I follow comments here about Sacoil on the AIM
http://www.discussthemarket.com/sac-stream This is one of the latest Palomino 15 May UK volumes bigger than SA today ....interesting LSE bbr391 15 May Of Interest Largest buyer seems to be around 3.6p level . Up to that point it`s quite a steal . Longer term the acreage seems very positively rated. gla Sackees Palomino 13 May At last we are getting some positive acclaim. The market will eventually wake up to the ridiculously low current valuation. MARCUS 13 May SACOIL OIL BONANZA SacOil, the independent African oil and gas company dual-listed on the JSE and London’s AIM, stands to receive an income bonanza from its 20% shareholding in OPL281, and will strengthen its balance sheet substantially. A production-sharing contract was signed last week between Transnational Corporation of Nigeria (Transcorp) and the Nigerian National Petroleum Corporation (NNPC) for the exploration and production of OPL281. In terms of the contract, Transcorp has committed to a work programme to prove and develop an estimated 104-million barrels of oil reserves, an additional 335-million barrels of probable reserves and approximately 4-trillion cubic feet (tcf) of natural gas reserves. Chairman of Transcorp, Tony Elumelu said, "Integrating across the energy value chain is the foundation of Transcorp's strategy. OPL 281's gas reserves will be deployed directly into Nigeria 's power generation industry, as we seek to transform the economy of our country." OPL 281 is rich with nearly 4 tcf of natural gas, and will support the newly-expanded Ughelli power plant for up to 25 years at 2000 MW per day," Mr. Elumelu said. "This volume of reserves also guarantees 15 years of feedstock supply for our future fertilizer and petrochemical plants, which will utilise the gas stores to bring value for Nigerians locally.” SacOil’s other asset, OPL 233 in Nigeria has also a significant potential upside exceeding 200 MMbbls of resources and the first production of oil will commence once the modelling and planning is complete. SacOil has a significant portfolio of oil and gas assets covering Nigeria, the Democratic Republic of Congo, Malawi and Botswana. and Mozambique. The company says it is in the process of finalising several additional oil and gas opportunities across Africa. SacOil’s major shareholder is the PIC. Tito Mboweni was appointed chairman last year. SacOil has partnered with Total SA in Block lll in the DRC. Total SA has committed more than $30-million for the exploration and drilling of the first test well in 2014. On the adjacent blocks, especially the Kingfisher Field, 26 out of 27 holes that have been drilled revealed rich commercial finds. According to oil analysts, this area has a confirmed reserve in excess of 2,5-billion barrels. SacOil also is now debt free having recently recapitalised the company and retired all its debt for equity.
