08/04/2011 The London Stock Exchange welcomes SacOil Holdings Limited to AIM
The London Stock Exchange would like to welcome SacOil Holdings Limited (‘SAC’) following its introduction to AIM today. The Company is admitted to AIM with a market cap of approximately £128 million and remains listed on the Main Board of the JSE Limited
SacOil is intent on becoming a leading independent African upstream oil & gas company with a balanced portfolio of Pan-African assets. SacOil’s assets are in all phases of the upstream cycle – exploration, appraisal and near production and are currently in the Democratic Republic of the Congo and Nigeria.
The Company owns 50 per cent of the issued capital of Semliki Energy SPRL ("Semliki”), a Company incorporated in the DRC, which in turn holds the oil concession rights pertaining to Block 3, Albertine Graben in the DRC (“Block 3”). On 31 March 2011, Semliki concluded a farm in agreement with Total E&P RDC (“Total”) pursuant to which Total acquired a 60 per cent undivided interest in, and became the operator, of Block 3.
In Nigeria, SacOil has formed a joint venture with the established oil and gas company, Energy Equity Resources (“EER”) to acquire and/or develop oil and gas assets. SacOil and its subsidiaries have since entered into farm-in agreements in relation to oil concession blocks OPL 281, an onshore block covering some 138 km2, and OPL 233, located in the shallow water area of the Niger Delta.
Robin Vela, CEO of SacOil commented today:
“We are delighted to be bringing the SacOil story to the wider universe of UK and European investors who appreciate and understand the long term African oil and gas growth story and investment opportunities. We believe we have a compelling proposition to aggressively acquire new acreage, as well as develop and de-risk our assets through to production, thereby establishing the company as a balanced portfolio independent African upstream company.”
finnCap Limited and Renaissance Capital Limited are joint brokers to the Company and finnCap Limited is its Nominated Adviser.