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Scl - Sacoil Holdings Limited Sacoil Appoints Two Senior Managers To

Release Date: 10/01/2012 09:00:01      Code(s): SCL
SCL - SACOIL Holdings Limited SACOIL appoints two senior managers to            
strengthen operational and new business teams and further cautionary            
announcement                                                                    
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" or "the Group")                                      
10 January 2012                                                                 
Johannesburg                                                                    
SACOIL APPOINTS TWO SENIOR MANAGERS TO STRENGTHEN OPERATIONAL AND NEW BUSINESS  
TEAMS AND FURTHER CAUTIONARY ANNOUNCEMENT (JSE)                                 
SacOil, the African independent upstream oil and gas Company, is pleased to     
announce the appointments of Willem de Meyer as Vice President - Commercial     
and Jordaan Fouche as Vice President - Technical and New Business, effective    
today.                                                                          
The two senior appointments are part of SacOil`s ongoing process to strengthen  
its core technical and operational team in order to further develop current     
projects and advance initiatives to secure new value accretive acreage in       
proven hydrocarbon basins across Africa.                                        
Willem has over 25 years` experience in the upstream Exploration and            
Production (`E&P`) business in Africa and will assist Bradley Cerff, the        
current Vice President - Operations, with the technical and operational         
development of SacOil`s projects.                                               
Jordaan`s understanding of the commercial aspects of the Oil and Gas (`O&G`)    
business and established relationships developed over 25 years as an investor   
in oil and gas companies and assets will enable him to evaluate new accretive   
acreage and bolster SacOil`s commercial initiatives into Africa.                
Robin Vela, Chief Executive Officer, of SacOil, commented:                      
"We are delighted that Willem and Jordaan have joined SacOil. Both men are      
well known and regarded in the African O&G industry and have a sound            
understanding of its commercial aspects. They will contribute extensive         
technical and operational skills and near term deal flow as we seek to develop  
our current assets and grow our footprint across Africa."                       
Further cautionary announcement (JSE)                                           
In compliance with JSE Limited ("JSE") Listings Requirement 3.9 and with        
reference to the further cautionary announcement published on Thursday, 24      
November 2011 on the Stock Exchange News Service of the JSE and on the          
Regulatory News Service of the London Stock Exchange, SacOil shareholders       
("Shareholders") are advised that the Company is still in the process of        
considering various proposals and potential transactions, which if              
successfully concluded, may have a material effect on the price of SacOil       
ordinary shares ("Shares").                                                     
Accordingly, Shareholders are advised to continue to exercise caution when      
dealing in their Shares until a further announcement is made in this regard.    
ENDS                                                                            
Background note                                                                 
Willem de Meyer, Vice President - Commercial                                    
Willem obtained a B.Sc (Hons) degree in Geophysics at the University of         
Pretoria and a M.Com degree in Mineral Economics at the Rand Afrikaans          
University.                                                                     
His 25 years of technical and operational experience in the O&G industry with   
PetroSA, the National Oil Company of South Africa, and SOEKOR, which he joined  
in 1982 and subsequently became part of PetroSA.                                
Willem held a variety of senior managerial roles, including General Manager of  
E&P, Vice President of new business and chief economist. A Geophysicist by      
training, he is a member of the South African Geophysical Association and       
registered as a Professional Natural Scientist with the South African Council   
for Natural Scientific Professions.                                             
Willem will, on a part time basis, retain his responsibilities as an            
Investment Analyst to the Earth Resource Investment Group.                      
Jordaan Fouche,   Vice President - Technical and New Business                   
Jordaan holds an honours degree in Geology and an MBA, both from the            
University of Stellenbosch.                                                     
He has over 25 years` experience in the O&G industry primarily as an investor   
in O&G companies and assets.  Jordaan developed his operational and technical   
skills set as a geophysicist at SOEKOR / PetroSA, where he was a Project        
Leader and International Portfolio Manager and was extensively involved in      
both technical and commercial work, including seismic acquisition and           
interpretation and the commercial analysis of O&G reservoirs.                   
Jordaan was a founding member of the Earth Resource Investment Group, a         
leading and award winning energy resource investment fund. Prior to that, he    
spent time as an Investment Analyst at Craton Capital and a Senior Project      
Manager at Industrial Development Corporation, a South African development      
finance institution.                                                            
About SacOil                                                                    
SacOil is a South African based E&P Company and is listed on the JSE and AIM.   
The Company is focused on exploring, appraising and developing African O&G      
operations to near term production, predominately in consortiums with global    
major O&G companies. This approach enables the Company to manage portfolio      
risk and ensure that the optimum technical and operating skills are applied.    
SacOil intends to expand its African footprint and continues to evaluate        
opportunities to secure new value accretive acreage in other established and    
prolific African hydrocarbon basins.                                            
JSE Sponsor                                                                     
The Standard Bank of South Africa Limited                                       
For further information please contact:                                         
AIM Nominated Adviser and Joint Broker                                          
finnCap Ltd                                                                     
Matthew Robinson / Christopher Raggett               +44 (0)20 7220 0500        
Joint Broker (United Kingdom)                                                   
Shore Capital Stockbrokers Ltd                                                  
Jerry Keen / Bidhi Bhoma                             +44 (0)20 7408 4090        
Public Relations (South Africa)                                                 
The Riverbed Agency (SA)                                                        
Raphala Mogase / Bongiwe Moeli                       +27 (0) 11 783 7903        
Public Relations (United Kingdom)                                               
Pelham Bell Pottinger (UK)                                                      
Philip Dennis/ Nick Lambert/Rollo Crichton-          +44 (0)20 7861 3232        
Stuart                                                                          
Additional information on SacOil can be found at www.sacoilholdings.com.        
Date: 10/01/2012 09:00:01 Supplied by www.sharenet.co.za                     
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