SacOil Shares Up Following Trading Statement

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Sacoil Holdings (LSE:SAC) released a trading statement update on Thursday regarding an increase in its expected earnings for the six month period ending 31 August 2011. Shares for the South-African oil company were up 22% in the late morning following the announcement.

The company stated:

“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.”

Reasons for Profit Increase

This increase in profits is due to the sale of a 60% stake in the Block III oil concession right by Semliki SPRL, a half-owned subsidiary of SacOil. The sale of this interest brought in a value of £20.6 million to the company. SacOil maintains a 12.5% interest in the Block III asset, which is located in the Albertine Basin in the Democratic Republic of the Congo.

The interim results for the six month period ending 31 August 2011 is set to be released on Monday, 14 November.

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