Sacoil Holdings Limited

SacOil is an African independent upstream company based in South Africa. SacOil is dual listed on the JSE (Share code: SCL) and AIM (Share code: SAC).

SacOil’s vision is to build a balanced upstream oil and gas business portfolio with interests in all phases of the cycle (high impact exploration, appraisal and production) coupled with a uniquely African footprint.

SacOil has an ambitious acquisition-led growth strategy and is well positioned to exploit its foothold in Africa.

Corporate profile

SacOil was incorporated on 1 February 1993 under the name Manga-Chem Products (Pty) Limited. The Company was listed on the venture capital sector of the securities exchange operated by the JSE on 19 October 1994. It was incorporated for the purpose of establishing a manganese sulphate manufacturing and marketing business.

On 6 December 1996, the Company’s name was changed to SA Mineral Resources Corporation Limited.

On 31 December 2007, the Company was restructured and recapitalised. Encha acquired a significant interest in the Company.

On 1 December 2008, the Company’s name was changed to SacOil Holdings Limited to better reflect the Company’s new corporate identity. On 12 December 2008, the Company transferred its listing from the venture capital sector of the securities exchange operated by the JSE to the "Mining - Integrated Oil and Gas" sector of the main board of the securities exchange operated by the JSE.

SacOil has progressed its stated strategic focus of targeting the acquisition of discovered but undeveloped, or previously producing but now shut in near term producing and production assets on the African continent.

During 2011, Africa is expected to produce more oil than North America, and by 2020 it is expected to be the world’s third biggest oil region, hence the recent interest in Africa’s oil and gas acreage. Indigenisation laws in Africa as well as certain oil majors retreating from discovered but undeveloped marginal oilfields in Africa, provide opportunities to emerging, junior exploration and production companies such as SacOil.

The Company’s vision is to successfully build SacOil into an African independent upstream oil and gas company. The Company has an ambitious and aggressive acquisition-led growth strategy and the Directors believe it is well positioned to exploit its foothold in Africa.

SacOil announced on 8 March 2011, that the London Stock Exchange (‘LSE’) had issued an announcement on the proposed admission of the company’s ordinary shares to trade as a secondary listing on the LSE’S Alternative Investment Market (‘AIM’). The admission was approved by the South African Reserve Bank, and took place on 8 April 2011.