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SCL - SACoil Holdings Limited - Management team update

Release Date: 27/07/2011 08:00
Code(s): SCL
Wrap Text

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: Sponsor 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 Contacts 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 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.

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