| Mon 30 Apr 2012, 8:10 | | SCL - Sacoil Holdings Limited - Issue of shares for cash to YA Global Masters |
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SCL
SCL
SCL - Sacoil Holdings Limited - Issue of shares for cash to YA Global Masters
SPV Ltd
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL AIM share code: SAC
ISIN: ZAE000127460
("SacOil" or "the Company")
30 April 2012
Johannesburg
Issue of shares for cash to YA Global Masters SPV Ltd
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.
ENDS
About SacOil
SacOil is an African independent upstream oil and gas company, focused on
African assets, with a dual listing on the JSE and AIM. SacOil`s vision is to
build a balanced hydrocarbon exploration and production portfolio using the
Company`s African heritage to bring about a competitive advantage at the point
of entry. SacOil`s primary strategic objective is the development, exploration
and production of discovered assets, with existing or near-term production, cash
and revenue potential.
SacOil is focussed on oil and, where there is a defined access to market, gas in
proven hydrocarbon bearing basins. The company seeks to build a portfolio of
assets across the E&P spectrum from potentially high-impact exploration through
to undeveloped discoveries with near-term cash flow potential and to production
with defined upside.
The Company is willing and able to operate through the exploration phase but
will continue to focus on the establishment of strategic industry partnerships
in order to maximise its opportunity set, manage portfolio risk, and ensure that
the optimum technical and operating skills are applied to each opportunity.
Consistent with this strategy, SacOil has built up an E&P portfolio including
oil discoveries in Nigeria and potentially high-impact exploration in the DRC
detailed as follows:
- in Block III DRC, through its partnership with Total, it is envisaged that
the work program committed to will demonstrate prospectivity and eventually
lead to oil production;
- in relation to OPL 281 Nigeria, SacOil is in the process of evaluating and
appraising oil discoveries through the reprocessing of seismic data with a
view to drilling an appraisal well; remaining conditions precedent to the
farm-in agreement include perfection of title and all the necessary
Nigerian government and Nigerian National Petroleum Company (`NNPC`)
consents in relation to the licence; and
- in OPL 233 Nigeria, the Joint Venture Committee consisting of SacOil,
NIGDEL and EER is committed to acquiring 3D OBC seismic data, which should
assist in evaluating the size of the existing oil discovery.
JSE Sponsor
Nedbank Capital
For further information please contact:
finnCap Limited (Nominated Adviser and +44 (0)20 7220 0500
Broker)
Matthew Robinson / Christopher Raggett
First Energy Capital (Joint Broker UK) +44 (0) 20 7448
Majid Shafiq 0200
Travis Inlow
GMP Securities Europe LLP (Joint Broker +44 (0)20 7647 2800
UK)
Nick Morgan
Chris Beltgens
The Riverbed Agency (SA)
Raphala Mogase +27 (0) 11 783 7903
Pelham Bell Pottinger (UK)
Philip Dennis +44 (0)20 7861 3919
Nick Lambert +44 (0)20 7861 3936
Rollo Crichton-Stuart +44 (0)20 7861 3918
Date: 30/04/2012 08:10:22 Produced by the JSE SENS Department.
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