SacOil Holdings Limited has commenced trading in its shares on AIM after an introduction by the Company's Nominated Adviser and broker finnCap Limited and joint broker Renaissance Capital Limited. The Company remains listed on the Main Board of the JSE Limited.

SacOil is intent on becoming a leading independent African upstream oil and gas company with a balanced portfolio of Pan-African assets. SacOil and its subsidiaries are party to transactions pertaining to Block 3, Albertine Graben in the Democratic Republic of Congo ('DRC') and OPL 281 and OPL 233 in Nigeria.

At 7 April 2011, the Company had a current market capitalisation of approximately R1.39 billion (circa £127 million) on the JSE.

Democratic Republic of Congo SacOil owns 50 per cent of the issued capital of Semliki Energy SPRL ("Semliki'), a company incorporated in the DRC, which in turn holds the oil concession rights pertaining to Block 3, Albertine Graben in the DRC ('Block 3').

A Presidential Ordinance approving the Block 3 Production Sharing Agreement has been issued to Semliki, whereby Semliki has the right to apply (after fulfilling certain contractual obligations) for an exploration permit.

On 31 March 2011, Semliki successfully concluded a farm in agreement with Total E&P RDC ('Total') pursuant to which Total acquired a 60 per cent undivided interest in, and became the operator, of Block 3.

Nigeria Subsidiaries of the Company have entered into farm-in agreements in relation to oil concession Blocks OPL 281 and OPL 233 in Nigeria.

Oil concession Block 233 is located in the shallow water area of the Niger Delta of discovered but undeveloped oil assets.

Oil concession Block 281 is an onshore block covering some 138 km², and is located in the western delta region of Nigeria approximately 25 km due east from the Forcados terminal.

Robin Vela, Chief Executive Officer of SacOil commented, 'We are delighted to be bringing the SacOil story to the wider universe of UK and European investors who appreciate and understand the long term African oil and gas growth story and investment opportunities. We believe we have a compelling proposition to aggressively acquire new acreage, as well as develop and de-risk our assets through to production, thereby establishing the company as a balanced portfolio independent African upstream company.'

Tags: SacOil