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SCL - SACoil Holdings Limited - Management team update

Release Date: 27/07/2011 08:00:13      Code(s): SCL
SCL - SACoil Holdings Limited - Management team update                          
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")                                                     
MANAGEMENT TEAM UPDATE                                                          
We refer to the announcement published on 27 June 2011, relating to the         
appointment of Mr. Jan Maier as Chief Operating Officer. Prior to taking up his 
post and the effective date of his appointment, due to unforeseen personal      
reasons, the Company and Jan have resolved that he will not take up the         
position. In the circumstances, the Board of Directors of SacOil has resolved to
release Jan from his service agreement with the Company.                        
Mr. Bradley Cerff, the Company`s Vice President, continues to manage SacOil`s   
operational matters and remains focussed on bringing the Company`s current      
assets to account.                                                              
The Board of SacOil has already engaged in discussions with other experienced   
and qualified candidates from the Oil and Gas Industry who have been identified 
as being suitable to fulfill the role.                                          
A further announcement in this regard will be made in due course.               
27 July 2011                                                                    
For Further Information:                                                        
Standard Bank                                                                   
Nominated Adviser and Joint Broker                                              
finnCap Limited                                                                 
Matthew Robinson/Ed Frisby                                                      
+44 (0) 20 7600 1658                                                            
Joint Broker                                                                    
Shore Capital Stockbrokers Limited                                              
Jerry Keen/Dru Danford                                                          
Tel: +44 (0) 20 7408 4090                                                       
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.        
Date: 27/07/2011 08:00:13 Supplied by www.sharenet.co.za                     
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