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SCL - Sacoil Holdings Limited - Appointment of non-executive directors to the board of Sacoil and intention to raise further capital 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") APPOINTMENT OF NON-EXECUTIVE DIRECTORS TO THE BOARD OF SACOIL AND INTENTION TO RAISE FURTHER CAPITAL 1 Appointment of Non-executive directors The Board of directors of SacOil ("the Board") is pleased to announce the appointment of, Mr. John Bentley and Mr. Bill Guest as non-executive directors, with effect from 1 May 2011. John Bentley has 40 years` experience in the natural resources sector and holds a degree in Metallurgy from Brunel University. He is an experienced board member being a past Managing Director of Gencor`s Brazilian mining company, Sao Bento Mineracao, Chief Executive of Engen`s Exploration & Production division and was instrumental in floating Energy Africa Limited on the JSE Limited ("JSE") where after he became the Chief Executive for the following five years. More recently John was Executive Chairman of First Africa Oil plc. He currently holds various board positions for a number of resource companies including Faroe Petroleum plc, Scotgold Resources Limited, Wentworth Resources Limited, Resaca Exploitation Inc. and Kea Petroleum plc. John will serve as Chairman of the Audit and Remuneration Committees of the Board, and as member of the Risk Committee of the Board. Bill Guest has over 35 years of international exploration and production experience within the oil industry, in technical, business development and senior management functions. He has 14 years` experience as a board member of London E&P companies with front line involvement in corporate and strategic development. He spent his formative years as a geologist and petroleum engineer with Shell International in Europe, the Far East and West Africa. On leaving Shell, Bill joined the board of Monument Oil and Gas plc as Technical Director, and latterly Business Development Director, positions he held until Monument`s sale to Lasmo. More recently, Bill was Managing Director of Endeavour Norge AS and subsequently President of Gulf Keystone Petroleum Limited. He is a founding partner of Guest & Associates a business development consultancy service for the upstream oil and gas industry. He is a non-executive director of Hurricane Exploration plc and Matra Petroleum plc. Bill will serve as Chairman of the Risk Committee of the Board and as member of the Remuneration and Audit Committees of the Board. SacOil Chief Executive Officer, Robin Vela, on behalf of the Board, takes this opportunity to welcome John and Bill to the Board and believes that their wealth of global experience and skills combined with their extensive operational experience will be a significant asset to the Company. Their appointment will further enhance the Company`s vision to become a Pan African upstream oil and gas company. 2 Intention to raise further capital Further to the Company`s successful listing on the AIM market of the London Stock Exchange on 8 April 2011, SacOil will be embarking on a number of initiatives including road shows and presentations to create awareness both locally and internationally of the Company`s strategic objectives as well as current and future business operations. It also intends to raise further capital to fund its current and future operations. 3 Appointment of Sponsor The Board is also pleased to announce the appointment of Standard Bank as the Company`s sponsor on the JSE. Bryanston 11 April 2011 Sponsor Standard Bank Corporate Adviser Renaissance BJM Securities (Proprietary) Limited Legal Adviser Denys Reitz Contacts Tavistock (Public Relations) Edward Portman / Jos Simson Tel: +44 (0) 20 7429 6666 The Riverbed Agency Raphala Mogase Tel: +27 (0) 11 783 7903 Date: 11/04/2011 08:55:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
