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Directorate Change

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29 Apr 2014

SACOIL HOLDINGS LIMITED

(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")

Changes to the Board of Directors

SacOil, the African independent upstream Oil & Gas company, is pleased to announce the appointment of Dr Thabo Kgogo as the Chief Executive Officer of SacOil with effect from 1 June 2014. Mr Roger Rees, currently Acting Chief Executive Officer, will step down from his position on the same date.

Dr Thabo Kgogo has more than 12 years' experience in the oil and gas industry ranging from exploration, appraisal and development projects in upstream. He joins SacOil from PetroSA, South Africa's national oil company, where he held the position of Vice President - Operations and recently Acting Chief Operating Officer.

Dr Kgogo was responsible for PetroSA's integrated operations, which included offshore production wells and platforms, Gas to Liquid (GTL) refinery, as well as shipping and aviation services. He was instrumental in imparting a culture of operational excellence, production optimization, reserves addition, environmental compliance and safety. He pioneered the project development of importation of liquefied natural gas into South Africa as well as the company's refinery sustainability projects.

He holds a BSc degree in Chemical Engineering from the University of Cape Town, a MSc degree in Petroleum Engineering from the University of London and a PhD degree in Petroleum Engineering from Imperial College London.

Dr Kgogo has published several international technical papers in the field of Petroleum Engineering. He was the Chairperson of the Southern Africa Chapter of the International Society of Petroleum Engineers from 2009 to 2011. He has also received a Society of Petroleum Engineer's Special award in 2011 for his contribution to the field of Petroleum Engineering.

Commenting on the appointment, Tito Mboweni, Chairman said "We are delighted that Thabo has agreed to join the company. His experience in the Oil & Gas industry will be extremely valuable as we continue to grow the business and engage new opportunities that exist throughout Africa."

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies:

Full Name: Dr. Thabo Clifford Kgogo

Aged: 38

Current Directorships

Directorships and partnerships held in the last 5 years:

BizGalore Fishing

None

Dr. Thabo Clifford Kgogo does not currently hold any shares in the capital of SacOil.

29 April 2014

JSE Sponsor

Nedbank Capital

For further information please contact:

 

finnCap Limited (Nominated Adviser and Broker)

Matthew Robinson / Christopher Raggett

+44 (0) 20 7220 0500

FirstEnergy Capital (Joint Broker UK)

Majid Shafiq / Travis Inlow

+44 (0) 20 7448 0200

Pelham Bell Pottinger (UK)

 

Philip Dennis

+44 (0) 20 7861 3919

Nick Lambert

+44 (0) 20 7861 3936

Rollo Crichton-Stuart

+44 (0) 20 7861 3918