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I'm pretty sure the company will continue. The Assets of the company are of higher or similar quality to Lekoil or Eland Oil. It was very apparent from yesterdays meeting that there has been an absolute disregard for any risk analysis or corporate governance from the board in allowing transactions to occur creating the current debt to Gairloch. EER according to the contracts have to pay SAC $7.4m dollars today , failing which, they then have to pay a further $7m for other loans due or loose title of their share in Block 233 to SAC. Given the demand for near oil assets I'm sure that there will be some takers !! ( that $7.4m if they pay can be used to settle down some of the debt to Gairloch ) . Yes taking the conversion was an easy way out , but I'm not sure I would have liked to be in bed with a company that seems to have engineering the debt in the first place.
Yup , was there , very interesting and quite heated, some big shareholders asked some very pertinant questions ie : How is it possible that any sound minded board could take on loans at 10% per month compounded that is more than 280% per annum , there is no company in the world that can stand that. % outcome of votes was about 30% for the conversion . Minutes of meeting should probably be available from co secretary , can check up for you As far as new appointments, only know of the 2 new directors that will be on 1 June 2013 as per Sens , and that there is already an acting CEO . The key thing at the moment is to settle the very onerous legacy loan ( taken on by the exiting directors ) from Gairloch . Interesting fact that came out yesterday is that EER the company that owes SCL $26m is owned by Gairloch. How is it possible that the exiting so called management ,then borrows mone from them at above loan shark rates !!!
Yup , was there , very interesting and quite heated, some big shareholders asked some very pertinant questions ie : How is it possible that any sound minded board could take on loans at 10% per month compounded that is more than 280% per annum , there is no company in the world that can stand that. % outcome of votes was about 30% for the conversion . Minutes of meeting should probably be available from co secretary , can check up for you As far as new appointments, only know of the 2 new directors that will be on 1 June 2013 as per Sens , and that there is already an acting CEO . The key thing at the moment is to settle the very onerous legacy loan ( taken on by the exiting directors ) from Gairloch . Interesting fact that came out yesterday is that EER the company that owes SCL $26m is owned by Gairloch. How is it possible that the exiting so called management ,then borrows mone from them at above loan shark rates !!!
what happened at the meeting yesterday ? were you there? What was the % outcome of the vote? Can we get hold of the minutes of the meeting? Is the company likely to continue ? who is likely to be appointed and what sort of time scales are there for new appointment . I would really appreciate your views a bit worried at the moment
I am pretty up to date with company , and details if you guys require any further info ,I can try assist in calming some of the fears. Or giving some insight into what happened
Suspension due to not having sufficient directors. See extract from RNS 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. The only thing is a CEO but as I understand it , there already is an acting CEO, so the suspension should be lifted shortly after.
what makes you think they will apoint on Monday? this is shocking !!! any news please keep us updated
YUP !! Sit it out I think its for the best. The new directors are due to be appointed on Monday, Its not as if Bently & Guest were productive to the company , they are professional directors who effectively havent offered much assistance. R Vela might have been " running ? " the company but so far has only resulted in the share price coming down. I think the new directors will signal a new beginning for this company.
lmstrade 09:34 Guys understand , In terms of AIM regs the company has to be suspended while , there is a shortage of directors . Remember there are still directors in the company just no CEO. Company will unsuspend as soon as Directors have been appointed.
So has anybody been through something like this before ? What happens now. Do we have to just sit it out and wait for new directors to be appointed......?
what will happed to the share price ?
Sacoils Partner Total takes in some cash money (undisclosed means large) and interesting they say they are investing in "QPI will buy into offshore oil-producing facilities as well as assets under development and exploration blocks", also means SAC's forth coming income from total shouldn't be a problem...they gots lots...they spent enough on man city..lol The foreign investment arm of Qatar Petroleum, the state-run energy company, will participate in a 15 percent capital increase for the Republic of Congo unit, Total and Qatar Petroleum International, or QPI, said in a joint e-mailed statement. QPI will contribute to Total’s investment in Congo, specifically the Moho North project, the companies said today. Qatar is acquiring oil and gas reserves abroad amid a halt to development of the country’s North Field, the world’s largest gas reservoir. The Congo agreement came one month after QPI and Centrica Plc (CNA) agreed to buy natural gas fields in Canada from Suncor Energy Inc. (SU) for C$1 billion ($965 million). QPI will buy into offshore oil-producing facilities as well as assets under development and exploration blocks, the company said in an e-mail. Total’s Congo operation produced 113,000 barrels of oil equivalent a day for the unit last year, QPI said
SacOil Holdings Limited announces approval of three onshore petroleum prospecting licences in Botswana Tuesday, May 14, 2013 SacOil Holdings Limited, the African independent upstream oil and gas company, is pleased to announce that its Botswana subsidiary, Transfer Holdings (Proprietary) Limited, has been advised by the Botswana Department of Mines that three exploration licences 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 (Proprietary) Limited on 29 April 2013.
This will move higher.
Im hoping it signals the start of a breakout with steady upward movement.
Hi mate. I dont hold any at the moment. I think tge company has amazing potential still but the sp is being played due to market conditions. Watching for a re entry below £1.25
I have no idea about charting Rigger so I'll leave you to work that out ;-) As far as I'm concerned it is good to see a steady rise over the last few trading days........lets hope it continues. The BOD are increasing the license areas that is clear but we need to see some signs of moving forwards with these properties.
Broke out of a descending wedge three days ago, but also broke above resistance plotted from October 2012 high, Feb 2013 high and high on 10th April 2013, yesterday so pretty strong move, the last three days. Needs to get above 200 day ma which acted as resistance today to achieve short term target 2.49/2.5p - Could be forming flagpole of potential bullflag/pennant, but too early to say, so maybe some consolidation first. If it does play out this way then 3.5p could be next target, after period of consolidation. I know nothing about this stock, just had a quick glance, closes above 200 day ma(running about 2.28p) will be the key. Any pullback/backtest of trendline running across previous highs around 1.93 would/could be a buy. GL.
Afren started this way
Big orders being filled now. Watch this space.