CHAIRMAN’S REPORT Dear Shareholder, 2023 was a year of transition in which we divested our Alberta Plains Asset in Canada and our Filipino assets. These divestments occurred contemporaneously with the appointment of our Managing Director, Mr Kane Marshall. Mr Marshall is leading the Company into a new phase of Sacgasco’s journey, by focusing on upstream acquisitions that lie within stable jurisdictions, have proximity to infrastructure to monetise new discoveries and have an established market to meet consumer’s needs for energy as global economies transition into cleaner forms of energy and electrification. Your Board of Directors continue to be very positive on Sacgasco’s current and future investments and we are confident that it provides us with a stable platform to support future investment opportunities under new leadership. As I look forward to the coming year ahead, Sacgasco is ideally positioned to take advantage of the many opportunities it is presented with, not only due to ever increasing demand for oil and gas globally but the lack of competitors actively exploring as many companies have elected instead to invest in renewable energy projects that have resulted in underwhelming returns to investors. Global demand for oil and gas is now at record levels despite the drive to transition to a cleaner energy economy, which is not only driven by consumer demand but by a supply issue driven by inadequate levels of global oil and gas exploration and development. Historically, success from oil and gas explorers on the ASX stems from the people behind them, the geological ideas they generate and subsequently the exploration wells the team gets funded. With these favourable economic tailwinds, I am confident we are treading down the road to success and look forward to sharing this journey with you.
SGC Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
