Sacoil Share Discussion Threads

[panamabob2] 27/1/2014 16:53

That was an interesting punt at the end of 500000 @1.70.

Let's see if tomorrow brings more movement in our favour.

[bronislav] 27/1/2014 15:53

Yes but not to be LM.....We have some good assets and just need to catch up and get them developed .Be nice to get an update from the chairman on his hopes for the future on all these assets .Total said we could be sitting on 2-3 billion barrels in Congo quite a while ago but that was quickly stomped on by SAC .My view is vela wanted this as low as possible so he could let Gairloch get their hands on it for a song but now although they have a nice chunk we are still in the game ....News flow is what we need starting with the seismic that has been revisited .

[liquid millionaire] 27/1/2014 15:45

Makes you wonder Bronislav what the picture would have looked like if UK investors had been able to participate in the SAC rights issue?

[bronislav] 27/1/2014 15:36

Well quite a few issues sorted today ,rights offer well taken up by Pi,s and PIC AND GAIRLOCH SORTED .......any decent news could send this significantly higher with shares tightly held.EER still owing us over 20 million so all in all looking much better .

[panamabob2] 27/1/2014 14:42

Agree Liquid.Just dipped my toe in and looking forward to the posible news re takeup tomorrow.

[liquid millionaire] 27/1/2014 14:20

SAC looking really very good here

[bl0] 27/1/2014 13:41

They are paying R 0.35 now v high volume.

[bronislav] 27/1/2014 10:36

the rights issue only available in s africa because of aim rules seemingly but not sure.tomorrow we should find how much interest there has been ...PIC has committed to full amount so guessing there will be plenty interest.So much potential here and it depends on whether the new board can pull it off in an honest fashion .The previous board didnt exactly cover themselves in glory ,the new team have impressive credentials but as i have learnt to my cost it doesnt always guarantee a favourable outcome.That said we are in a better state than we were 12 months ago.watch this space.lol.
We have been trading at a discount so maybe market is just catching up,cant see any major updates with recent director buy.

[liquid millionaire] 27/1/2014 10:35

Perhaps the rights issue has been heavily oversubscribed and hence all the buying in the open market in SA Bronislav?

[liquid millionaire] 27/1/2014 10:20

Rights issue only available in SA i think Bronislav?

[bronislav] 27/1/2014 10:14

The results of the rights offer are scheduled to be announced tomorrow.

[bronislav] 27/1/2014 09:09

With the recent bidding round starting in December for marginal fields I wonder if sac with all their powerfull board members are in for something that is near production.volume up on JSE and hit 32 in s Africa.

Now 34 in s Africa.

[bl0] 27/1/2014 09:08

Big rise today in SA!

[bl0] 24/1/2014 15:03

A lot of oilies are up though. Fingers xxxxd its something else.

[bronislav] 24/1/2014 11:19

Volume up and small tick ups on JSE.

[bl0] 15/1/2014 16:08

Good volume on jse and a little rise thrown in as well!

[bronislav] 05/1/2014 09:28

Titilola our new director will be abreast of developments.hopefully with "SUPPORT" from the rest of the board.

[liquid millionaire] 03/1/2014 12:55

Exactly right warnock1 as with TOM it could well also be a multi bagger year for SAC!

[scruffee] 03/1/2014 12:31

TSTR OTC 100% OWNED Company



Massive volume buying NOW And no wonder

Portage Minerals Inc. Announces Antimony-Gold Discovery at Bald Hill, New Brunswick Antimony prices at record levels above US$10,700 per tonne with lack of availability from China.

Portage Resources Inc (Pink Sheets: POTG) would definitely be on my short list. There is no explanation for the stock trading over 34 million shares yesterday and shooting up from $.11 to $.29 nor for its continued trading today, already over 9 million shares.

I don't want to waste a lot of my time or yours on this but, given the activity, I thought it appropriate to give it a mention here

[warnock1] 03/1/2014 12:21

Why not indeed !!

[dr rosso] 03/1/2014 11:07

25% up today. Why?

[bronislav] 30/12/2013 08:57

Expecting a rise short term.

[cliveas] 11/12/2013 16:19

RNS basically underwrites rights issue at 1.6p a share :

The Directors of SacOil are pleased to announce, in accordance with Rule 13 of the AIM Rules, that the Company has entered into an agreement with the Public Investment Corporation (SOC) Limited ("the PIC") dated 3 December 2013 in terms of which the PIC has agreed to advance funding to the Company in the form of a convertible bridge loan facility (the "Convertible Bridge Loan") of US$20.5m to fulfil the Group's financing obligations relating to its assets, in advance of the Specific Issue and the receipt of funds from the Rights Offer ("the Transactions") (as detailed in the announcement dated 12 September 2013).

The Convertible Bridge Loan is advanced to SacOil at a rate of interest linked to the 3 month Johannesburg Interbank Agreed Rate and is repayable by 31 January 2014 ("the Repayment Date"). It is anticipated that the repayment of this Convertible Bridge Loan will be through the issue of sufficient number of Rights Offer Shares to the PIC at R0.27 per SacOil share. Shareholders are reminded of the PIC's undertaking to support the Rights Offer to the extent of R329,211,713.

To the extent that the Transactions are not implemented by the Company prior to the Repayment Date, then the Convertible Bridge Loan shall be settled by the issue of new shares in the Company, sufficient in number, at a price of R0.27 per SacOil share to enable the conversion of the Convertible Bridge Loan into shares in the Company ("the Bridge Loan Shares"). The issuance of the Bridge Loan Shares shall be subject to the passing of a special resolution, at a general meeting of shareholders on or before 14 March 2014, authorising such issuance.

By virtue of the PIC being a substantial shareholder (16.59%) in the Company, the Convertible Bridge Loan constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules. The directors of SacOil consider, having consulted with finnCap Limited (the Company's nominated advisor), that the terms of the Convertible Bridge Loan are fair and reasonable insofar as the Company's shareholders are concerned.

11 December 2013