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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Sacoil | SAC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 0.825 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.825 | 0.825 |
| Top Posts |
|---|
Posted at 02/3/2014 09:34 by bronislav looking up imformation on Pic south Africa's public investment corporation is quite revealing .Worth about 150 billion dollars it has become a giant and continues to grow ...being the largest shareholder in sacoil it bodes well for our future .Recent volume in South Africa points to the future looking far rosier than it did under the disappointing mr vela.Fridays 2.9 million buy at circa 3.4 p points to where this company is likely to be going ,forwards ,and in a big way .With the JSE leading the way ,we have trailed a tad behind share price wise and maybe investors in s Africa are thinking its better value buying on aim ,who knowns .Whichever way you look at it there are many positives.quality assets. High profile management and sugar daddy backer ....interesting times ahead me thinks ....imho... |
Posted at 27/1/2014 15:45 by liquid millionaire Makes you wonder Bronislav what the picture would have looked like if UK investors had been able to participate in the SAC rights issue? |
Posted at 17/7/2013 10:30 by swinging_dick Nail on head FletchIf they do come back, the old punters will hold and pray and the new punters with buy and hope. Add in a consolidation to make the price look a bit more respectable (with no benefit to investors) and we're off again on the director pump and pay bandwagon as the shareprice once again, sinks into the mire. All they need is a new band of fools with money (not me this time). Put my money in lloyds now, think it's a multibag potential, but a little bit safer, and a divi to come. |
Posted at 09/6/2013 21:08 by bronislav Mr Mboweni...take a look at this chaps cv and you will find he hardly comes across as a scoundrel and the fact he has got involved with sacoil suggests it has worth.RG .it does seem that the company has a long way to go to realise any value for investors ,your analysis may be accurate but sacoil is a long way from dead and buried and the resignation of the old board is a massive plus in my opinion,they new guys cannot do any worse than the last lot although in their defence we do have an excellent asset in DRC and the nigerian assets also have great potential .Whilst I do value your input it is a little less valuable given your sudden change in sentiment in Paternoster resources as you said we need look no further as it was the biggy and now its suddenly not so attractive to you after it has fallen from its highs.EER owe sacoil $26 million and if this isn't payed EER will have to relinquish their share of opl233and opl281,given the value of these assets I feel sure the new board will have plenty takers for those 20%shares. |
Posted at 28/5/2013 16:02 by bronislav Well if that's what they meant by results will be out in 2ndor3rd week in may then they needn't of bothered .No mention of any progress ,updated reserves ,chevron seismic .Nothing to get anyone in the slightest bit interested.Very poor showing .tuck these away and hope that sacoil don't screw over the investors .Lots of wages being paid out and nothing coming in to pay them.The only time we have had any thing to get us excited was the report on the Congo by a reporter and that was quickly stomped on by the company downplaying the report. |
Posted at 22/3/2013 17:01 by rajaster their happy with their annual 2 million quid salary including options.vela behaves like he works at total.. but atleast total keep investors updated. |
Posted at 04/11/2012 19:37 by swinging_dick This'll bankrupt a few bears. Love it!-------------------- EU short selling rules spark confusion By Brooke Masters and Vanessa Kortekaas Late and complex guidance from regulators has left the markets unprepared and confused ahead of today's imposition of the first pan-EU rules on short- selling, according to brokers, traders and investors. The far-reaching regulation, which was finalised in March, imposes tough disclosure requirements for investors who place large bets that the prices of EU-listed shares or bonds will fall. The legislation also tightens rules against "naked" shorting selling shares without arranging to borrow them first and bans investors from buying credit default swaps on debt issued by sovereigns in the 27-nation bloc unless they can show they are hedging a long position. But investors and their lawyers have complained that the European Securities and Markets Authority, the pan-EU regulator, has failed to give them enough guidance on how to calculate the size of their short positions. "It's a shambles," said Darren Fox, a partner at Simmons & Simmons who advises hedge funds. "People are crying out for clarity. I can't remember another piece of European legislation being implemented this badly." Dealers are even angrier. The regulation contains important exemptions to the rules for market makers but Esma is not expected to issue final guidance on what counts as market making until later in November. "The regulators aren't ready for this," said Paul Cluley, a partner at Allen & Overy who has been advising market participants. "Esma isn't ready. It is coming into force because there is a political will to be seen to be doing something, even if no one knows quite how, or indeed if, it will work." The regulation also marks one of the first times that the EU has sought to regulate transactions outside its borders any shorting of a security with a primary listing in the EU is covered. "This is really the first time that non-US regulation has impacted directly [on] US market traders," said Stephen Wink, partner at Latham & Watkins, the law firm. "I think this was a real surprise for many folks in the US market." The UK's Financial Services Authority recently set up an application procedure for institutions that think they fit under the market-making exemption but the City watchdog has told banks and brokers to look to Esma to define what is covered. Esma officials acknowledged that the guidance on market makers would not be ready in time. But they noted that the EU regulator has already published two sets of frequently asked questions and downplayed the importance of the market-maker guidelines. "The requirement regarding the market-maker and primary-dealer exemption is already set out in the regulation," Esma said in a statement. "The proposed guidelines, which are currently under discussion, are aimed at clarifying and explaining the application of the regulation, but do not change its scope." But dealers said they needed the final guidelines to see whether Esma had responded to complaints that the draft version was significantly more restrictive than the regulation itself. "There isn't total clarity on how that market-making exemption will work," said Richard Metcalfe of the International Swaps and Derivatives Association. "There is still debate about what actually constitutes market making and whether that has to be a frequent activity. That shouldn't be the case." The new law also calls for the EU watchdog to opine whether national regulators are being reasonable when they impose emergency bans on selling equities and bonds short. Esma is expected to issue its view of the current Greek and Spanish bans this week. |
Posted at 21/9/2012 10:14 by stateoftheonion I emailed Robin last week asking for timescales around an update on Nigeria and received a response from Sian Peters saying that they had recently appointed an investor relations firm (Keyter Rech Investor Solutions) to assist with better shareholder communication. This concerned me so i sent Robin a further email - see below. Still not delighted about what I see as unwarranted ramp up in administration expenses, however good news is that we can expect a Q3 Operational update shortlyBest of luck all SOTO -------------------- Dear xxxxx I note your concern regarding cost control (and can assure you I am very conscious of this for a junior company) but given that we are listed in two jurisdictions, with differing requirements/ demands in each, some additional costs are unavoidable. We will be providing an operational update shortly to cover progress in Q3 2012. Regards Robin Vela From: xxxxxxxx@xx.com Sent: 18 September 2012 18:23 To: Robin Vela Subject: RE: Concerned shareholder Dear Robin Please see attached an email from Sian Peters in response to the email I sent you last week. I am slightly concerned on a couple of fronts. Firstly I was assured in your email below that you "remain accessible to all shareholders" but this now does not appear to be the case. Secondly I am worried about SacOil's cost control and whether the expense of employing Keyter Rech for investor relations is strictly necessary a quarterly operational RNS is not a huge amount of newsfeed and SacOil's trading volumes on JSE and AIM are hardly stratospheric. I, like you, am a Chartered Accountant and take a dim view of unnecessary expenditure and I view outsourced investor relations for a Junior Oil and Gas Explorer to be excessive when you already have inhouse resource in Sian that can respond to queries if Directors are unable to respond directly. I feel that it is particularly insensitive given SacOil's recent share price performance. In addition we are still early in our exploration cycle and so are a long way from monetising our assets meaning that every dollar spent will ultimately need to be met by financing of some sort. I do not wish to be the type of investor that harangues CEOs but I feel I have some valid concerns. I am aware that you are in a close period and would never seek commercially sensitive information but was simply seeking some timing guidelines for an operational update on OPL233 and 281. I look forward to hearing from you Kind regards xxxxx |
Posted at 26/4/2012 19:54 by swinging_dick Well oiled plans for cash, looking for acquisitions. Andrew McNulty Thursday, 26 Apr 2012 SacOil, the oil exploration company listed on the JSE and on London's AIM market, has taken a step forward with its funding arrangements by posting a US$25m performance bond in Nigeria. This is the latest in a series of financial initiatives the company has announced since last August, and helps secure its exposure to an oil concession in Nigeria's Niger River delta. It also takes the company closer to an important transition. The partners in the concession area can now go ahead with plans for an appraisal well in the area, which is known to contain oil. Data obtained by running the well over an extended period may enable SacOil to book proven resources. But the well is also expected to produce oil that could be sold and provide cash flow for SacOil and its partners. By increasing its access to internally generated cash flow, the company will strengthen its funding capacity and may improve its prospects of acquiring new exploration or operating assets. CE Robin Vela says management is aiming to acquire both types of assets but is particularly interested in those that produce cash, as these can help fund capital requirements or other acquisitions. Vela, who points out the stock is trading under a cautionary notice, says active discussions about possible deals are in progress. This was the model applied successfully by Energy Africa, previously the exploration arm of Engen until it was acquired and delisted from the JSE by Ireland's Tullow in 2004. Energy Africa's former CE, John Bentley, joined SacOil as a nonexecutive director last May. The share valuation could also benefit. SacOil has a mix of international and SA investors, the latter including several institutional investors such as the Public Investment Corp. SA investors have remained wary of small-cap resources stocks in recent years, and tend to look for cash flow when valuing counters in the sector. UK investors are more interested in the potential growth in value of exploration companies' assets. Since last October the share has traded around 55c, below the 86,6c NAV reported in the August interims. There have been several equity issues since the balance sheet date, including a R75m issue to Timtex, a company associated with SA's Moseneke family. In the long run investors' attitudes to the stock, and the company's ability to grow, will be influenced by the oil price. At present, uncertainty about the market outlook is unusually high. The price has been lifted this year by geopolitical factors, mainly the sanctions by the US and its allies against Iran, and by supply shortfalls in some regions. The International Energy Agency said last week that small, minor oil field closures in the North Sea had affected the price of Brent, a global benchmark for oil. Exports from Nigeria, South Sudan, Syria and Yemen have also declined. But a gradual economic recovery in the US has supported demand. At the same time members of the Organisation of Petroleum Exporting Countries (Opec) have increased production. Iraq's output is rising steadily and Libyan production has recovered sharply. Saudi Arabian output has reached a three-decade peak. The Saudi oil minister, Saudi oil minister, Ali al- Naimi said recently that supply fears were overdone. In its April oil market report, Opec refers to "signs of adequate supply". Brent oil was trading this week at $118/barrel, down from a recent high above $126/bbl. However, SacOil appears to have good potential for growth through leveraging its present assets and by acquisitions. It should be seen as a long-term play on the scramble for energy in Africa. |
Posted at 07/12/2011 23:32 by brandon72 Evening shaun...im sure you have seen this article before but thought afterthe news today its worth looking at robin vela,s comments on strategy again. He means business! .................... The almost unseemly scramble by wildcatters and majors alike suggests Africa is the go-to area for oil and gas. Tullow Oil (LON:TLW), Anadarko (NYSE:APC) and Heritage Oil (LON:HOIL) are just three former minnows who can map their success back to being among the first movers on the continent. Hoping to emulate the trio's accomplishments is AIM newcomer SacOil (LON:SAC, JSE:SAC), although chief executive Robin Vela describes the company as "Energy Africa Mark II'. "We'd like to replicate that model," he told Proactive Investors. Energy Africa was bought by Tullow back in 2004 for US$570 million, but its assets are the foundation stone on which the FTSE 100 giant's achievements are built. As part of that deal it acquired the hugely promising Lake Albert project in Uganda, which has created the latest buzz around Tullow and turned the region a magnet for the big boys. Over the border in the Democratic Republic of Congo, but very much within AlbertineGraben basin that has yielded some elephantine oil discoveries, South Africa-based SacOil has acquired a 3,177 kilometre licence area simply named Block III. The success of Tullow in Uganda suggest Block III is highly prospective for oil a fact borne out by SacOil's partnership with French major Total, which has farmed in for 60 per cent. The total value of the deal is US$300 million, says SacOil. It will receive US$61.5 million staged over the next five years, of which US$7.5 million has already been paid. It also leaves the company with a 12.5 per cent interest in the licence. As important, SacOil receives a free carry on all the exploration work right up to the final investment decision phase in other words the point at which it is decided whether Block III is commercially viable and bank debt financeable. Under the terms of the fairly rigid timetable it has with Total, this final decision phase will occur in around three years, which means we could see first oil from Block III in five years. SacOil owns its stake in the oil licence via a DRC company called Semliki, which is half owned by a consortium of local business people. The tie-up with Total is hugely beneficial for SacOil on a number of levels. First, it is a massive vindication of the quality of the asset. "Total wouldn't come in with us if the asset wasn't going to move the needle for them", Vela said. "It also helps mitigate the exploration, exploitation and expropriation risks. Total bring a lot more to the table than they take away," he explains. "This includes foreign direct investment, validation of the acreage, expedition of time to production, a commercialisation route given its access to infrastructure in the area and the introduction of industry norms to the country. "They are experienced in the continent, so investors can sleep at night now Block III is being operated by a world class operator." The competent person's report talks of a contingent resource to SacOil of around 24 million barrels of oil, which could be worth as much as US$125 million based on recent deals in the area. Not that the value of Block III, or the potential of SacOil's Nigerian assets are reflected in the current rock bottom share price. It has tumbled as the company, which has a listing on the South African exchange, took a secondary quote on AIM in April. Vela believes South African investors panicked when the keenly-anticipated London listing didn't immediately deliver the anticipated uplift in the share price. "We came onto AIM because we recognised, even though we had significant support in the South African market, South Africa doesn't understand oil and gas," Vela explained. "That has been shown up in the recent fall in the share price. (South African) investors were looking for a guide from AIM when we came across here to list. "But because we didn't do a placing of shares there was never that reference point. The idea was to fast-track, reinforce the board, get analysts to write about the stock so more people could understand the underlying value. "That process will eventually see itself through, but we have a bit of problem here as the South African investors are thinking London hasn't taken to the shares. What they don't realise is there is zero liquidity at the moment on AIM." Rational analysis suggest the shares are worth many multiples of their current value, and the competent persons report "speaks to a share price of 3.70 rand", or the equivalent of 34 pence, Vela says. The current price is 7.5 pence. Included in that valuation are the Nigeria assets, which we have barely touched on so far. The company owns a 20 per cent stake in licence areas OPL 233 in the Niger Delta and 281, which is on dry land. Its local partner and majority shareholder in the Nigeria project is London-based Energy Equity Ventures. If Block III in the DRC offers investors the blue-sky exploration opportunity, then Nigeria provides the very real prospect of production 18 months to two years down the line. "These assets aren't exploration, they are near-production and appraisal assets which have been drilled, have oil discoveries and have been logged," Vela says. "We aim to fast-track these assets by potentially re-entering the existing well, flowing the oil and booking the reserves. This would then enable us to reserve-base lend against them." Vela says OPL 281 will cost around US25 million to bring into production at an estimated 30,000 barrels a day, while the partners will spend the same amount on OPL 233, which it is hoped will flow at 10,000 barrels a day. The budget for the latter will also pay for a fairly comprehensive seismic survey on the area. "We've got 100 foot of net pay oil, but we haven't flowed it yet. The risk is that we just re-enter the well and can't flow it hence our desire to carry out a prior confirmatory seismic exercise before so doing." Vela had hoped to add production assets to the portfolio. However the current share price makes fundraising difficult. Even so he and his team are part way to turning SacOil into a regional champion along the lines of Energy Africa. SacOil has even recruited John Bentley, the founding chief executive of EA, as a non-executive director and more recently it recruited Jan Maier, former Tullow exploration manager, as chief operating officer. "Ours is a capital growth play that has blue-sky exploration acreage and also near-production and production acreage," Vela says. "We are not saying we are going to find the next big thing in Africa. That's not our skill set. That's not where we value add. "Our skill set is going into addresses that have proved to be highly prospective and acquiring acreage. We have demonstrated we have, as a validated South African based upstream company, a competitive advantage at the point of entry." |
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