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Scl - Sacoil Holdings Limited - Appointment Of Non-executive Directors To The

Release Date: 11/04/2011 08:55:01      Code(s): SCL
SCL - Sacoil Holdings Limited - Appointment of non-executive directors to the   
board of Sacoil and intention to raise further capital                          
SACOIL HOLDINGS LIMITED                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1993/000460/06)                                            
JSE share code: SCL                                                             
AIM share code: SAC                                                             
ISIN: ZAE0000127460                                                             
("SacOil" or "the Company")                                                     
APPOINTMENT OF NON-EXECUTIVE DIRECTORS TO THE BOARD OF SACOIL AND INTENTION TO  
RAISE FURTHER CAPITAL                                                           
1    Appointment of Non-executive directors                                     
The Board of directors of SacOil ("the Board") is pleased to announce the       
appointment of, Mr. John Bentley and Mr. Bill Guest as non-executive directors, 
with effect from 1 May 2011.                                                    
John Bentley has 40 years` experience in the natural resources sector and holds 
a degree in Metallurgy from Brunel University. He is an experienced board member
being a past Managing Director of Gencor`s Brazilian mining company, Sao Bento  
Mineracao, Chief Executive of Engen`s Exploration & Production division and was 
instrumental in floating Energy Africa Limited on the JSE Limited ("JSE") where 
after he became the Chief Executive for the following five years. More recently 
John was Executive Chairman of First Africa Oil plc. He currently holds various 
board positions for a number of resource companies including Faroe Petroleum    
plc, Scotgold Resources Limited, Wentworth Resources Limited, Resaca            
Exploitation Inc. and Kea Petroleum plc. John will serve as Chairman of the     
Audit and Remuneration Committees of the Board, and as member of the Risk       
Committee of the Board.                                                         
Bill Guest has over 35 years of international exploration and production        
experience within the oil industry, in technical, business development and      
senior management functions. He has 14 years` experience as a board member of   
London E&P companies with front line involvement in corporate and strategic     
development. He spent his formative years as a geologist and petroleum engineer 
with Shell International in Europe, the Far East and West Africa. On leaving    
Shell, Bill joined the board of Monument Oil and Gas plc as Technical Director, 
and latterly Business Development Director, positions he held until Monument`s  
sale to Lasmo. More recently, Bill was Managing Director of Endeavour Norge AS  
and subsequently President of Gulf Keystone Petroleum Limited. He is a founding 
partner of Guest & Associates a business development consultancy service for the
upstream oil and gas industry. He is a non-executive director of Hurricane      
Exploration plc and Matra Petroleum plc. Bill will serve as Chairman of the Risk
Committee of the Board and as member of the Remuneration and Audit Committees of
the Board.                                                                      
SacOil Chief Executive Officer, Robin Vela, on behalf of the Board, takes this  
opportunity to welcome John and Bill to the Board and believes that their wealth
of global experience and skills combined with their extensive operational       
experience will be a significant asset to the Company. Their appointment will   
further enhance the Company`s vision to become a Pan African upstream oil and   
gas company.                                                                    
2    Intention to raise further capital                                         
Further to the Company`s successful listing on the AIM market of the London     
Stock Exchange on 8 April 2011, SacOil will be embarking on a number of         
initiatives including road shows and presentations to create awareness both     
locally and internationally of the Company`s strategic objectives as well as    
current and future business operations. It also intends to raise further capital
to fund its current and future operations.                                      
3    Appointment of Sponsor                                                     
The Board is also pleased to announce the appointment of Standard Bank as the   
Company`s sponsor on the JSE.                                                   
Bryanston                                                                       
11 April 2011                                                                   
Sponsor                                                                         
Standard Bank                                                                   
Corporate Adviser                                                               
Renaissance BJM Securities (Proprietary) Limited                                
Legal Adviser                                                                   
Denys Reitz                                                                     
Contacts                                                                        
Tavistock (Public Relations)                                                    
Edward Portman / Jos Simson                                                     
Tel: +44 (0) 20 7429 6666                                                       
The Riverbed Agency                                                             
Raphala Mogase                                                                  
Tel: +27 (0) 11 783 7903                                                        
Date: 11/04/2011 08:55:01 Supplied by www.sharenet.co.za                     
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