Johannesburg, South Africa – Sasol confirms that it has completed the divestment of the 27.75% non-operated interest in the Etame Marine Permit (EMP) to VAALCO Gabon S.A. (VAALCO) on 25 February 2021 after completion of all legal and regulatory closing conditions.
Subsequent to concluding the Sale and Purchase Agreement with VAALCO in November 2020 to divest both the EMP and DE-8 Permit, Perenco has exercised its pre-emptive right to acquire Sasol’s interest in the DE-8 permit. This transaction will now be concluded separately and not form part of the acquisition by VAALCO as previously announced.
The economic effective date of the divestment of EMP was agreed as 1 July 2020 for a total cash consideration of US$44 million. Under the terms of the agreement, a contingent payment of US$5 million will be payable to Sasol by VAALCO if Brent oil pricing averages greater than US$60 per barrel for 90 consecutive days during the period between 1 July 2020 and 30 June 2022 (inclusive).
Sasol may, in this document, make certain statements that are not historical facts that relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP), oil and gas reserves and cost reductions, including in connection with our BPEP, RP and our business performance outlook. Words such as “believe”, “anticipate”, “expect”, “intend", “seek”, “will”, “plan”, “could”, “may”, “endeavour”, “target”, “forecast” and “project” and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report on Form 20-F filed on 28 August 2018 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
Please note: One billion is defined as one thousand million. bbl – barrel, bscf – billion standard cubic feet, mmscf – million standard cubic feet, oil references brent crude, mmboe – million barrels oil equivalent. All references to years refer to the financial year 30 June. Any reference to a calendar year is prefaced by the word “calendar”.