SacOil Holdings' AGM was held on Thursday, 01 October at their head office in Bryanston, Johannesburg. All resolutions were passed with a high degree of accord, with the total resolutions enjoying an average of 99.53% of votes in the affirmative.
The resolution (3.1) to re-elect Gontse Moseneke as non-executive Director has been withdrawn from the agenda following Mr Moseneke's announcement that he will not avail himself for re-election to the SacOil board.
SacOil CEO, Dr Thabo Kgogo used the occasion to present shareholders with an overview of the Company's strategy and current performance against the backdrop of SacOil's 10 year strategic plan. Finance Director, Mr. Damain Matroos followed with a presentation explaining the Company's 2015 results as well as capital expenditure outlook for the next year. Responding to questions from shareholders, Matroos also outlined how SacOil's capex strategy aligns with the Company's shift from being a predominantly exploration and appraisal based business a year ago to becoming a balanced business with a stronger focus on development, production and potential for future acquisitions.
Shareholders also showed a particular interest in the second phase of the Lagia oil field development. In response, Director of Operations, Mr Bradley Cerff provided a detailed update on the progress of the field development, which includes the installation and commissioning of steam facilities as well as the drilling of up to five additional wells at the Sinai Peninsula-based oil field. Based on the current development schedule it is envisaged that production would reach approximately 1000bbls.