SacOil shares surge on upbeat EPS forecast

Johannesburg-based SacOil Holdings expects to post full-year basic earnings per share (EPS) of 1.23-2.05 cents, down from the prior year's loss per share of 8.54 cents, as it benefits from restructuring its portfolio and foreign-exchange gains.

Shares in the oil and gas company were up more than 9% this afternoon.

It added that basic headline EPS, which excluded the impact of any re-measurements of assets or liabilities, was expected to be 0.57-1.51 cents, up from the headline loss per share of 4.67 cents a year ago.

SacOil further said it foresaw full-year net asset value per share at in the 24.23-25.67 cents range, or up 1%-7% from the 24.10 cents booked at 28 February 2015.