Bloomberg News

SacOil Gains ‘Interest’ From Europe, Asia, Energy Companies

July 27, 2011

(Updates with CEO comment in fourth paragraph.)

July 27 (Bloomberg) -- SacOil Holdings Ltd., an explorer of African oil and gas, has gotten “interest” from Asian and European parties, and companies including energy producers.

“There has been interest from internationals,” Chief Executive Officer Robin Vela told reporters in Johannesburg, where SacOil is based, adding it isn’t in talks. He was replying to a question on the ownership of the company and its assets.

The company plans to begin first production at two Nigerian concessions in 2013 and 2014, followed by a venture with Total SA in the Democratic Republic of Congo. It abandoned a plan to sell additional shares to raise funds in May after the stock lost more than half its value from a 2011 high in March. SacOil fell 1.5 percent to 64 cents by 12:27 p.m. in Johannesburg.

It needs financing from about mid-2012 to honor exploration obligations, Vela said in an interview. The company may also study funding to accelerate exploration in Nigeria, he said.

--Editors: Tony Barrett, John Viljoen

To contact the reporter on this story: Carli Lourens in Johannesburg at clourens@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus