Executive Summary
Sacoil Holdings is focusing on African oil opportunities with the key focus on short-term production situations. The exploration assets should be in proven areas of discovery with above average upside potential. The production mission is currently being addressed by the acquisition of Nigerian near production assets acquired in Joint Venture with EER a Nigerian oil and investment and consulting company. SacOil will have a 50% benefit and funding obligation in all EER joint venture acquisitions. The exploration property rights are located in the Democratic Republic of the Congo (DRC) Lake Albert area close to the Uganda and DRC border. The area is part of the Rift Valley and is known as the Albertine Graben area which is a proven petroleum discovery region. Bituminous shales are known to be present and are generally mature. This is being evidenced by numerous oil seeps and recent positive drill results in adjacent oil concessions. The Company manufactures manganese, sulphate powder, manganese sulphate solution and manganese oxide at its plant in Mpumalanga better known as the Greenhills plant. The main source of income from the plant is from the sale of manganese sulphate, manganese hydrate and manganese oxide. The average production of the plant is 300 tonnes per month of manganese sulphate and 360 tonnes of manganese oxides which approximately 230 tonnes are used to produce manganese sulphate powder. This business is not considered to be a core asset.
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