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SACOIL HOLDINGS LIMITED - Appointment of Directors

Release Date: 25/07/2013 15:00:00      Code(s): SCL     
(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?)

                                  Appointment of Directors

SacOil is pleased to announce the formal appointment of Mr Roger Rees as interim chief
executive officer and Mrs Tariro Mudzimuirema as interim financial director of the Company
with immediate effect.

Mr Roger Rees is a Chartered Accountant by qualification. He spent his early career with
Arthur Andersen, initially in London and then Johannesburg. He has extensive public
company experience. He previously served as a director and deputy Chairman of Clough
Limited, an ASX listed oil and gas engineering company.               He also has significant
international experience in acquisitions and disposals, due diligence and corporate finance.

Mrs Tariro Mudzimuirema is a Chartered Accountant with more than 11 years? experience in
finance, risk management, corporate governance and audit. After completing her degree at
Rhodes University, Tariro joined PwC, where she worked in the Johannesburg, Zimbabwe,
Baltimore, London and Malawi offices, responsible for assurance engagements for listed and
unlisted entities in the construction, mining and manufacturing industries. Upon leaving PwC
in June 2010, Tariro held various senior management roles responsible for compliance,
financial management and business development at Indyebo Consulting and as an
Independent Finance Consultant. Tariro is a member of The South African Institute of
Chartered Accountants and an associate of the London Institute of Risk Management.

As from 17 September 2012, Mrs Mudzimuirema was appointed as Finance Manager at

Mr Tito Mboweni, the Chairman of the Board of SacOil, commented as follows on the
?I am delighted that this lady and gentleman have agreed to join the board of SacOil
Holdings Limited for an interim period. I look forward to working with them in growing this
business into a giant pan-African enterprise"

The company?s shares will remain suspended on the JSE and AIM pending further
announcements in this regard.

The following further information in relation to the appointments of Mr Rees and Mrs
Mudzimuirema is disclosed in accordance with Schedule 2(g) of the AIM Rules for

Full name:    Roger William Rees
Age:          60
Current directorships and partnerships:         Directorships and partnerships held in
                                                the last 5 years:
Rex Trueform Limited                            Murray & Roberts Holdings Limited
Redefine Properties Limited                     Clough Limited
African and Overseas Enterprises Ltd
Ikwezi Mining Limited

Rex Trueform Clothing Company Ltd

Mr Rees does not currently hold any shares in the capital of SacOil.

Full name:     Tariro Rudo Mudzimuirema
Age:           35

Current directorships and partnerships:         Directorships and partnerships held in
                                                the last 5 years:
None                                            None

Mrs Mudzimuirema does not currently hold any shares in the capital of SacOil.

25 July 2013


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Majid Shafiq

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Rob Collins

James Pope

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Lynne Bothma

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Philip Dennis                                 +44 (0) 20 7861 3919

Nick Lambert                                  +44 (0) 20 7861 3936

Rollo Crichton-Stuart                         +44 (0) 20 7861 3918

Date: 25/07/2013 03:00:00 Supplied by www.sharenet.co.za                     
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