Sacoil Share Discussion Threads

[swinging_dick] 10/12/2012 14:27

maxakoff
Of course I'm referring to fees, shares and bonuses. These have an impact on the company and our shareholdings. Look at google: 'emolument' and you'll find the definition: "A salary, fee, or profit from employment or office".
That's it on this issue.

[maxakoff] 10/12/2012 14:14

SD - please stop it ok? Before you changed your posts when I slapped you on the wrist on Friday you were banging on about a particular non-exec director and his £30k per month salary. Now you are inviting us to include all the options shares and so on to calculate salaries of exec directors. Shifting sands and massaging truth to suit your agenda.

[swinging_dick] 10/12/2012 14:07

maxakoff
page 63. Look at the figues for director emolument. These are fees, saleries, bonuses etc. I suspect they are in rand but not stated. Convert the total value for each director into £s then divide by 12 for months if you want to break it down further.

You are refering to the resolution, I am referring to the value of emoluments stated for the period.

[maxakoff] 10/12/2012 14:03

£30k per month, for instance.

[swinging_dick] 10/12/2012 13:57

maxakoff
what are you talking about?

[maxakoff] 10/12/2012 13:51

Not as ugly as your continued lying, SD.

[swinging_dick] 10/12/2012 13:39

This getting ugly.

[bronislav] 06/12/2012 22:56

Pretax.i think that is an old statement from vela under the heading Congo in 2013.i was misled by it when I read it. I think they are looking at drilling in Congo late 2013.

[scientologyweirdo] 06/12/2012 22:51

can see this going down to zero soon

[pretax2] 06/12/2012 21:50

Just seen this on the website:
DRILLING in the oil block known as Block 3 in the Democratic Republic of Congo could start in the first quarter of next year, Robin Vela, the CEO of the upstream oil and gas company SacOil, said yesterday.

This follows the recent decision by the Congo government to approve a presidential ordinance guaranteeing French energy company Total' s security of tenure. Total is the operator of Block 3, with a 60% interest.

SacOil, which is listed on the JSE and the London Stock Exchange's Alternative Investment Market (AIM), owns an effective 12,5% of the oil block, which is situated in Albertine Graben in the eastern part of the Congo, on the Uganda border.

Mr Vela yesterday said the presidential ordinance was a significant step in the project. "Security of tenure is always a concern. Major players such as Total want title," he said.

He said with the granting of the presidential ordinance, there were no pending significant administrative approvals preventing Total from commencing with work.

"Shareholders want to know if there is oil," he said.

Block 3 is mainly a virgin exploration territory with no seismic data yet, but SacOil has been buoyant because of the block's close proximity to other oil discoveries on the Uganda side of the border.

"We believe there is huge potential in this asset due to the neighbouring oil and gas discoveries in Uganda, which suggest that Block 3 is in an attractive hydrocarbon address. We look forward to positive test results," Mr Vela said.

He said that, in terms of the sale agreement with Total, sealed last year, SacOil would not incur capital costs in the project until the final investment decision.

"At that point, we can debt finance our interest for development. We will be borrowing money against reserves instead of exploration," Mr Vela said.

SacOil, which has an acquisitive growth strategy, was still looking for opportunities in the rest of Africa.

The company already has a presence in SA, Nigeria and Congo. "We want to build a balanced portfolio of exploration, near production and production assets," Mr Vela said.

SacOil has set its sights on opportunities in western, central and southern Africa.

In southern Africa, SacOil was looking for and evaluating gas opportunities in Mozambique, Mr Vela said.

SacOil wants to follow in the footsteps of global oil and gas explorer Tullow, which started as a small company and expanded through acquisitions.

[pretax2] 06/12/2012 21:48

Should be a bounce tomorrow I see we're up in south africa.

[bronislav] 06/12/2012 16:16

What happened to rencap and the 20 million option.

[swinging_dick] 06/12/2012 15:21

Okay from the Annual Report p63 it talks about Director Emoluments (Section 6).
An emolument is a "salary, fee, or profit from employment or office"
The figures (which include shares, fees and bonuses) I assume are valued in ZAR (this is not stated on the table).
Assuming we're talking about Rand here, simply convert the total into GBP I suppose. It's all there.

[pretax2] 06/12/2012 12:33

Bought some of these last week.
Excellent prospects in Congo with production soon in Nigeria.

Found this article

[swinging_dick] 06/12/2012 11:45

SacOil hires Roger Rees as finance director
8:17 am by Jamie Ashcroft Roger Rees has joined SacOil as finance director with immediate effect.Roger Rees has joined SacOil as finance director with immediate effect.


SacOil (LON:SAC) this morning has hired Roger Rees as finance director with immediate effect.

Rees has extensive experience having been group finance director and chairman at one of South Africa's major construction and engineering firms, Murray & Roberts. He has also been on the board of ASX-listed oil and gas engineer Clough Limited.

"We are delighted that Roger has agreed to join the company," said chief executive Robin Vela.

"His international investment community contact base and extensive experience of listed companies will prove extremely valuable as we continue to grow the business through the further development of our assets towards monetisation".

[yorgi] 06/12/2012 11:21

I have come to the conclusion this is not more than a vehicle to give directors a good living and the numbers just grow.

They appears to have achieved SFA.

[maxakoff] 06/12/2012 11:08

Then you have to try again because I am pretty sure they did say what is in rand and what is in pound and the amounts a) are nowhere near what you've been harping on about and b) the special resolution has not been approved by the shareholders in any case.

[swinging_dick] 06/12/2012 10:57

. Salary including share bonuses for the period are shown on p63 of the report.

[angels share] 06/12/2012 10:10

I agree and this article about the new finance director is worrying......



"An analysis by an anonymous author, "Muggers and Robbers-Collusion-Executive Pay-Dodger Accounting", has been circulated to news media and to M&R. The writer claims that responsibility for the loss of almost R2-billion lies with Bruce and Rees."

[sirraman] 06/12/2012 10:05

S-D....agreed..yet another buddy on the BoD...how can they afford ths with fast disappearing cash and no revenues to speak of now they have sold off Greenhills....and what do thay do all day for the money...so far for he last 12 months what have the board exactly delivered ....? Expect another dilution coming up to pay for these directors...... !!!

[swinging_dick] 06/12/2012 08:14

Salary including shares and bonuses for the period are shown on p63 of the report.