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Scl - Sacoil - Sacoil Continues The Process Of Expanding And Strengthening Its

Release Date: 27/06/2011 08:00:09      Code(s): SCL
SCL - SacOil - SacOil continues the process of expanding and strengthening its  
core Management Team                                                            
SACOIL HOLDINGS LIMITED                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1993/000460/06)                                            
JSE share code: SCL                                                             
AIM share code: SAC                                                             
ISIN: ZAE000127460                                                              
("SacOil" or "the Company")                                                     
SacOil continues the process of expanding and strengthening its core Management 
Team                                                                            
-    Appointment of Jan Maier as Chief Operating Officer                        
-    Appointment of Bradley Cerff as Vice President Commercial                  
SacOil, the independent Pan-African upstream oil and gas company, listed on both
the JSE Limited ("JSE") and the AIM market of the London Stock Exchange ("AIM") 
is pleased to announce several key additions to its management team.            
Jan Maier appointed Chief Operating Officer                                     
The Board is pleased to announce the appointment of Jan Maier as Chief Operating
Officer of SacOil and appointment to the Board with effect from 11 July 2011.   
Jan has 25 years` executive experience in the oil & gas industry in Africa with 
Tullow Oil ("Tullow"), previously Energy Africa and Soekor E&P (now PetroSA).   
Jan joins SacOil from Tullow where he was exploration manager for Sub Saharan   
Africa leading a multi-disciplinary team responsible for the formation and      
execution of the African exploration strategy which has delivered material      
exploration successes across Africa in the last few years.  In particular Jan   
was central to Tullow`s success in the identification and development of        
Tullow`s portfolio in Uganda. Prior to this, he was General Manager for Energy  
Africa in North Africa, prior to the purchase of the company by Tullow. During  
his tenure with Energy Africa, the company grew aggressively over eight years   
from small beginnings to being floated on the JSE and the Luxembourg Stock      
Exchange with an eventual market capitalisation of approximately US$500m. Jan is
also a former Exploration Manager of Soekor E&P (now PetroSA) where he gained   
experience in evaluating E&P opportunities in the region and across the African 
continent as well as in other countries across the globe.                       
Jan will be responsible for managing the Company`s portfolio of assets,         
identifying new business opportunities and managing all the operational affairs 
of the Company.                                                                 
Bradley Cerff appointed as Vice President - Commercial                          
The Board is also pleased to announce the appointment of Bradley Cerff as Vice  
President - Commercial with effect 9 May 2011. Bradley joins from PetroSA where 
he held the position of Regional Manager for East and West Africa.  Bradley has 
over 15 years` experience in the oil and gas Industry as well as a Masters      
degrees in Science and Business Administration focused on Foreign Direct        
Investment in the African oil and gas industries. He is also a member of the    
Society of Petroleum Engineers.                                                 
Bradley will be responsible for new business evaluation; commercial negotiations
of the company`s expanding portfolio; and bringing to account the company`s     
existing assets.                                                                
Other recent appointments to the Board include Messrs. John Bentley and Bill    
Guest who were appointed as non-executive directors of the Company with         
individually over 25 years` global technical, operational, managerial expertise 
in the oil & gas industry.                                                      
Robin Vela, Chief Executive Officer of the Company, said:                       
"I am delighted to announce the appointments of both Jan Maier and Bradley Cerff
to SacOil`s management.  Jan and Bradley`s proven technical and management      
capability, which has consistently delivered material value to shareholders,    
will help accelerate the growth plans of SacOil and I look forward to working   
closely with them. These appointments, combined with the recent appointments of 
John Bentley and Bill Guest to the Board are important steps in the deepening   
and widening of the technical management capability of SacOil as we look to grow
aggressively.  I am sure both Jan and Bradley will make a very significant      
contribution to the management and development of our company."                 
Jan Maier added:                                                                
"My attraction to SacOil is that it has demonstrated to be a highly dynamic     
Company that has secured quality acreage with significant potential. SacOil`s   
ability to access assets and to acquire further acreage in parts of Africa that 
is not only highly prospective, but also world class, was also an attractive    
proposition for me. I look forward to augmenting SacOil efforts to becoming a   
leading E&P player in Africa using my past experience to significantly grow the 
Company."                                                                       
Bradley Cerff added:                                                            
"SacOil`s Nigerian development and near production assets with the potential to 
acquire more acreage on the continent attracted me and I look forward to        
delivering on my primary responsibility of bringing these assets to account in  
the short term. I have managed teams and assets in all the African oil producing
countries including Nigeria. I have also drilled a number of exploration and    
production wells, developed and produced Oil in, inter alia, Nigeria. Most      
compelling for me is that SacOil has managed to acquire petroleum assets (at    
significantly discounted prices to their average net asset value ) with both    
upside potential and a capacity to deliver meaningful cash flow in a relatively 
short time frame."                                                              
About SacOil                                                                    
SacOil is a South African based JSE and AIM listed E&P company focused          
exclusively on operations in Africa, where SacOil has a competitive advantage at
the point of entry.  To date it has operations in the DRC (and since partnered  
with Total SA), Nigeria and South Africa and continues to evaluate a number of  
opportunities to secure new value accretive acreage in other established and    
prolific African hydrocarbon basins.  The company has 7 material supportive     
shareholders holding approximately 71 per cent of the current issued capital of 
the company.                                                                    
27 June 2011                                                                    
For Further Information:                                                        
Sponsor                                                                         
Standard Bank                                                                   
Nominated Adviser and Joint Broker                                              
finnCap Limited                                                                 
Matthew Robinson/Ed Frisby                                                      
+44 (0) 20 7220 1658                                                            
Joint Broker                                                                    
Shore Capital Stockbrokers Limited                                              
Jerry Keen/Dru Danford                                                          
Tel: +44 (0) 20 7408 4090                                                       
Contacts                                                                        
Tavistock (Public Relations UK)                                                 
Edward Portman / Jos Simson                                                     
Tel: +44 (0) 20 7920 3150                                                       
The Riverbed Agency (Public Relations SA)                                       
Raphala Mogase/Bongiwe Moeli                                                    
Tel: +27 (0) 11 783 7903                                                        
Additional information on SacOil can be found at www.sacoilholdings.com.        
Mr. Jan Joost Maier, aged 57 has not been a director or partner of any other    
company or partnership in the last five years.                                  
Mr. Maier has confirmed that there is no additional information to be disclosed 
in accordance with Schedule 2, paragraph (g) of the AIM Rules.                  
Date: 27/06/2011 08:00:09 Supplied by www.sharenet.co.za                     
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information disseminated through SENS.                                          



                                        
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