Trading Statement (8297R)
10 November 2011 - 6:01PM
UK Regulatory
TIDMSAC
RNS Number : 8297R
SacOil Holdings Limited
10 November 2011
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 (GBP20, 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 (GBP20.6) 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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