24th Nov 2015 13:07
LONDON (Alliance News) - SacOil Holdings Ltd, an oil and gas company based in South Africa with operations in Egypt, the Democratic Republic of Congo, Malawi and Botswana, on Tuesday said its transition into a production company remains its priority.
Pretax profit fell to ZAR19.7 million in the six months ended August 31, compared with ZAR30.4 million the corresponding half the prior year. SacOil recorded ZAR3.0 million of revenue against none the prior year, but operating costs swelled to ZAR59.9 million from ZAR46.6 million.
"The transformation of SacOil into a production company remains the priority of the board. In this regard, significant progress has been made in advancing the Lagia development activities to ensure that we reach the targeted production of 1,000 barrels per day by the end of the 2016 financial year," Chief Executive Thabo Kgogo said in a statement.
The Lagia oil field is in Egypt.
"We look forward to an exciting run to the end of the financial year. Our key priorities for the next six months are the completion of the Lagia development activities and the advancement of our other exploration assets," Kgogo said.
Shares in SacOil were up 6.7% at 1.20 pence in London on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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