Who we are
SacOil is a South African based independent African oil and gas company, dual-listed on the JSE and AIM. The Company has a diverse portfolio of assets spanning production in Egypt, exploration and appraisal in the Democratic Republic of Congo, Malawi and Botswana, and midstream projects including a crude trading allocation in Nigeria and a terminal project in Equatorial Guinea.
The Company continues to evaluate industry opportunities throughout Africa as it seeks to establish itself as a leading, full-cycle pan-African oil and gas company.
Our focus as a Group is on delivering energy for the African continent by using Africa’s own resources to meet the significant growth in demand expected over the next decade. Our overarching focus is on ensuring that we operate in a safe and sustainable manner for the benefit of our stakeholders. Our approach is built on respect for the environment and society as a whole whilst collaborating with our stakeholders. We depend upon deploying innovative technology and operational processes to ensure excellence in our expanding operations.
Our values underpin everything we do and ensure that we grow our business in a responsible and sustainable manner into the future.
Our vision is to become a leading sustainable, profitable and independent pan-African oil and gas company.
Our mission is to explore, develop, produce and sell oil and gas and associated products to international markets and in South Africa – and to participate in upstream and midstream oil and gas projects that create value for all our stakeholders, while upholding the principles of good corporate, social and environmental responsibility.
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, whereby Encha Capital, which was at that time 51 per cent owned by Encha Group, acquired a controlling interest in the Company. Encha Group is an investment holding company with exploration, industrial and property interests. Encha is wholly owned and controlled by black persons.
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 announced on 8 March 2011, that the London Stock Exchange (‘LSE’) has 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 has been approved by the South African Reserve Bank took place on 8 April 2011 (the ‘Admission’).