Member Info for angstrom

to how long they can remain suspended? Is it possible they'll just do nothing until the DRC asset bears fruit and then use that revenue to restructure the debt? Assuming that Total is carrying the rest of the development costs and that there is actual oil in the Albertine Basin...

"Intangible assets include patents, copyrights, trademarks, trade names, franchise licenses, government licenses, goodwill, and other items that lack physical substance but provide long-term benefits to the company. Companies account for intangible assets much as they account for depreciable assets and natural resources." In the Consolidated Statement for the 6 months to Aug 2011 we have an entry for 'Net surplus on disposal of intangible assets' of R98.5m, compared to a nil entry for the previous 12 months, so I presume this accounts for a large part of the 657% increase in headline earnings. Note 5 pertaining to this entry reads: "The net surplus on disposal of intangible assets consists of two components. Firstly, a loss on disposal of intangible assets in an amount of R139.6m (US$20.4m), which represents the disposal by Semliki; a 50% owned subsidiary of SacOil incorporated in the DRC, of a 60% interest in the Block III oil concession rights (“Block III Disposal”) to Total calculated taking into account an initial consideration received in an amount of R102m (US$7.5m). The Block III Disposal was completed on 31 March 2011 and the initial consideration was duly received by Semliki. Secondly, included the net surplus on disposal of intangible assets, is an adjustment of R238.1m (US$33.7m) in relation to the Block III Disposal. In recognising the income, the management of SacOil considered new and updated information on Block III which justified an adjustment of the value of the first contingent bonus payable by Total to Semliki in terms of the Block III Disposal. The amount of R238.1m (US$33.7m) was recognised in other financial assets on the statement of fi nancial position as at 31 August 2011." Looks to me like they have tried to put a number on the perceived value of the Block III asset (a government license and therefore intangible) vs the cost of the TOTAL farm-in. A less cynical person might call this counting your chickens before they've hatched... If anyone has a clearer and more informed understanding of this I would look forward to standing corrected!

Looking at the charts you can see that yesterday matched an all time low for SAC. We haven't had a mid price of 3.12 since late October. Today it's bounced back to touch the 20 day moving average which is some relief! Does anyone know when the 2012 report is due?

I'm assuming there will be a provisional report for 2012 later this month. The prov numbers for 2011 were published May 24 last year...

correction - 33m, not 3.3 - that makes it so much better (not). and i thought the spanish debt auction was my worst worry this morning...

and i'm going back to bed... even if it is someone who desperately needed to liquidate, it'll take some time for 3.3m unwanted shares to work through the system. on a day when everything else is going up, SAC is a real killjoy.

but this is primarily LTBH ... patience is a virtue!

of buy the rumour, sell the news. i dont think we'll see 5.25 again for a while now ... much as i'd be happy to be proven wrong.

completely agree, but i did sell 20% of my position. will buy it back next week @ 4.25

hope you all took some profit while it was there... very strange day.

but yes you may be right ... especially as RENA is the only one at 4.75. no one else is even close...

a 26% jump and you're bored? clearly a hard man to excite. of course it will fall back, but easily the best thing to happen on my screen today...

Hello all, just came across this forum and keen for any info re Sacoil. In particular, does anyone know what this 'cautionary statement' is likely to be about? Under what kind of circs do companies normally issue such things? thanks for any enlightenment!