Johannesburg - Independent pan-African upstream oil and gas company SacOil Holdings [JSE:SCL] has commenced trading its shares on the Alternative Investment Market (AIM) in London.
The company remains listed on the main board of the JSE.
SacOil plans to become a leading independent African upstream oil and gas company with a balanced portfolio of pan-African assets. SacOil and its subsidiaries are party to transactions pertaining to Block 3, Albertine Graben in the Democratic Republic of Congo (DRC) and OPL 281 and OPL 233 in Nigeria.
On April 7, the company had a current market capitalisation of about R1.4bn - or about £127m - on the JSE.
SacOil owns 50% of the issued capital of Semliki Energy SPRL (Semliki), a company incorporated in the DRC, which in turn holds the oil concession rights pertaining to Block 3, Albertine Graben in the DRC. A presidential ordinance approving the Block 3 production sharing agreement has been issued to Semliki, whereby Semliki has the right to apply, after fulfilling certain contractual obligations, for an exploration permit.
On March 31, Semliki successfully concluded a farm-in agreement with Total E&P RDC pursuant to which Total acquired a 60% undivided interest in, and became the operator of, Block 3.
In addition, SacOil's subsidiaries have entered into farm-in agreements in relation to oil concession Blocks OPL 281 and OPL 233 in Nigeria. Oil concession Block 233 is located in the shallow water area of the Niger Delta of discovered but undeveloped oil assets.
Oil concession Block 281 is an onshore block covering about 138 square kilometres, and is located in the western delta region of Nigeria, about 25 kilometres due east from the Forcados terminal.
SacOil CEO Robin Vela said: "We are delighted to be bringing the SacOil story to the wider universe of UK and European investors who appreciate and understand the long-term African oil and gas growth story and investment opportunities. We believe we have a compelling proposition to aggressively acquire new acreage, as well as develop and de-risk our assets through to production, thereby establishing the company as a balanced portfolio independent African upstream company."
The company remains listed on the main board of the JSE.
SacOil plans to become a leading independent African upstream oil and gas company with a balanced portfolio of pan-African assets. SacOil and its subsidiaries are party to transactions pertaining to Block 3, Albertine Graben in the Democratic Republic of Congo (DRC) and OPL 281 and OPL 233 in Nigeria.
On April 7, the company had a current market capitalisation of about R1.4bn - or about £127m - on the JSE.
SacOil owns 50% of the issued capital of Semliki Energy SPRL (Semliki), a company incorporated in the DRC, which in turn holds the oil concession rights pertaining to Block 3, Albertine Graben in the DRC. A presidential ordinance approving the Block 3 production sharing agreement has been issued to Semliki, whereby Semliki has the right to apply, after fulfilling certain contractual obligations, for an exploration permit.
On March 31, Semliki successfully concluded a farm-in agreement with Total E&P RDC pursuant to which Total acquired a 60% undivided interest in, and became the operator of, Block 3.
In addition, SacOil's subsidiaries have entered into farm-in agreements in relation to oil concession Blocks OPL 281 and OPL 233 in Nigeria. Oil concession Block 233 is located in the shallow water area of the Niger Delta of discovered but undeveloped oil assets.
Oil concession Block 281 is an onshore block covering about 138 square kilometres, and is located in the western delta region of Nigeria, about 25 kilometres due east from the Forcados terminal.
SacOil CEO Robin Vela said: "We are delighted to be bringing the SacOil story to the wider universe of UK and European investors who appreciate and understand the long-term African oil and gas growth story and investment opportunities. We believe we have a compelling proposition to aggressively acquire new acreage, as well as develop and de-risk our assets through to production, thereby establishing the company as a balanced portfolio independent African upstream company."