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Trading Statement

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28 May 2013

SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL
AIM share code: SAC
ISIN: ZAE0000127460
("SacOil" or "the Company" or "the Group")

Trading Statement

As part of the JSE Limited Listings Requirements, companies are required to publish a financial trading statement as soon as they are reasonably certain that the financial results for the current reporting period will be more than 20% different to that of the prior corresponding period. Given the nature of SacOil's business, which requires lump sum upfront capital investment, it is not unusual for there to be significant changes in the financial results from one period to another. As such SacOil expects:

  • the basic loss per share for the year ended 28 February 2013 to be between 5.54 cents and 6.65 cents per share compared to a reported basic loss per share of 13.35 cents for the year ended 29 February 2012; and
  • the headline loss per share for the year ended 28 February 2013 to be between 7.36 cents and 8.84 cents per share compared to a reported headline loss per share of 4.22 cents for the year ended 29 February 2012.

Restatement of results for the year ended 29 February 2012

In the prior financial period the Group capitalised costs paid by Total RDC ("Total") on behalf of Semliki Energy SPRL ("Semliki"), a subsidiary within the Group, in terms of a cost carry arrangement under the farm-in agreement for Block III.  These costs increased the Block III exploration and evaluation asset resulting in a corresponding increase in liabilities representing the amounts owed to Total and the recognition of a deferred tax asset associated with the future tax benefits available to Semliki in relation to the carried costs.  To align its accounting practices with IAS 37 - Provisions, Contingent Liabilities and Contingent Assets and with comparable companies in the industry, the Group has decided not to capitalise these costs.  Comparative figures have been restated to reflect the change in accounting policy.  The previously reported comprehensive loss attributable to SacOil of R95.8 million has therefore been adjusted and restated to a comprehensive loss attributable to SacOil of R101.5 million for the year ended 29 February 2012.  This has resulted in the restatement of the basic loss per share and the headline loss per share to 14.54 cents and 5.06 cents, respectively for the year ended 29 February 2012.

The above information has not been reviewed or reported on by the Company's auditors and the Group's results for the year ended 28 February 2013 are expected to be published on 31 May 2013.

Johannesburg 
28 May 2013

ENDS

JSE Sponsor 
Nedbank Capital

For further information please contact:

 

finnCap Limited (Nominated Adviser and Broker)

Matthew Robinson / Christopher Raggett

+44 (0) 20 7220 0500

FirstEnergy Capital (Joint Broker UK)

Majid Shafiq

Travis Inlow

 

+44 (0) 20 7448 0200

GMP Securities Europe LLP (Joint Broker UK)

James Pope

Chris Beltgens

 

+44 (0) 20 7647 2800

Keyter Rech Investor Solutions (SA)

Vanessa Ingram

Lynne Bothma

 

+27 (0) 11 447 2993

Pelham Bell Pottinger (UK)

Philip Dennis

Nick Lambert

Rollo Crichton-Stuart

 

+44 (0) 20 7861 3919

+44 (0) 20 7861 3936

+44 (0) 20 7861 3918