SacOil Holdings Limited Provides Earnings Guidance for the Year Ended February 28, 2013; Restates Earnings Results for the Year Ended February 29, 2012
In the prior financial period the Group capitalised costs paid by Total RDC (Total) on behalf of Semliki Energy SPRL (Semliki), a subsidiary within the Group, in terms of a cost carry arrangement under the farm-in agreement for Block III. These costs increased the Block III exploration and evaluation asset resulting in a corresponding increase in liabilities representing the amounts owed to Total and the recognition of a deferred tax asset associated with the future tax benefits available to Semliki in relation to the carried costs. To align its accounting practices with IAS 37 - Provisions, Contingent Liabilities and Contingent Assets and with comparable companies in the industry, the Group has decided not to capitalise these costs. Comparative figures have been restated to reflect the change in accounting policy. The previously reported comprehensive loss attributable to SacOil of ZAR 95.8 million has therefore been adjusted and restated to a comprehensive loss attributable to SacOil of ZAR 101.5 million for the year ended 29 February 2012. This has resulted in the restatement of the basic loss per share and the headline loss per share to 14.54 cents and 5.06 cents, respectively for the year ended February 29, 2012.