Sacoil Forum

so what's the rumour? i have heard a lots of them in the last weeks since the chair put out a few statements. If true the share should be at R1 already, but sadly nothing!

yes positive news flow. the chair has been mute the last few weeks. share not moving beyond 0.62c

Hopefully we'll have lots of positives at the AGM

Picked up on Linkedin: Reminder of AGM Registration: The Annual General Meeting of shareholders of the Company will be held on Friday, 12 September 2014 at 100 at 2nd Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston, to deal with such business as may lawfully be dealt with at the Annual General Meeting as set out in the agenda. The record date on which members must be recorded as such in the register maintained by the transfer secretaries of the Company for the purpose of being entitled to attend and vote at the Annual General Meeting is Friday, 5 September 2014.

Share price moving slowly, wheres the news Gerald?

Finally a nice addition to the board. Mr Cerff has good oil and gas experience, an aspect that has been lacking based on previous appointments. His appointment and cautionary linked something positive on the horizon.

Did the Chair jump the gun? Or perhaps they are "seeking to acquire an asset producing more than 5000 bpd' in a different country. Lol. I dont trust that Tito would just make such a statement randomly. There must still be something behind this.

Released earlier today on their website:

Appointment of Executive Director SacOil is pleased to announce the formal appointment of Mr Bradley Robert Cerff as an Executive Director of the Company with immediate effect. Bradley joined SacOil in 2011 as Vice President of Operations, following 18 years of exploration and production experience working primarily with PetroSA in Africa. He has managed technical and commercial teams and upstream assets in most African oil-exploration and producing countries. During the last three years, he has been responsible for the management and execution of work programs relating to SacOil’s upstream assets and for the optimisation of the Company’s overall portfolio and subsidiaries. He is also responsible for the Company’s reserves and resource management and will continue to manage SacOil’s upstream asset portfolio. With his technical and commercial experience, Bradley has contributed to the growth of the Company’s upstream portfolio on the African continent. Bradley holds an MSc degree and an MBA. He is a member of the Society of Petroleum Engineers. Commenting on the appointment, Tito Mboweni, Chairman said “Bradley has been closely involved with the operations of the Company and in dealing with our key partner relationships. He has 18 years’ experience in the industry and we look forward to his contribution to the board in his new role.

Marcus, this is a misleading media story. It excited me too because of its proximity to SAC's Block III. Further research made it clear that no oil reserves have actually been discovered. They have not even drilled a single well yet. Whereas the results from the seismic study is certainly encouraging, it does not consitute a discovery. There is still a lot to be done before Oil of DRCongo can claim that they have actually struck oil. Their "find" remains prospective.