10 Nov 2011 07:00
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" or "the Group")
10 November 2011
Johannesburg
Trading statement update (JSE)
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 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 (£20, 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 (£20.6) 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.
JSE Sponsor
The Standard Bank of South Africa Limited
For further information please contact:
AIM Nominated Adviser and Joint Broker
finnCap Ltd
Matthew Robinson / Christopher Raggett +44 (0)20 7220 0500
Joint Broker (United Kingdom)
Shore Capital Stockbrokers Ltd
Jerry Keen / Bidhi Bhoma +44 (0)20 7408 4090
Public Relations (South Africa)
The Riverbed Agency (SA)
Raphala Mogase / Bongiwe Moeli +27 (0) 11 783 7903
Public Relations (United Kingdom)
Pelham Bell Pottinger (UK)
Philip Dennis/Nick Lambert/Rollo Crichton-Stuart +44 (0)20 7861 3232