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")
SETTLEMENT AGREEMENT RELATING TO OPL 233 LEGAL DISPUTES
SacOil, a South African based independent African oil and gas company, announces the following update with regards to the legal dispute with Nigdel United Oil Company Ltd ("Nigdel") relating to the Company's legacy involvement in Oil Prospecting Licence ("OPL") 233 in Nigeria.
After careful consideration of the independent legal and financial opinion provided to date, SacOil has entered into a settlement agreement (the "Settlement Agreement") with Nigdel whereupon both parties have withdrawn their respective litigation and arbitration claims.
Dr Thabo Kgogo, CEO of SacOil, commented, "This settlement removes any distraction in relation to our previous participation in OPL 233. The board of SacOil is confident that this is in the best interests of all our stakeholders, based on the sound legal and financial advice we have received. Furthermore, the decision to settle this case is not expected to have an impact on SacOil's financial results for the current year."
Further details of the case can be found in SacOil's Integrated Annual Report 2015 available on the website: www.sacoilholdings.com
PSG Capital Proprietary Limited
11 October 2016
For further information please contact:
SacOil Holdings Limited
+27 (0)10 591 2260
finnCap Limited (Nominated Adviser and broker)
Christopher Raggett and James Thompson
+44 (0) 20 7220 0500
FirstEnergy Capital (Joint broker)
Hugh Sanderson / David van Erp
+44 (0) 20 7448 0200
Buchanan (Financial PR adviser) - UK
Ben Romney / Chris Judd / Madeleine Seacombe
+44 (0)20 7466 5000
Hill + Knowlton Strategies (Financial PR adviser) - SA
+27 11 463 2198
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 crude trading in Nigeria and a terminal project in Equatorial Guinea. 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. 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.
This information is provided by RNS