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Sasol announces further hedging in respect of its exposure to the oil price
Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
ISIN: ZAE000006896
Share codes: JSE - SOL
NYSE - SSL
(`Sasol`)
Sasol announces further hedging in respect of its exposure to the oil price
On 7 May 2004, Sasol announced that it had executed certain hedging transactions
in respect of its exposure to the oil price in order to improve the stability of
cash flows. In particular, given the opportunity to hedge an element of Sasol
Synfuels` income at relatively high oil prices, Sasol sold forward an amount of
30 000 barrels a day (equivalent to approximately 20% of Synfuels` production)
for financial year 2004/05. Sasol now announces that a further 15 000 barrels a
day for 2004/05 has been sold forward. The total hedging activity to date
therefore amounts to 45 000 barrels a day (equivalent to approximately 30% of
Synfuels` production) for financial year 2004/05 at a weighted average Brent
crude oil price of US$33,12. Appropriate disclosure of oil hedging will be made
in our 2004 annual report and Form 20-F. Sasol does not envisage extending its
oil hedging for the current financial year 2004/05 and will next review its
position and hedging needs in 2005 ahead of its 2005/06 financial year.
Johannesburg
20 July 2004
Sponsor: Deutsche Securities
Disclaimer - Sasol Limited We may in this document make statements that are not
historical facts and relate to analyses and other information based on forecasts
of future results and estimates of amounts not yet determinable. These are
forward-looking statements as defined in the U.S. Private Securities Litigation
Reform Act of 1995. Words such as `believe`, `anticipate`, `expect`, `intend`,
`seek`, `will`, `plan`, `could`, `may`, `endeavor` 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 predictions, forecasts,
projections and other forward-looking statements will not be achieved. If one
or more of these risks materialize, or should underlying assumptions prove
incorrect, actual results may be very different from those anticipated. The
factors that could cause our actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in such forward-
looking statements are discussed more fully in our annual report under the
Securities Exchange Act of 1934 on Form 20-F filed on October 27, 2003 and in
other filings with the United States Securities and Exchange Commission.
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.
Date: 20/07/2004 04:16:03 PM Produced by the JSE SENS Department |
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