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SACOIL HOLDINGS LIMITED - Appointment of Non-Executive Directors

Release Date: 22/03/2017 17:00:00      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? or ?the Group?)

In   accordance  with   paragraph  3.59(a)  of   the  Listings
Requirements of the JSE Limited, SacOil is pleased to announce
the appointment of Ms Thuto Masasa, Mr Patrick Mngconkola and
Mr Boas Seruwe as non-executive directors of the Company with
effect from 1 April 2017 subject to the completion of procedures required
by the Alternative Investment Market of the London Stock
Exchange for the appointment of directors.

Ms Thuto Masasa is a chartered accountant with extensive
experience established over 10 years working in commerce,
assurance and corporate advisory services in London and South
Africa. Ms Masasa is a partner at Nkonki Incorporated were she
is the Head of External Audit Services. She holds non-executive
directorship at the Mpumalanga Economic Growth Agency and is a
member of audit and risk, loans and finance committees of the
South African Institute of International Affairs. Ms Masasa is
also a member of the finance committee of the National Council
of the South African Institute of International Affairs. She
will serve on the Board of Directors of SacOil as an independent
non-executive director.

Mr Mngconkola holds BTech (Business Administration) and Human
Resource Management degrees and is a deputy director at the
South African Police Service. He serves on the board of the
Public Investment Corporation SOC Limited where he is a member
of the investment, audit and risk and directors? affairs
committees and chairman of the human resources and remuneration
committee. Mr Mngconkola is also a member of the boards of the
V&A Waterfront and Growth Point Properties Limited. He will
serve on the Board of Directors of SacOil as a non-executive

Mr Seruwe holds BCom Accounting and MBA degrees and is the
executive chairman of AFGRI Poultry. He is also a member of the
board of the Unemployment Insurance Fund (?UIF?) and the
chairman of the investment and financial advisory committees of
the UIF. Mr Seruwe has held senior appointments at the National
Treasury, Department of Public Works and PricewaterhouseCoopers
and is a former commissioner of the UIF. He will serve on the
Board of Directors of SacOil as a non-executive director.

?On behalf of the directors l look forward to welcoming Ms
Masasa, Mr Mngconkola and Mr Seruwe to the board of SacOil. The
diversity and extensive experience they will bring will be
instrumental as we continue to grow SacOil into an integrated
African oil and gas company? said Mr Tito Mboweni, SacOil?s

JSE Sponsor
PSG Capital Proprietary Limited

22 March 2017

For further information please contact:

SacOil Holdings Limited
Damain Matroos
+27 (0)10 591 2260

finnCap Limited (Nominated adviser and broker)
Christopher Raggett and James Thompson
+44 (0) 20 7220 0500

Buchanan (Financial PR adviser)
Ben Romney / Chris Judd
+44 (0)20 7466 5000

SacOil is a South African based independent African oil and gas
company, dual-listed on the JSE and AIM.     The Company has a
diverse portfolio of assets spanning production in Egypt;
exploration and appraisal in the Democratic Republic of Congo,
Malawi and Botswana; and midstream projects including crude
trading in Nigeria and a terminal project in Equatorial Guinea.
Our focus as a Group is on delivering energy for the African
continent by using Africa?s own resources to meet the
significant growth in demand expected over the next decade. The
Company continues to evaluate industry opportunities throughout
Africa as it seeks to establish itself as a leading, full-cycle
pan-African oil and gas company.

Date: 22/03/2017 05:00:00 Supplied by www.sharenet.co.za                     
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