11th Nov 2015 11:09
LONDON (Alliance News) - Africa-focused oil and gas company SacOil Holdings Ltd said issues faced in its Nigerian and Democratic Republic of Congo operations will hit its earnings for the full year.
The company said it expects its earnings per share will fall between 53% and 57% for the year to the end of August. It expects to publish its annual results later this month.
The company has been hit by operational delays affecting its Block III project in the Democratic Republic of Congo due to civil unrest in the area and from losses on the loans it was owed by Energy Equity Resources Norway Ltd.
Shares in SacOil were untraded on Wednesday, having last traded at 1.58 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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