in 1992 for fraud, is a big investor in the company. That he is a shareholder in SacOil could say something about the company's risk and reward prospects. In addition, SacOil's share price surged from 18c to 94c in June 2010 when the DRC government granted it the block 1 concession in that country, which is in a highly prospective region. In addition, Blank is not the only investor to take an interest in SacOil. Metropolitan Asset Managers ("Metam") portfolio manager Godfrey Albertyn says Metam initially invested in SacOil in 2008, and Metam together with Stanlib took delivery of USD7 million worth of placement shares in the company in September 2010.
12 Oct 2010 08:02:36
(Official Notice)
Highlights:

*SacOil is pursuing a secondary listing on AIM by the end of Q1 2011.

*SacOil progresses on its stated strategic focus of targeting near term producing and production assets on the African continent.

*SacOil has appointed FINNCAP Ltd as its nominated adviser ("NOMAD") - joint broker while Rennaisance Capital Ltd will act as lead broker. Fasken Martineau LLP has been appointed as the United Kingdom ("UK") legal advisers to SacOil.

*The secondary listing would provide SacOil with access to European Capital Markets to support its aggressive acquisition drive.
05 Oct 2010 09:47:18
(Official Notice)
Highlights:

*Strategic focus on production and near production oil and gas fields;

*Joint venture agreement with credible Nigerian local partner, EER; and

*Joint venture positioned to participate in the Nigerian divestment programme for producing and near term production (undeveloped discoveries) oil and gas fields.



Strategic focus on production and near production oil and gas fields SacOil, the JSE listed Pan African independent upstream oil and gas company, has embarked on its strategy of seeking to acquire production and near production oil and gas fields on the African continent ("Production Assets"). SacOil's focus, in this regard, will be to target such Production Assets in established oil and gas production basins in Africa. Nigeria is the natural first stop given the long standing relations between Nigeria and South Africa. More specifically, Nigeria has many discovered but undeveloped oil and gas fields and there is active divestment of certain Production Assets by international oil companies ("IOCs") because of, inter alia, Nigeria's Indigenisation Laws. To acquire Production Assets, SacOil needed a local Nigerian partner and SacOil is therefore pleased to announce its entry into an unincorporated joint venture agreement with EER.



Energy Equity Resources

EER is 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 seven years. It has been involved in developing several assets in the region and worked with Shell, ExxonMobil, Chevron, Addax and Anadarko. EER has also worked with several independent and local oil and gas companies such as Afren Plc and Oriental Energy Resources Ltd.



EER has been involved in assisting the IOCs, host communities, the local and Federal government of Nigeria in finding a lasting solution to the issues in the Niger Delta. EER is run by professional and experienced Nigerian and International oil and gas industry experts and is owned by its management and some major United Kingdom institutional investors.
30 Sep 2010 13:01:09
(Official Notice)
22 Sep 2010 16:51:19
(Official Notice)
SacOil shareholders ("Shareholders") are referred to the previous announcement published on SENS on 15 September 2010 ("the Announcement") in which Shareholders were advised that the company had been cited as defendant in an action instituted by one Joseph Gadifele Modibane ("the Plaintiff") in the North Gauteng High Court.



Shareholders are advised that the company is now in receipt of a second summons from the Plaintiff citing the company as first defendant in another action instituted in the North Gauteng High Court. In his particulars of claim the Plaintiff alleges that the content of the Announcement was defamatory of the Plaintiff and claims payment from the company of damages in the amount of R80 000 000. The company believes the claim is without substance and has instructed its legal representatives, Deneys Reitz, to vigorously defend the action.

20 Sep 2010 14:32:05
(Official Notice)
15 Sep 2010 11:24:33
(Official Notice)
Shareholders are advised that the company has been cited as defendant in an action instituted by one Joseph Gadifele Mobibane ("the Plaintiff") in the North Gauteng High Court. The Plaintiff is a regular litigator and has instituted a number of actions against South African corporates in recent years. In his Particulars of Claim the Plaintiff alleges that, in terms of an agreement that was not reduced to writing, he was entitled to require the company to issue to him 105 000 000 shares in the ordinary share capital of SacOil at an issue price of 30 cents per share.



The Plaintiff further alleges that the company declined to comply with the alleged agreement and that he is consequently entitled to claim damages from SacOil in the amount of R67 200 000. Having regard to the information in its possession the board of directors is of the view that the claim is without factual foundation and is vexatious in nature. The company has therefore instructed its legal representatives, Deneys Reitz, to vigorously defend the action and seek punitive costs. A further announcement will be made as soon as progress in this regard has been made.

03 Sep 2010 16:07:19
(Official Notice)
30 Aug 2010 17:46:30
(Official Notice)
SacOil shareholders are advised that the annual financial statements will be distributed to shareholders on or about 30 August 2010 and contain no modification to the reviewed provisional results which were published on SENS on 21 May 2010.



Notice of the annual general meeting

Notice was also given that the 15th annual general meeting of shareholders will be held at 119 Rosen Office Park, 37 Invicta Road, Midrand on 17 November 2010 at 10:00 to transact the business as stated in the notice of annual general meeting forming part of the annual financial statements.



Change to the board

Robin Vela had been appointed the financial director of SacOil. On 10 August 2010 it was announced on SENS that Carina de Beer was appointed the financial director of SacOil in his stead. During his term as financial director, Robin Vela also assumed the role of acting CEO to SacOil. The board of directors announced that Robin will continue in the role of CEO with immediate effect.
11 Aug 2010 08:11:48
(Official Notice)
The board of directors of SacOil ("board") announced the appointment of Carina de Beer to the board as an executive director, in the position of financial director, with immediate effect.
26 Jul 2010 17:31:00
(Official Notice)
25 Jun 2010 15:45:07
(Official Notice)
24 May 2010 09:13:15
(Media Comment)
Business Day reported that oil and gas company Sacoil Holdings' chemical manganese processing plant lifted the company's financial performance in the past year. The Greenhills facility, situated in Graskop, Mpumalanga, produces manganese sulphate powder and manganese oxide for the feed, fertiliser and chemical industries. Sacoil attributed the improvement in the plant's performance to, among other things, "tighter" financial controls, accurate stock recording, an improved ordering system and the regular review of the cost of raw materials. The company was able to minimise the lag effect of cost increases to customers through regular reviews of selling prices, thus ensuring that gross margins are increased.
21 May 2010 16:01:04
(C)
Revenue increased from R20.8 million to R31.7 million in 2010.Gross profit increased to R11.5 million (2009:R4.4 million) and operating profit increased to R1.4 million (2009:Loss:R2.4 million). Profit attributable to ordinary shareholders increased to R2.3 million (Loss:R27.1million). Headline earnings on a per share basis increased to 0.95cps (Loss:8.65cps).



Dividends per share

A final dividend was declared for the period under review.



Prospects

The company's main focus is Oil and Gas. The investment in the exploration permit Gas potential Chaal Permit Area, Tunisia, will enable the company to add to its current financial and technical resources. The directors are also in the process of evaluating other value-adding acquisitions which will enhance shareholder value.



Further to a cautionary announcement made on 11 May 2010, SacOil shareholders are advised to continue to exercise caution when dealing in their SacOil securities until a further announcement is made with regards to the investment in the exploration permit Gas potential Chaal Permit Area, Tunisia.
19 May 2010 17:34:25
(Official Notice)
The board of directors of SacOil advises that its headline earnings per share for the year ended 28 February 2010 is expected to be between 0.85 and 1.05 cps as opposed to a loss of 8.65 cps as reported for the eight months ended 28 February 2009, and earnings per share is expected to be between 0. 68 and 0.74 cps as opposed to a loss of 8.65 cps as reported for the eight months ended 28 February 2009. SacOil will release its reviewed provisional results for the year ended 28 February 2010 on or before 21 May 2010.
11 May 2010 09:34:38
(Official Notice)
08 Feb 2010 12:38:21
(Official Notice)
Further to the circular dated 24 October 2008, shareholders are advised that the agreements in relation to the acquisition of the DRC oil concessions by the company have been extended to 8 March 2010. This is the last material outstanding suspensive condition to the acquisition of the oil concessions.
30 Nov 2009 10:52:37
(Official Notice)
Shareholders are advised that all ordinary resolutions and the special resolution proposed at the AGM of SacOil held on Friday, 27 November 2009, were passed by the requisite majority of shareholders. The special resolution will be lodged with the Registrar of Companies and Intellectual Property Registration Office, for registration in due course.
23 Oct 2009 08:15:18
(C)
Revenue R16.1 million (2008: R16.7 million),gross profit R6,1 million (2008:R3.1 million), attributable profit/loss R1,1 million (2008: loss R2,1 million),and headline earnings of 0.47c (2008: loss of 0.69c) were reported. Greenhills plant managed to increase sales levels significantly. Export sales increased as well as orders from the company's anchor client. Margins increased as a result of improved financial management including a new stock costing system to ensure effective control over stock levels, improved control over expenses, regular reviews of prices on raw materials and consumables without compromising on the quality of these products and quarterly reviews of selling prices.



Dividend

No dividend was declared to shareholders for the period under review.



Prospects

The company is actively and on a continuous basis evaluating and considering a number of producing and near producing oil and gas acquisition opportunities which could add value to its financial and technical resource base thereby enhancing shareholder returns.

19 Oct 2009 12:14:30
(Official Notice)
The board of directors of SacOil advises that its headline earnings per share for the six months ended 31 August 2009 is expected to be 0.47 cps as opposed to a headline loss of 0.69 cps as reported for the six months ended 31 December 2008, and earnings per share is expected to be 0.47 cps as opposed to a loss of 0.69 cps reported for the six months ended 31 December 2008.



The financial information contained in this trading statement has not been reviewed or reported on by the company's external auditors. SacOil will release its unaudited interim results for the six months ended 31 August 2009 on or before 26 October 2009.
03 Sep 2009 16:54:20
(Official Notice)
Mr. Brian Christie has resigned as non-executive director of the board of SacOil with effect from 1 September 2009. The board is pleased to announce the appointment of Mr Gontse Moseneke as non-executive director with effect from 1 September 2009.
18 Aug 2009 17:05:30
(Official Notice)
Shareholders are advised that the annual report of SacOil will be posted to shareholders on 19 August 2009 and that it contains no modifications to the company's reviewed results for the eight months ended 28 February 2009 as announced on 29 May 2009.



The annual general meeting of the company will be held in the boardroom, 119 Rosen Office Park, 37 Invicta Road, Midrand at 11:00 on Friday, 27 November 2009 to transact business as stated in the notice of the annual general meeting forming part of the annual report.
31 Jul 2009 11:55:39
(Official Notice)
Further to the circular dated 24 October 2008, shareholders are advised that the agreements in relation to the acquisition of the DRC oil concessions by the company have been extended to 31 January 2010. This is the last material outstanding suspensive condition to the acquisition of the oil concessions.
29 May 2009 15:45:03
(C)
The board resolved to change the year end of the company to the last day of February to coincide with that of its holdings company Encha Capital (Pty) Ltd. The company therefore reports to shareholders on results for the eight months to 28 February 2009.



A loss of 8.66c (5.68c), a headline loss of 8.66c (2.90c) and a net asset value of 13.11c (14.18c) per share were reported. Included in the loss for the eight months are corporate head office costs in relation to current and future anticipated corporate actions in an amount of R2.9 million. The 1.07c decrease in the net asset value is mainly due to these costs being expensed as well as the impairment loss on the revaluation of loans receivable.



Dividend

The board has resolved not to declare any dividend to shareholders for the period under review.



Future direction

SacOil Holdings' current operating business remains that of manufacturing manganese sulphate powder, manganese sulphate solution and manganese oxide at its plant near Graskop in Mpumalanga, referred to as the Greenhills plant. The focus of the company has however shifted to that of an integrated Oil and Gas company. The company is in the process of evaluating various value adding acquisition opportunities and considering additions to its financial and technical resources base which will be announced to shareholders in due course.
27 May 2009 15:05:32
(Official Notice)
SacOil advised that its headline loss per share for the eight months ended 28 February 2009 is expected to be 8.66 cents per share as opposed to 5.68 cents per share as reported for the period ended 30 June 2008, and loss per share is expected to be 8.66 cents per share as opposed to 5.68 cents per share reported for the period ended 30 June 2008. SacOil will release its reviewed provisional results for the 8 months ended 28 February 2009 on or about 29 May 2009.
11 May 2009 09:06:16
(Official Notice)
Mr R Vela's designation on the SacOil board has been changed from Executive Director to Financial Director with effect from 7 May 2009.
02 Apr 2009 12:36:44
(Official Notice)
Further to the circular dated 24 October 2008, shareholders are advised that the agreements in relation to the acquisition of the DRC oil concessions by the company have been extended to 31 July 2009. This is the last material outstanding suspensive condition to the acquisition of the oil concessions.
25 Mar 2009 09:26:16
(C)
Revenue increased to R16.7 million (R8.6 million) for the six months to 31 December 2008 and the loss from operations widened dramatically to R2.5 million (loss of R0.3 million). A net attributable loss of R2.2 million (profit of R0.2 million) was also recorded. However, the headline loss per share narrowed to 0.69cps (loss of 0.87cps).



Dividend

No dividend has been declared.



Prospects

SacOil's current operating business remains that of manufacturing manganese sulphate powder, manganese sulphate solution and manganese oxide at a chemical manganese processing plant near Graskop in Mpumalanga, better known as the Greenhills plant.



The focus of the company has however shifted to that of an integrated oil and gas company. The company is in the process of evaluating various value adding acquisition opportunities and considering additions to its financial and technical resources base which will be announced to shareholders in due course.
20 Mar 2009 07:46:16
(Official Notice)
The board of directors of Sacoil advises that its headline earnings per share for the six months ended 31 December 2008 is expected to show a 21% reduction in the loss per share as opposed to the 0.87 cps as reported for the comparable period ended 31 December 2007, and earnings per share is expected to move to a marginal loss per share from the marginal profit of 0.47 cps reported for the comparable period ended 31 December 2007. Sacoil expects to release its interim results for the period ended 31 December 2008 on or about 26 March 2009.
02 Mar 2009 09:32:30
(Official Notice)
The board of directors advise that, at the Annual General Meeting of shareholders held at the registered offices of the company on Friday, 27 February 2009, the ordinary resolutions as set out in the notice of the Annual General Meeting contained in the company's 2008 Annual Financial Statements, were duly passed by the requisite majority votes. The special resolution whereby authority was given to the company and/or any of its subsidiary companies, to by way of a general authority, acquire ordinary shares issued by the company is in the process of being submitted to the companies and intellectual property registration office.
12 Jan 2009 16:50:45
(Official Notice)
Shareholders are advised that the agreements in relation to the acquisition of the DRC oil concessions by the company have been extended to 31 March 2009. This is the last material outstanding suspensive condition to the acquisition of the oil concessions.
15 Dec 2008 17:22:48
(Official Notice)
12 Dec 2008 11:31:29
(Official Notice)
The annual report of SacOil will be posted to shareholders on 12 December 2008 and that it contains no material modifications to the company's reviewed results which were announced on 10 September 2008. Notice is hereby given that the annual general meeting of the company will be held at the boardroom 119 Rosen Office Park, 37 Invicta Road, Midrand, Gauteng on Friday, 27 February 2009 at 11:00 to transact business as stated in the notice of annual general meeting forming part of the annual report.
11-Dec-2008
(Permanent)
SA Mineral Resources Corporation Ltd. was renamed to SacOil Holdings Ltd on 12 December 2008.
04 Dec 2008 10:55:30
(Official Notice)
Samroc shareholders are referred to the circular and announcements dated 24 October and 27 November 2008 detailing, inter alia, the company's change of name to SacOil Holdings Ltd ("SacOil") and the transfer of its listing to the "Mining - Integrated Oil and Gas" sector of the JSE Ltd ("JSE") list. The special resolution authorising the name change has been registered and the salient dates applicable to the change of name and transfer of sector are therefore as follows:

*Last day to trade under the name "Samroc" -- Thursday, 11 December 2008

*Shares will trade in the new name under JSE Code SCL and ISIN ZAE000127460 from -- Friday, 12 December 2008

*Expected listing date for SacOil shares under the new name on the JSE in the "Mining - Oil and Gas" sector of the JSE list -- Friday, 12 December 2008

*Record date for the change of name -- Friday, 19 December 2008



Further cautionary announcement

Further to the announcements released on SENS on 2 September and 24 October 2008, shareholders are advised that the negotiations referred to therein are ongoing. Accordingly, Samroc shareholders are advised to continue to exercise caution when dealing in their Samroc shares until a further announcement is made.
27 Nov 2008 13:03:07
(Official Notice)
Shareholders are referred to the circular to Samroc shareholders dated 24 October 2008 relating to the acquisition by Samroc of certain oil concessions in the Democratic Republic of Congo, an issue of Samroc shares to the oil concession vendors; the introduction of a share option scheme, the granting of share options to non-executive directors, a change of Samroc's name to SacOil Holdings Ltd and the transfer of its listing to the "Mining - Integrated Oil and Gas" sector of the JSE Ltd list and are advised that at a general meeting of Samroc shareholders held on 21 November 2008, all the ordinary and special resolutions relating to the transactions were approved by the requisite majority of Samroc shareholders. A further announcement will be made by not later than 4 December 2008 confirming the salient dates relating to the change of name. Shareholders are reminded that the acquisition of the DRC oil concessions remains subject to the fulfilment, by not later than 31 December 2008, of the outstanding suspensive condition that the President of the DRC issue an ordinance or equivalent authorisation of the relevant production sharing agreements in respect of the DRC oil concessions.
04 Nov 2008 12:23:07
(Official Notice)
Samroc shareholders are referred to the circular and announcement dated 24 October 2008 detailing, inter alia, the company's change of name to SacOil Holdings Ltd ("SacOil") and the transfer of its listing to the "Mining - Integrated Oil and Gas" sector of the JSE Ltd ("JSE") list and convening the general meeting of shareholders to approve the aforesaid on Friday, 21 November 2008. The proposed salient dates applicable to the change of name and transfer of sector are as follows:

* Circular posted -- Friday, 24 October 2008

* Forms of proxy to be lodged by 11:00 -- Wednesday, 19 November 2008

* General meeting of Samroc to be held at 11:00 -- Friday, 21 November 2008

* Results of general meeting announced on SENS -- Friday, 21 November 2008

* Results of general meeting announced in the press -- Monday, 24 November 2008

* Last day to trade under the name "Samroc" -- Thursday, 11 December 2008

* Shares will trade in the new name under JSE Code SCL and ISIN ZAE000127460 -- -- Friday, 12 December 2008

* Expected listing date for SacOil shares under the new name on the JSE in the "Mining - Oil and Gas" sector of the JSE list -- Friday, 12 December 2008

* Record date for the change of name -- Friday, 19 December 2008

* SacOil share certificates will be posted to certificated shareholders -- Monday, 22 December 2008

* Dematerialised shareholders will have their accounts updated by their CSDP or broker -- Monday, 22 December 2008
24 Oct 2008 11:40:18
(Official Notice)
15 Oct 2008 17:27:54
(Official Notice)
Mr R Vela's designation on the Samroc board has been changed from non-executive director to executive director with effect from 27 August 2008.
11 Sep 2008 12:35:47
(Official Notice)
Shareholders are referred to the announcement dated 10 September 2008 and advise that the company consolidated and converted its issued share capital on 8 November 2007, not 8 November 2008 as stated in the SENS announcement.
10 Sep 2008 16:44:50
(C)
Revenue rose to R18.6 million (R15.4 million). The operating loss widened dramatically to R5.1 million (loss of R0.2 million) and the net loss after tax grew hugely to R9.5 million (loss of R0.8 million). In addition, the headline loss per share worsened to 2.90cps (loss of 2.26cps).



Dividend

No dividend has been declared.



Further cautionary

In the light of the above and further to previous cautionary announcements, the last of which was dated 2 September 2008, Samroc shareholders are advised to continue to exercise caution when dealing in their Samroc shares until a further announcement is made.



Prospects

Following the agreement, the directors of Samroc have decided to focus the business of Samroc on that of the exploration and development of oil and gas resources. During the months following the announcement of the agreement, Samroc has received numerous proposals to invest in other minerals-related ventures, inter alia, the abovementioned coal exploration companies. The directors of Samroc decided that the coal exploration companies held strong value creating potential for the shareholders of Samroc and accordingly decided to acquire the coal exploration assets for the benefit of Samroc shareholders via Pioneer Coal, and at the same time, to dispose of the Greenhills plant and Bushveld Pioneer, a wholly owned subsidiary of Samroc, to Pioneer Coal. The unbundling will allow shareholders to attribute appropriate separate ratings to their holdings in Samroc and Pioneer Coal. It is expected that this will unlock any potential discount that may eventuate by retaining both companies under a single share structure. It will also enable the companies to develop separate management and funding structures that will be appropriate for the businesses they operate.
04 Sep 2008 07:12:44
(Official Notice)
Samroc is expecting the loss for the year ended 30 June 2008 to be between 1020% and 1030% higher and the headline loss for the same period to be between 470% and 480% higher compared to the loss and headline loss for the previous comparative reporting period. The increase in the loss and headline loss for the year resulted mainly from corporate head office costs in relation to current and future anticipated corporate actions amounting to R2.2 million as well as loans written off amounting to R1.8 million. The loss for the year further includes an impairment loss recognised on the revaluation of property plant and equipment amounting to R5.2 million.
02 Sep 2008 09:36:14
(Official Notice)
Samroc shareholders are advised that the directors of Samroc are considering proposals in terms of which:

* Samroc`s Greenhills Manganese Sulphate business ("Greenhills") will be acquired by a subsidiary of Samroc, Bushveld Pioneer (Pty) Ltd ("Bushveld Pioneer");

* A newly formed company, Pioneer Coal Ltd ("Pioneer Coal") will acquire Bushveld Pioneer from Samroc in exchange for shares in Pioneer Coal;

* All the shares in Pioneer Coal held by Samroc will be distributed to Samroc shareholders by way of an unbundling, on the basis of one Pioneer Coal share for each Samroc share held;

* Immediately after the unbundling, Pioneer Coal will acquire three mineral exploration companies which hold a number of mineral exploration rights on farms situated mainly in Limpopo and Mpumalanga; and

* An application will be made for the listing of Pioneer Coal on the JSE.



In the light of the above and further to the cautionary announcements the last of which was dated 5 August 2008, Samroc shareholders are advised to continue to exercise caution when dealing in their Samroc shares until a further announcement is made.
05 Aug 2008 13:09:54
(Official Notice)
Further to the cautionary announcements, the last of which was released on SENS on 23 June 2008, Samroc shareholders are advised that the negotiations referred to therein are still taking place which, if successfully concluded, may have an effect on the price of the company's shares. Accordingly, Samroc shareholders are advised to continue to exercise caution when dealing in their Samroc shares until a further announcement is made.
31 Jul 2008 12:37:05
(Official Notice)
Mr Stephen Rowse has resigned as an executive director with effect from 31 July 2008.
23 Jun 2008 09:10:21
(Official Notice)
Further to the cautionary announcements released on SENS on 28 February, 26 March and 12 May 2008 respectively, Samroc shareholders are advised that the negotiations referred to therein are still taking place which, if successfully concluded, may have an effect on the price of the company's shares. Accordingly, Samroc shareholders are advised to continue to exercise caution when dealing in their Samroc shares until a further announcement is made.
12 May 2008 12:37:02
(Official Notice)
Samroc shareholders are advised that the negotiations referred to therein are still taking place which, if successfully concluded, may have an effect on the price of the company?s shares. Accordingly, Samroc shareholders are advised to continue to exercise caution when dealing in their Samroc shares until a further announcement is made.
22 Apr 2008 17:03:04
(Official Notice)
Mr Colin Bird has been appointed as the non-executive director of Samroc with immediate effect.
01 Apr 2008 15:45:04
(C)
Turnover of R8.574 million is 23% ahead of that of the prior comparative period, and enabled the plant to realise a small profit of R174 000 versus a loss of R712 000 for the prior period. The directors are of the opinion that the company remains a going concern. No dividend has been declared or recommended for this period.
26 Mar 2008 12:48:39
(Official Notice)
06 Mar 2008 12:14:35
(Official Notice)
At the annual general meeting of the company held on 30 January 2008, the requisite majority of shareholders approved an ordinary resolution authorising the directors to issue shares for cash in accordance with the Listings Requirements of JSE. During the current financial year, Samroc has not issued any ordinary shares under the general authority. The 40 864 120 ordinary shares referred to above were issued to Metropolitan Asset Managers, a public shareholder as defined by the Listings Requirements. The shares will be issued at an issue price of 75 cents per share which represents a discount of less than 10% to the weighted average traded price of 82 cents in respect of the 30 business days prior to the date on which the terms of the general issue for cash were fixed, being 25 February 2008.
28 Feb 2008 13:27:13
(Official Notice)
Samroc has given notification as follows:

*that Ms Elsa Taylor has resigned as company secretary to Samroc and Fusion Corporate Secretarial Services (Pty) Ltd have been appointed as the company secretaries with immediate effect, and

*Mr Simon Farrell has resigned as a director with immediate effect.
26 Feb 2008 13:10:39
(Official Notice)
Samroc shareholders are advised that the directors of Samroc are considering proposals in terms of which, subject to a number of conditions precedent:

* Samroc will acquire an interest in at least one oil concession in the Albertine Graben area of the Democratic Republic of the Congo (DRC) and will apply to the JSE for a transfer of listing to the "Oil and Gas" sector of the JSE List;

* Samroc will convert its wholly-owned subsidiary, Bushveld Pioneer (Pty) Ltd into a public company. Bushveld Pioneer will acquire Samroc`s existing manganese sulphate business in its entirety, and Samroc will distribute the entire share capital of Bushveld Pioneer to Samroc shareholders by way of a dividend in specie; and

* Bushveld Pioneer will acquire interests in a number of mineral exploration rights in South Africa and will apply for a listing on the JSE in the "General Mining" sector of the JSE List.



In the light of the above, Samroc shareholders are advised to exercise caution when dealing in their Samroc shares until a further announcement is made.
08-Jan-2008
(Permanent)
A 10:1 share consolidation took place on 20 December 2007 and all historical figures have been adjusted.
20 Apr 2006 11:46:12
(Official Notice)
Mr Koen de Rooster has resigned as a director with immediate effect.
30 Mar 2006 15:01:28
(C)
The company was severely affected by the absence of orders from its major client Namzinc, which suffered a production setback during the period under review. The testing of Samroc's product by Namzinc was completed towards the end of the half year and orders resumed at normal levels during February 2006. The continued strengthening of the rand again resulted in Samroc not being able to enter the export market leaving the company with no alternative markets to substitute the Namzinc sales. Revenue declined to R2.6 million (R7.1 million) and the group reported an operating loss of R1.6 million compared to the previous comparative period's profit of R3 000. A headline loss of 0.43cps (Nil) was declared.



Dividend

No dividend has been declared or recommended for this period.



Prospects

The events of the half year again emphasised Samroc's exposure to client risk and management is investigating ways in which the business can be restructured in order to reduce the risk profile of the company.
06 Jan 2006 14:26:45
(Official Notice)
Shareholders are advised that the annual report of the company will be posted to shareholders on or about 9 January 2006 and that it contains no material modifications to the reviewed results announced on 30 September 2005. The financial information set out in the annual report was audited by Samroc's auditors, Moore Stephens MWM. Their report contains an emphasis of matter with respect to Samroc's ability to continue as a going concern. This audit opinion is available for inspection at Samroc's registered office. The annual general meeting of the company will be held at the boardroom, 2nd Floor, NiMag House, Pinewood Office Park, 33 Riley Street, Woodmead on 1 February 2006 at 10:00.
05 Dec 2005 08:30:41
(Official Notice)
Further to the cautionary announcement released on SENS on 12 September 2005, Samroc shareholders are advised that the discussions referred to therein have been terminated. Accordingly Samroc shareholders no longer need to exercise caution when dealing in their Samroc shares.

30 Sep 2005 17:59:20
(C)
The company was able to report a profit despite difficulties with its major customers. This was mainly due to the cost cutting exercise during 2004 and the reduction in the interest charge. The company also managed to significantly improve its working capital position. However, the suspension of purchases by Namzinc is impacting the working capital post the balance sheet date. Should the outcome of discussions with Namzinc not be as expected by Management, an announcement will be made regarding further steps to be taken. Revenue for the period was R14.2m (R12.6m), an operating profit of R0.8m was posted against an operating loss of R1.2m for the corresponding period and headline earnings improved from a loss of 0.64 cps to a profit of 0.1 cps.The directors believe that if the concerns can be addressed timeously the business could maintain its profit success of the last year. However, the going concern would be under threat if the matter is not resolved.



Disposal and cautionary

It was reported on SENS on 13 September 2005 that GVM Metals Ltd, a company registered in Australia and listed on the Australian Stock Exchange, had signed an agreement dated 8 September 2005 to dispose of its holding of 113 000 000 ordinary shares in Samroc, representing 30% of the issued share capital of Samroc ("the disposal"). The purchase consideration payable is R1 130 000, equating to 1 cent per Samroc share. The disposal is conditional, inter alia, upon the satisfactory outcome of a due diligence investigation by the purchaser by not later than 25 October 2005. Messrs R Linnell and S Farrell who are directors of Samroc, are directors of GVM Metals Ltd and as such have an indirect interest in the Samroc shares disposed of. In addition, further to the cautionary announcement released on SENS on 12 September 2005, Samroc shareholders are advised that discussions are still taking place which, if successfully concluded, may have an effect on the price of the company's shares. Accordingly, Samroc shareholders are advised to continue to exercise caution when dealing in their Samroc shares until a further announcement is made.
29 Sep 2005 17:44:42
(Official Notice)
Samroc is expecting marginally positive earnings per share and headline earnings per share for the year ended 30 June 2005 compared to the loss and headline loss of 0.64 cent per share of the previous comparative period.

12 Sep 2005 14:47:42
(Official Notice)
Further to the cautionary announcement released on SENS on 28 July 2005, Samroc shareholders are advised that discussions are still taking place which, if successfully concluded, may have an effect on the price of the company`s shares. Accordingly, Samroc shareholders are advised to continue to exercise caution when dealing in their Samroc shares until a further announcement is made.

29 Jul 2005 11:28:45
(Official Notice)
Further to the cautionary announcement released on SENS on 15 June 2005, Samroc shareholders are advised that discussions are still taking place, which, if successfully concluded, may have an effect on the price of the company`s shares. Accordingly, Samroc shareholders are advised to exercise caution when dealing in their Samroc shares until a further announcement is made.
15 Jun 2005 16:59:57
(Official Notice)
Samroc shareholders are advised that discussions are taking place which, if successfully concluded, may have an effect on the price of the company`s shares. Accordingly, Samroc shareholders are advised to exercise caution when dealing in their Samroc shares until a further announcement is made.

07-Nov-2017
(X)
Efora is a South African based independent African oil and gas company, listed on the Johannesburg Stock Exchange (JSE). The Company has a diverse portfolio of assets spanning production in Egypt; exploration and appraisal in the Democratic Republic of Congo; midstream project relating to crude trading in Nigeria; and downstream fuel wholesale operations in southern Africa. The Company continues to evaluate industry opportunities throughout Africa as it seeks to establish itself as a leading, full-cycle pan-African oil and gas company.


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