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 11 September 2011

Results Of The Accelarated Book Build And Encha Equity Platform Placement




In light of strong demand at R16.50 per linked unit, Vukile has increased the amount of capital to be raised pursuant to its accelerated book build by R100 million. The book is now closed.


Accordingly, Vukile has raised a total of R600 million, R350 million by the issue of new Vukile linked units pursuant to the accelerated book build process at R16.50 per linked unit and R250 million by placement to the Encha SPV at R16.40 per linked unit established in terms of the Encha equity funding platform as detailed in Vukile’s circular to linked unitholders issued on 5 June 2013.


A total of 36 456 024 new Vukile linked units are expected to be issued and listed on Thursday, 18 September 2014.



Acquisition of a 100% Interest In The Lagia Oil Fields

11 September 2014



1.     Introduction

SacOil is pleased to announce that it has entered into a sale and purchase agreement dated 9 September 2014 to acquire a Cyprus-registered exploration and production company, Mena International Petroleum Company Ltd (“MIP”), from Mena International Petroleum Holdings Company Ltd (the “Seller”), a wholly-owned subsidiary of TSX Venture listed Mena Hydrocarbons Inc.

 2.      Rationale for the Acquisition

SacOil’s current strategy is to grow and balance its existing portfolio on the African continent through the addition of reserves and production to its asset base. The two-pronged approach of this strategy includes:

· the monetization of the existing assets; and

·expansion of the portfolio to deliver production and cash flows.  


MIP has a 100% interest in the development lease for the Lagia oil field, covering an area of approximately 32 square kilometres on the Sinai Peninsula in Egypt. The Lagia oil field is at a development stage with heavy oil in shallow reservoirs and light oil potential in deeper reservoirs. The assets include existing production facilities and oil storage for 3 000 barrels of oil. The field is currently in test production and SacOil intends to implement a phased development programme to bring the field into full production. Phase 1 will include the hydraulic stimulation of 4 existing wells and the work-over of 1 well, commencing as soon as practicable after closing the Acquisition, and will be funded from existing cash resources.  


Following completion of the Acquisition, which is expected on or before 31 October 2014, SacOil will provide further updates on its planned future development activities and investments in the Lagia oil field.


Highlights of the Acquisition include:

·The Lagia oil field represents the acquisition by SacOil of a de-risked onshore development       asset in Egypt with short timelines to production and cash flows;  

·Proven plus probable reserves net to MIP of 6.174 million barrels (audited by Degolyer and MacNaughton as at the year ended 31 December 2013); and  

·The Acquisition represents a strategic entry to Egypt, where SacOil sees the potential to      build a substantial E&P businesses


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