Share Name Share Symbol Market Type Share ISIN Share Description
Sacoil LSE:SAC London Ordinary Share ZAE000127460 ORD SHS NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.825p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 212.0 4,467.4 0.1 8.7 26.98

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Date Time Title Posts
20/6/201608:55SacOil - The next Afren ?2,772.00
01/2/201312:31SacOil Holdings Limited: DRC(Block III) & Nigera(Block OPL 281)297.00
15/1/201317:54SacOil : DRC and Nigerian oil company29.00
16/4/201219:57Sacoil - The road back to 20p24.00
27/12/201117:18SacOil - The Investors Thread21.00

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DateSubject
09/12/2016
08:20
Sacoil Daily Update: Sacoil is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker SAC. The last closing price for Sacoil was 0.83p.
Sacoil has a 4 week average price of 0.95p and a 12 week average price of 1p.
The 1 year high share price is 1.55p while the 1 year low share price is currently 0p.
There are currently 3,269,836,208 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Sacoil is £26,976,148.72.
27/1/2015
12:46
kayfash: Sac the next Afren?Looks at Afren's current share price.... Ermmmm
21/2/2014
07:35
liquid millionaire: Have heard various rumours emanating from South Africa as you say all to do with TOTAL which could include a TAKE OVER of SAC but imo i see more of a farm in or JV type of deal. Anyway either way SAC are seriously headed northwards with my share price target for SAC being 10p+
12/2/2014
15:15
liquid millionaire: TOPINFO 12 Feb'14 - 13:33 - 383897 of 383949 1 1 LM great call SAC mate. Thanks TOPINFO but imo still early days for the share price rise of SAC Well over 10M SAC traded so far today in SA alone. They know something over there and can not get enough SAC! Rumours appear to be around the super MAJOR namely TOTAL TAKE OVER talk but more likely imo is a drilling campaign with TOTAL which would obviously be really great for SAC! My share price target for SAC is 10p+
28/1/2014
09:00
liquid millionaire: Basically panamabob2 the SAC share price on the AIM in London should be well north of 2p to equate with what is currently occuring on the JSE in SA
28/1/2014
08:10
liquid millionaire: Couple of quick questions if i may Bronislav. Firstly where do you get the JSE share prices for the likes of SAC? Secondly if SAC are trading at 40 rand how do you calculate the share price back in to pence?
18/10/2012
13:16
topinfo: Well this oil aint going to disappear overnight so makes SAC a compelling buy again IMO. http://www.africanbusinessreview.co.za/business_leaders/whopping-oil-discovery-made-in-congo Whopping oil discovery made In Congo An independent oil and gas company from South Africa looks set to reap rewards from its 12.5 per cent holding in huge oil field discovery TAGS: Congo, barrels, discovery, drilling, exploration, oil, production, share price Virunga National Park in Congo South African oil and gas company SacOil looks set to see its share price rocket with the discovery of Africa's largest onshore oil deposit. Total F&P RDC, the operator of Block III, Albertine Graben in the Democratic Republic of Congo has successfully conducted an airborne gravity and magnetic survey on the northern part of the Block III area located outside the Virunga National Park. Total has announced several acquisitions in the Lake Albertine region over the past two years amounting to investments of more than $1.5 billion. A senior spokesman from Total Exploration and Production has previously commented that the size of the discoveries indicates a large scale development may be possible. Plateau production could exceed 300,000 barrels per day, depending on the results of the future drilling programme. Independent SacOil holds a 12.5 per cent interest in Block III and a senior analyst has already commented that SacOil shares are completely undervalued. "At this point its share price has the potential of doubling many times as it moves up the value curve." Confirmed reports have indicated that Block III could be considered as the largest oil discovery in the Albertine Graben area. Over the past few years, several big players in the oil industry have drilled exploration/appraisal wells in the immediate surrounding areas and made 39 discoveries. Conservative estimates are in excess of a whopping three billion barrels for Block III. SacOil is listed on the Johannesburg Stock Exchange (JSE) and the London Stock Exchange and its major institutional shareholders include the South African Government, under the umbrella of the Public Investment Corporation, Metropolitan Asset Managers, Investec Bank, Encha Group and the general public.It has two other exciting assets which are the OPL 281 In Nigeria where oil has been discovered and the commercialisation of the oil extraction will commence in 2014. The second one, also in Nigeria, is OPL 233 where SacOil holds 20 percent. Production is planned to begin in the third quarter of 2013 with a minimum production of 10,000 barrels per day.
23/4/2012
11:51
mdchand: Some paid advertising from GCER........... SacOil is a dual listed an independent African upstream oil and gas business which offers investors blue sky potential, as well as the promise of early production and cash flow. The blue sky high impact exploration comes in the form of an interest Block III in the highly prospective Albertine Basin the Democratic Republic of Congo (DRC). This project has been neatly de-risked following a farm-in by Total who subsequently in March 2012 acquired a further 6.66% interest in this block taking its stake to 66.6%. This move does not affect Sac Oil's enviable position which is that the company has an effective interest of 12.5%, an entitlement to contingent cash bonuses of $54 million and a free carry on all exploration expenses up until the final investment decision which is the stage when a development plan is approved. On top of this are interests in the OPL 233 and OPL 281 concession blocks in Nigeria which are being fast tracked towards early production and revenues. In October 2011, the company announced a $25 million Standby Equity Distribution Agreement with YA Global Master SPC Ltd which should help provide the financing for these projects. Since joining AIM, shares in SacOil have been under pressure and so it appears good news that the board has brought in First Energy Capital as joint UK brokers. Through First Energy, with its UK activities that include corporate broking and equity research, SacOil is likely to be introduced to a new audience of investors which might help the share price return to a more sensible level. Financials Interim results for the six months to 31st August 2011 showed that revenues from the Greenhills manganese operation increased by 17% to R19.3 million. Pre-tax profits were R19.15 million compared to a loss of R6.95 million at the halfway stage last year, principally due to receipts and fair value adjustments. In the period, SacOil, through its 50%-owned DRC vehicle Semliki Energy SPRL (other 50% holder is DIG Oil Proprietary Limited) successfully concluded the farm-out and transfer of 60% stake in Block III to Total. In this move, SacOil gained cash of $7.5 million, a future contingent cash bonus of $54.0 million payable in two tranches, full carry on exploration costs of at least $35 million until the final investment decision and also the settlement of a $1.4 million loan provided to DIG. Importantly, SacOil has maintained representation on the management committee of Block III in which it now has a 12.5% effective stake that is fully funded. Assets update Block III in the DRC occupies a large acreage in the Albertine Graben which forms part of the Eastern African Rift System where modern era exploration began only in 1999. Since then around 800MMbbls of recoverable oil resources have been discovered, which includes Tullow's Kingfisher (200MMbbl) and the Giraffe-Buffalo (300MMbbl) discoveries, just the other side of the border in Uganda. On trend with Tullow's discoveries lies Block III which represents a high risk exploration project where SacOil will be fully funded by Total until after a commercial reserve has been proved. Total's first plans have been for a gravity magnetic survey to outline the basin edges and to understand the workings of the petroleum system in that part of the prolific Albertine Graben. Next year will see the acquisition of seismic data to be followed by the drilling of two exploration wells, one either at the end of 2012 or beginning of 2013, followed by a second well in 2013. Under the term of the farm-in deal Total is required not only meet the work obligations on Block III but to reach a final investment decision by 31st March 2014. In Nigeria, the company has been buying into projects at what would appear to be a 70% discount to open market prices. Indigenisation policies of the Nigerian Government, coupled with minimum work commitments, are bringing licences back onto the market that have not been looked at for the last 3-5 years. By partnering up with a local company, SacOil has been able to gain a sensible stake in the OPL 233 and OPL 281 licences. These are two blocks which both have already seen oil discoveries where there is obvious scope to add value by turning a contingent resource into reserves. The plan here is to book reserves and start production. The priority is OPL 233 where investors will not have long to wait as a seismic survey is due to be shot by Q3 2012 with an appraisal well planned for Q1 2013. There does seem scope for a substantial increase in reserves at OPL 233 with consultants AGR-TRACS identifying more than 100 feet of net oil and given that this block lies adjacent to the 600 million barrels (MMbbls) plus Apoi field. Good seismic here together with this well data could allow a significant resource to be proved up by the end of 2012. Two wells already exist on OPL 281, as well as good seismic data, which points to one large field that may potentially contain close on 100 million barrels. All that could be confirmed by future appraisal drilling which looks set to begin by Q2 2013. The prediction is that by 2020 Africa will account for 20% of world oil production. In recent years there has been a scramble for African oil and gas licences following some sensational discoveries. SacOil is led by a Board that has an enviable network in the continent and that are used to doing business in Africa coupled with a real depth of experience in the oil and gas industry. Two recent appointments have been John Bentley and Bill Guest who became Non-Executive Directors in May 2011. John was behind JSE-listed Energy Africa Limited which he turned into one of the leading independent upstream companies with operations in a dozen African countries and several big hydrocarbon resource discoveries in the late 1990's before it was acquired by Petronas. John was also the Executive Chairman of FirstOil Africa until taken over by Bowleven in 2007. Bill Guest has been a Director of a number of UK-quoted exploration and production companies which includes being President of Gulf Keystone Petroleum and a Non-Executive Director of Matra Petroleum. Valuation In determining a valuation for the Nigerian interests, a model was built for each of the potential projects based on the likely production levels, operating costs, capital costs and tax structured contained in the Competent Persons Report (CPR) by TRACS International Consultancy Limited which are both dated February 2011. Using an oil price of $95 per barrel for the life of the project, the Net Present Value using a 10% discount factor came out at $232 million for licence OPL 233 which makes SacOil's 20% stake worth $46.5 million; and $1,078 million for licence OPL 281 which makes SacOil's 20% stake worth $215.8 million. The valuation for Block III in the DRC relied heavily on the CPR. Essentially the value of Total's farm-in to Block III to SacOil is the sum of the proportion of the initial consideration received (as 50% shareholder in Semliki) ($10.5 million). The proportion of the guaranteed exploration cost transferred to Total ($35 million) plus the value of 12.5% stake in the block following the completion of the farm-in ($18.9 million) which comes to $64.4 million. Our sum-of-the-parts valuation comes out at $326.6 million, which equates to a 22.1p per share target price on a fully diluted basis. No value was included for the profitable manganese operations which are now seen to be a non-core business and are likely to be disposed of in the future. For a stock trading around the 4p mark, our target price might appear high but it is justified by our analysis and it has to be pointed out that the shares were trading fairly close to that level in the past eighteen months. Our recommendation is Speculative Buy with a target price of 22p.
07/12/2011
23:32
brandon72: Evening shaun...im sure you have seen this article before but thought after the 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." http://www.proactiveinvestors.co.uk/companies/news/30062/SacOil%27s%20Vela%20keen%20to%20emulate%20the%20success%20of%20Africa%27s%20top%20explorers
02/12/2011
13:02
sinatrasmile: shaun, sacoil do look a very exciting prospect and have some big hitters in the boardroom too that are well connected. They could be about to make another aquisition in my opinion and that was hinted in recent AGM. See below the Shore capital article. SacOil has assembled a portfolio of assets in Nigeria and the Democratic Republic of Congo SacOil (LON:SAC) is expected to start moving its projects up the value chain with exploration and appraisal work in the Congo and Nigeria, according to Shore Capital analyst Craig Howie. In a note to clients today the analyst points out that SacOil has assembled a portfolio of assets in Nigeria and the Democratic Republic of Congo (DRC). He says a farm-out deal with Total is expected to kick-start activity on the high-impact Block III in the DRC. "With its deal-making credentials established, the next step is to move projects up the value chain with active programmes of exploration and appraisal," Howie said. The analyst highlighted the fact that the DRC asset is adjacent to significant discoveries in Uganda. He also emphasised that SacOil is fully carried through to commercial development. In the DRC the partners will target prospective resources of 513 million barrels. "Total's backing provides us with lots of encouragement," Howie said. He added: "We think that this is a great deal as it brings in a world-class operator, materially limits financial exposure for the foreseeable future and kick-starts activity levels in a highly prospective area." Meanwhile in Nigeria SacOil has farmed into two appraisal-stage projects, though its joint venture with Energy Equity Resources (EER). The Nigerian assets provide low-risk drilling opportunities, Howie said. The analyst reckons there is potential for extended well testing in 2013. Howie says that the substantial fall in the share price, some 75 per cent, since SacOil got its listing in London is partly down the volatile market conditions, which have affected much of the AIM market. According to Howie SacOil has a risked net asset value of 12p per share. He believes that the posting of a performance bond (relating to the Nigerian assets) and the start of aeromagnetic survey operations in the DRC could provide important share price catalysts. ShoreCap isn't the only City firm looking at the SacOil investment case. In a note last week company research boutique Edison weighed up the group's prospects. It says there is potential for SacOil shares to re-rate upon further announcements on operating success in Nigeria or the democratic Republic of Congo. The research house said in a note that the shares trade at a substantial discount to its core net asset value of 19 pence for SacOil. The stock currently stands at 4 pence. "The discount is likely to persist while current market conditions are not favouring risky junior plays. However, imminent funding issues have been eased," it said. Earlier this month, SacOil reported a 657 percent year-on-year rise in headline earnings for the first half of this year. This came in at the top-end of its own forecasts. It reported headline earnings of 38.7 million Rand for the six months to August 31 2011, compared with a loss of R6.95 million a year earlier. In October, the company secured a US$25 million equity credit line funding facility with Yorkville Advisers. Through the Standby Equity Distribution Agreement (SEDA), Yorkville will make the new capital available to SacOil over a three year period. Chief executive Robin Vela: "The focus over the last six months has been on managing the company's exposure to the high impact exploration assets in Block III ...whilst retaining significant potential upside for shareholders. Our attention has also been on procuring funding in order to de-risk and fast track the work program obligations of our asset portfolio and progressing towards early production and revenues from our oil concession blocks, OPL 233 and OPL 281, in Nigeria. "We successfully did this through the farm-out to Total and the SEDA. Combined, this puts us in a good position to fast track and develop our asset position and opportunities and we look forward to the next six months of the financial year with added confidence," he said.
30/6/2011
11:14
ddonaldson2: http://www.proactiveinvestors.co.uk/companies/news/30062/sacoils-vela-keen-to-emulate-the-success-of-africas-top-explorers-30062.html SacOil's Vela keen to emulate the success of Africa's top explorers 10:31 am by Ian Lyall Pictured is the Lake Albert rift basin which straddles the border of Uganda and the Democratic Republic of Congo. 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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