Receipt of US$10 million associated with the expiry of OPL 233 Performance Bond
09 Jun 2015
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: SCL AIM Share Code: SAC
(“SacOil” or “the Company”)
Receipt of US$10 million associated with the expiry of OPL 233 performance bond
SacOil Holdings Limited is pleased to announce the receipt of US$10 million from Ecobank, associated with the cash collateral that secured the performance bond on OPL 233. The cash collateral was originally paid as part of SacOil and Energy Equity Resources Norway Limited’s (“EERNL”) obligations to post a performance bond on OPL 233 in April 2012. This performance bond expired on 2 May 2015.
The full refund of US$10 million was received by SacOil on 5 June 2015. Half of the US$10 million receipt is treated as a part repayment of EERNL’s outstanding loan related to OPL 233.
Dr Thabo Kgogo, Chief Executive Officer of SacOil, commented, "This represents another positive step in line with our strategy to ensure that SacOil has a strong cash position to fund its future growth ambitions by increasing production and focusing on cash generative assets."
This refund removes the restriction on the cash balance associated with the cash collateral.
PSG Capital Proprietary Limited
09 June 2015
For further information please contact:
SacOil Holdings Limited +27 (0)11 463 6884
finnCap Limited (Nominated Adviser and broker) +44 (0) 20 7220 0500
FirstEnergy Capital (Financial Adviser and Joint Broker UK) +44 (0) 20 7448 0200
Instinctif Partners London (UK Investor Relations) +44 (0)20 7457 2020
David Simonson / Anca Spiridon
Instinctif Partners Johannesburg (SA Investor Relations) +27 (0)11 447 3030
Nicholas Williams / Tshepo Mophiring