25 May 2012

African oil group in £109m AIM move 

08/03/2011 Robert Tyerman

SacOil Holdings, an Africa-focused oil project backer, is seeking an introduction to AIM with an expected market tag of £109 million.

FinnCap is nominated adviser and broker to the South Africa-based company, already quoted in Johannesburg, with Richard Linnell, chairman of existing AIM counter Coal of Africa, in the chair and Jubilee platinum chief Colin Bird as executive director.

Nigerian concerns Encha Group and Encha Capital together hold nearly 49 per cent of SacOil, whose stated strategy is to acquire and develop already discovered but as yet undeveloped oil and gas assets in Africa or previously active ones which can be brought back into production. Robin Vela, founder and boss of Encha's investment arm, is chief executive officer of SacOil, which has interests in one block in the Congo and two in Nigeria, and Gontse Moseneke, another key Encha player, is a non-executive director.

Coal of Africa itself holds around 1.2 per cent of SacOil following last year's issue of shares to its subsidiary GVM to settle a debt. Citing forecasts that Africa will produce more oil than North America this year and be the worlds third largest oil region by 2020, SacOil proclaims its vision of becoming 'a pan-African independent upstream oil and gas company', with 'an ambitious and aggressive acquisition-led growth strategy'.

SacOil's AIM move looks well-timed and its board has credibility. While clearly not without risk, if the company shows signs of striking the right deals, it should be well received.  

Tags: AIM market, Colin Bird, Gontse Moseneke, Nigeria, Oil and gas, Richard Linnell

Sector: Oil & Gas Producers

Companies: Coal of Africa

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