Sacoil - SAC Stream Log

Gavin du Venage, the editor of Engineering and Mining Journal tweeted the story. @Gduvenage

Nice story. It looks like the new guy is serious!

New CEO confident about SacOil's "bright future" Dr Thabo Kgogo, newly appointed CEO at SacOil Holdings says that the company is now in a stronger position to create attractive shareholder value. Officially taking up office on 1 June, SacOil’s new CEO has been in the hot seat for just over a month. Dr Kgogo joined SacOil from PetroSA, where he held the position of Vice President - Operations and recently Acting Chief Operating Officer. His experience spans more than 12 years in oil and gas industry, during which time he has led teams in areas ranging from exploration, appraisal and development projects. He was also managing PetroSA’s upstream and refinery operations. When asked about his reception at SacOil and the challenge of working with a new team, Kgogo seems enthusiastic. “The oil and gas environment is a smaller community than most people might think. I know most of the executive team and they know my capabilities. So the transition is easier than expected. I enjoy the full support of my team, and I look forward to making a significant contribution to the growth of SacOil in the long-term.” His optimism about SacOil’s future is evident when speaking about the health of the business. “SacOil has all the elements needed for exceptional performance over the next five to ten years. The last year has shown that we have a resilient management team backed by an experienced board that is able to step up to any challenge. This strong leadership coupled with an improved financial standing means that we are now in a better position to exploit our quality portfolio of assets throughout Africa, balance our portfolio in the Exploration and Production value chain as well as maintaining a sustainable business geared for growth”, says Kgogo. On the issue of risk, Dr Kgogo says that the current political and security situation in Nigeria, DRC and elsewhere in Africa does not deter him. “We have done our homework. We have our fingers on the pulse and SacOil’s on-the-ground experience in Africa places us in a better position than most to navigate the political environment and the perceived risks of doing business in Africa. SacOil has made positive strides in overcoming some of the external challenges in areas where we operate and this trend will continue.” SacOil stock has in the past been branded as speculative and high-risk, but the new CEO is of the opinion that those days will soon be over. “SacOil has invested a lot of energy in overcoming obstacles over the last few years, and things are now coming together for the company. We are now a well-oiled machine. Our team is highly experienced with the know-how and networks to monetise our assets at an already improved operating cost. I intend to build on that momentum and to drive an even greater sense of urgency towards operational delivery. SacOil’s growing footprint in the African oil and gas arena is now undeniable, and I am confident that we will reward the patience of our supportive investors in the near future.” Kgogo says his 10-year growth-plan centres on the development of meaningful and sustainable partnerships throughout the continent. Something he regards as a prerequisite for realising his vision for SacOil becoming the leading indigenous oil and gas producer in Africa. Dr Kgogo holds a BSc degree in Chemical Engineering from the University of Cape Town, a MSc degree in Petroleum Engineering from the University of London and a PhD degree in Petroleum Engineering from Imperial College London. For more info, visit: www.sacoilholdings.com --- END ---

SAC doesn't need money. I think the point Kgogo makes is that they will only look for funds to take advantage of lucrative opportunities

I saw the story and was wondering how it's gonna go down on this forum. The article put a negative spin on positive news.

I w

wtf! BARELY six months after tapping shareholders for cash, SacOil Holdings, the politically connected oil explorer, may again go cap-in-hand for more in order to fund its development projects.

Thanks very much for that explanation Gerald.I really appreciate this.

Did the director sell her shares

What is the news saying