SacOil Holdings - High impact exploration in the DRC plus the promise of early oil production in Nigeria

 

 

SacOil Holdings	Update 18th July 2012
High impact exploration in the DRC plus the promise of early oil production in Nigeria	Speculative Buy     Target price 11p     Key data Price 2.87p 52 week high/low 7.88p/2.63p Primary exchange AIM EPIC SAC Shares in issue 918m Market Cap £25.7 m Sector Mining       Valuation   EV/EBITDA n/a P/E n/a NAV / Share 68.08p TNAV / Share (12.60p)     Previous note Corporate update     Future event Reprocessing of seismic data at OPL 233     Affiliations: None     Important: All disclaimer information can be found on the last page of the document
Block III DRC is a high impact exploration project where SacOil will be fully funded by Total until after a commercial reserve has been found. In Nigeria, it is expected that before the end of 2013, OPL 233 could see the start of an extended well test, the booking of reserves and the generation of cashflow. Our sum of the parts valuation risked gives a target price of 11p. Click to download Full Report
Table: Financial overview Year to 28th Feb 2010A 2011A 2012A 2014E Revenue (ZAR'000) 31,723 35,143 37,172 38,000 PBT (ZAR'000) (34) (29,751) 65,575 (20,000) EPS (cents) 0.72 (6.62) (13.35) (7.20) Dividend (cents) 0.00 0.00 0.00 0.00 Yield (%) 0.00 0.00 0.00 0.00

 

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