Johannesburg - Pan African-controlled oil and gas company SacOil Holdings'
[JSE:SCL] secondary listing on the Alternative Investment Market (AIM) of the London Stock Exchange has been approved by the South African Reserve Bank.
SacOil was seeking to list about 674.090 million ordinary shares of no par value on AIM, with the anticipated market capitalisation on admission valued at £156m.
No SacOil ordinary shares were held in treasury, while the group noted that no capital was being raised on admission.
"The company's business is the acquisition and development of discovered but undeveloped, or previously producing but now shut, near-term producing and production upstream oil and gas assets on the African continent. The group is party to transactions pertaining to Block III at Albertine Graben in the Democratic Republic of Congo (DRC) and OPL 281 and OPL 233 in Nigeria," SacOil said.
In relation to Block III in the DRC, a presidential ordinance approving the Block III production-sharing agreement had been issued and a 50% subsidiary of the company had the right to apply for an exploration permit, it said.
Subsidiaries of the company had entered into farm-in agreements in relation to OPL 281 and OPL 233 in Nigeria. Upon the fulfilment of certain conditions precedent, the group would acquire an interest in OPL 281 and OPL 233.
SacOil's principal place of business, management and control was in South Africa, with the group listed on the main board of the JSE since December 2008.
The expected date of the admission was April 8.