| Wed 8 Jun 2011, 8:00 | | SCL - Sacoil Holdings Limited - Corporate update |
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SCL
SCL
SCL - Sacoil Holdings Limited - Corporate update
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL
AIM share code: SAC
ISIN: ZAE0000127460
("SacOil" or "the Company")
CORPORATE UPDATE
- Confirmation of total number of shares in issue - 684 million in total as of
today
- Competent Person`s Report ("CPR") valuations of SacOil`s oil and gas interests
- 370 South African ("SA") cents per share
Total number of shares in issue
The Company confirms that the total number of shares in issue in the capital of
SacOil is currently 683,929,202 ordinary shares of no par value.
On admission to AIM ("Admission"), the Company did not issue any new shares. The
purpose of the Admission was to allow SacOil shares to trade on the AIM market,
meaning that shares would either trade on the JSE or on AIM with the total
number of shares in issue remaining the same.
Competent Person`s Report valuations of SacOil`s oil and gas interests, as
previously disclosed at the time of Admission
The aggregate of the Competent Person`s Report valuations per SacOil share for
SacOil oil and gas interests is 370 SA cents per share, calculated as follows:
Interest CPR valuation CPR valuation CPR valuation per
(US$ million) (R million) SacOil share
(SA cents)
1 2
Block III 128.9 3 866.0 127
OPL 233 87.1 4 585.0 85
OPL 281 160.5 5 1,079.0 158
TOTAL 376.5 2,530.0 370
1. Converted at US$1=R6.72 being the mid rate at 16:30 BST on 7 June 2011
2. Calculated using 683,929,202 shares in issue
3. CPR of 24 February 2011 produced by Bayphase Limited, in relation to
SacOil`s interest in Block III, Albertine Graben, DRC ("Block III")
values the Total E&P RDC farm in to Block III to SacOil on a cost approach
basis on completion as US$128.9 million.
http://www.sacoilholdings.com/o/files/SacOil-Block3-AIM-CPR-feb2011.pdf
4. CPR of 25 February 2011 produced by TRACS International Consultancy
Limited, in relation to SacOil`s interest in OPL233, Nigeria
("OPL233") includes an economic evaluation of the P50 Money of the Day
Present Value of SacOil`s stake in OPL233, assuming an oil price of
US$100/bbl, of US$87.1 millionhttp://www.sacoilholdings.com/o/files/SacOil-
OPL233-CPR-feb2011.pdf
5. CPR of 25 February 2011 produced by TRACS International Consultancy
Limited, in relation to SacOil`s interest in OPL281, Nigeria
("OPL281") includes an economic evaluation of the P50 Money of the Day
Present Value of SacOil`s stake in OPL281, assuming an oil price of
US$100/bbl, of US$160.5 million.
http://www.sacoilholdings.com/o/files/SacOil-OPL281-CPR-feb2011.pdf
The Company has engaged further independent oil & 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.
8 June 2011
For Further Information:
Sponsor
Standard Bank
Nominated Adviser and Joint Broker
finnCap Limited
Matthew Robinson/Ed Frisby
+44 (0) 20 7600 1658
Joint Broker
Shore Capital Stockbrokers Limited
Jerry Keen/Dru Danford
Tel: +44 (0) 20 7408 4090
Tavistock (Public Relations UK)
Edward Portman / Jos Simson
Tel: +44 (0) 20 7920 3150
The Riverbed Agency (Public Relations SA)
Raphala Mogase/Bongiwe Moeli
Tel: +27 (0) 11 783 7903
Additional information on SacOil can be found at www.sacoilholdings.com.
Date: 08/06/2011 08:00:17 Produced by the JSE SENS Department.
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