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London Stock Exchange admits SacOil

Category: Investors NewsBeat

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London Stock Exchange admits SacOil



April 12, 2011 by MOSES EBOSELE
In line with the ongoing plans to expand investors base, SacOil Holdings Limited, with operations in Nigeria and some parts of Africa, was at the weekend, admitted to the Alternative Investment Market (AIM) of the London Stock Exchange.
The company, with a market capitalisation of approximately £128 million remains listed on the Main Board of the Johannesburg Stock Exchange Limited.
Information made available at the weekend explained that SacOil’s intension was to become a leading independent African upstream oil and gas company, with a balanced portfolio of Pan-African assets.
SacOil’s assets are in all phases of the upstream cycle – exploration, appraisal and near production and are currently in the Democratic Republic of Congo (DRC) and Nigeria.
Head of Primary Markets, Africa, Middle East and India at London Stock Exchange Group, Ibukun Adebayo, said: “We are delighted to welcome SacOil to AIM, where it joins a wide peer group of African companies and gains access to London’s unrivalled pool of international investment capital.
“SacOil’s admission highlights the strong Africa focus and sector expertise among investors and advisors on the London Stock Exchange’s markets and we look forward to welcoming further African oil and gas companies to our markets,” said Adebayo.
In his submission, Chief Executive Officer of SacOil, Robin Vela, said the company was delighted to bring what he identified as the SacOil story to the United Kingdom and European investors “who appreciate and understand the long term African oil and gas growth story and investment opportunities.
Explaining further, he said, “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.”
In Nigeria, SacOil has formed a joint venture with the established oil and gas company, Energy Equity Resources (EER) to acquire and/or develop oil and gas assets.
SacOil and its subsidiaries have since entered into farm-in agreements in relation to oil concession blocks OPL 281, an onshore block covering some 138 km, and OPL 233, located in the shallow water area of the Niger Delta.
The company owns 50 per cent 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 (Block 3).
On 31st March 2011, Semliki concluded a farm-in agreement with Total E&P RDC (Total) pursuant to which Total will acquire a 60 per cent undivided interest in, and will become the operator of Block 3.
The statement added that with SacOil’s admission, there are a total of 55 Africa-focussed companies quoted on AIM, of which seven are in the oil and gas sector.
Source: Guardian
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