Gerald
18 Feb 2015
Answer to Adobong. Adobong. No not at all. I am still here. I only decided to wait the cycle out. There will be demand for oil again. We are experiencing an oil glut because Shale gas in the United States has added 9.2 million barrels of oil being produced. OPEC is producing 24.2 million barrels per day A quote form IEA "As of early 2015, the IEA Oil Market Report forecast average demand for the year of more than 93 million barrels of oil and liquid fuels per day worldwide – that works out to more than 34 billion barrels a year – with January 2015 production totalling just over 94 million barrels per day." Most articles I have read have said it is not cost productive for most US shale companies to produce oil at these low rates. Plus fracked wells dry up quickly. US have to keep drilling new wells to maintain production. The rig count is dropping. Our company is greatly undervalued at the current share price. I much rather have shares at this starting point. What do you think the SP will be when the oil price starts recovering? I just can’t tell you when it will recover. Is this not what it is about to support them now and to grow with them?
Marius
02 Feb 2015
Markus, seems you're spot on.... With reference to the cautionary announcement published on 18 December 2014 on the Stock Exchange News Service of the JSE and on the Regulatory News Service of the London Stock Exchange, SacOil shareholders (?Shareholders?) are advised that the Company is still in the process of considering its portfolio rationalisation, which, if successfully concluded, may have a material effect on the price of SacOil ordinary shares (?Shares?). In particular, SacOil is considering the cancellation of an agreement to participate in an appraisal asset in Nigeria. As yet, no transaction has been formalized and there can be no guarantee as to the terms or conditions attached to any cancellation of this asset. Further updates will be made in due course.
Marius
06 Jan 2015
Still some way off the 1000 barrels per day but on the right path. Unfortunate about the oil price slump. This should at least put the company on the radar again.
Marius
06 Jan 2015
SacOil Holdings Limited, through its subsidiary Mena International Petroleum Company Limited ("Mena"), is pleased to announce the commencement of field development operations at its 100% owned Lagia oil field in Sinai, onshore Egypt. Mena has contracted Schlumberger Egypt to conduct an initial phase of development, which includes the hydraulic stimulation of the Lagia 6,7,8,9 and 10 wells, specifically targeting the intersected productive Nukhul geological formation. Schlumberger is one of the leading international oil field services companies, with a proven track record of success in Egypt. Operations commenced on the 4th January 2015 and well results are expected by the end of January 2015. The Company anticipates total daily production of approximately 350 barrels of oil per day, provided the completion of operations at each of these wells is successful. In addition to these hydraulic stimulation operations, a thermal recovery process is being planned for the first half of 2015, which should further enhance oil production and recovery of the reserves from the Lagia oil field. SacOil is preparing and planning a second phase of development operations to start by June 2015, which includes the drilling of up to five additional wells in the Lagia oil field. More details of this phased development, as well as progress on the current operations, will be announced in due course.
Gerald
06 Jan 2015
Sacoil share price has been under pressure with the falling of the oil price unfortunately. Something interesting. Hamra Oil first phase of analysis shows there are oil tracks in Lake Malawi. [link] I just want to highlight in the article this paragraph: Then Hamra Oil joined with other three other companies, Rakgas of the united Arab Emirates, Pacific Oil and Gas of Singapore and the South African Company Sacoil have also been granted licences for prospecting. And this sentence: “What we have managed to get is giving us confidence that there are oil tracks in Lake Malawi.†Chiza-Mkandawire said Kind regards Gerald.
MARKUS
18 Dec 2014
Nigerian Asset Maybe its badly worded , but the Sens today from SAC indicates they are in negotiations to cancel the agreements on one of their Nigerian assets. Althought this seems negative at first glance , its actually not a bad plan, I'm sure the asset will be OPL 281 which is still a long way off any sort of production, has yet to get perfection of title passed to SAC , and will require significant cash flow to become operational. At this stage SAC cannot afford to raise more capital at these reduced share prices. However by selling this asset even for the amount they paid ie: $12.5 mill , the net result is they can use those funds to for near production assets which is the Dr's goal. similar to the Mena deal
Gerald
16 Dec 2014
George Mpofu wrote about the Multi-Billion-Dollar Gas Pipeline In Development To Link South Africa With Mozambique on Ventures Africa website [link]
Marius
11 Dec 2014
New CFO announced.
