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Management Appointments and Further Cautionary Announcement

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10 Jan 2012

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" or "the Group")

SacOil appoints two senior managers to strengthen operational and new business teams  
and
Further Cautionary Announcement (JSE)

SacOil, the African independent upstream oil and gas Company, is pleased to announce the appointments of Willem de Meyer as Vice President - Commercial and Jordaan Fouchè as Vice President - Technical and New Business, effective today.

The two senior appointments are part of SacOil's ongoing process to strengthen its core technical and operational team in order to further develop current projects and advance initiatives to secure new value accretive acreage in proven hydrocarbon basins across Africa.

Willem has over 25 years' experience in the upstream Exploration and Production ('E&P') business in Africa and will assist Bradley Cerff, the current Vice President - Operations, with the technical and operational development of SacOil's projects. 

Jordaan's understanding of the commercial aspects of the Oil and Gas ('O&G') business and established relationships developed over 25 years as an investor in oil and gas companies and assets will enable him to evaluate new accretive acreage and bolster SacOil's commercial initiatives into Africa.

Robin Vela, Chief Executive Officer, of SacOil, commented:

"We are delighted that Willem and Jordaan have joined SacOil. Both men are well known and regarded in the African O&G industry and have a sound understanding of its commercial aspects. They will contribute extensive technical and operational skills and near term deal flow as we seek to develop our current assets and grow our footprint across Africa."

Further cautionary announcement (JSE)

In compliance with JSE Limited ("JSE") Listings Requirement 3.9 and with reference to the further cautionary announcement published on Thursday, 24 November 2011 on the Stock Exchange News Service of the JSE and on the Regulatory News Service of the London Stock Exchange, SacOil shareholders ("Shareholders") are advised that the Company is still in the process of considering

various proposals and potential transactions, which if successfully concluded, may have a material effect on the price of SacOil ordinary shares ("Shares").

Accordingly, Shareholders are advised to continue to exercise caution when dealing in their Shares until a further announcement is made in this regard.

ENDS

Background note

Willem de Meyer, Vice President - Commercial

Willem obtained a B.Sc (Hons) degree in Geophysics at the University of Pretoria and a M.Com degree in Mineral Economics at the Rand Afrikaans University.

His 25 years of technical and operational experience in the O&G industry with PetroSA, the National Oil Company of South Africa, and SOEKOR, which he joined in 1982 and subsequently became part of PetroSA.

Willem held a variety of senior managerial roles, including General Manager of E&P, Vice President of new business and chief economist. A Geophysicist by training, he is a member of the South African Geophysical Association and registered as a Professional Natural Scientist with the South African Council for Natural Scientific Professions.

Willem will, on a part time basis, retain his responsibilities as an Investment Analyst to the Earth Resource Investment Group.

Jordaan Fouchè,   Vice President - Technical and New Business

Jordaan holds an honours degree in Geology and an MBA, both from the University of Stellenbosch.

He has over 25 years' experience in the O&G industry primarily as an investor in O&G companies and assets.  Jordaan developed his operational and technical skills set as a geophysicist at SOEKOR / PetroSA, where he was a Project Leader and International Portfolio Manager and was extensively involved in both technical and commercial work, including seismic acquisition and interpretation and the commercial analysis of O&G reservoirs.

Jordaan was a founding member of the Earth Resource Investment Group, a leading and award winning energy resource investment fund. Prior to that, he spent time as an Investment Analyst at Craton Capital and a Senior Project Manager at Industrial Development Corporation, a South African development finance institution.

About SacOil

SacOil is a South African based E&P Company and is listed on the JSE and AIM. The Company is focused on exploring, appraising and developing African O&G operations to near term production, predominately in consortiums with global major O&G companies. This approach enables the Company to manage portfolio risk and ensure that the optimum technical and operating skills are applied. SacOil intends to expand its African footprint and continues to evaluate opportunities to secure new value accretive acreage in other established and prolific African hydrocarbon basins.  

10 January 2012

Johannesburg

JSE Sponsor

The Standard Bank of South Africa Limited

For further information please contact:

 

AIM Nominated Adviser and Joint Broker

finnCap Ltd

Matthew Robinson / Christopher Raggett

 

 

+44 (0)20 7220 0500

Joint Broker (United Kingdom)

Shore Capital Stockbrokers Ltd

Jerry Keen / Bidhi Bhoma

 

 

+44 (0)20 7408 4090

Public Relations (South Africa)

The Riverbed Agency (SA)

Raphala Mogase / Bongiwe Moeli

 

 

+27 (0) 11 783 7903

Public Relations (United Kingdom)

Pelham Bell Pottinger (UK)

Philip Dennis/ Nick Lambert/Rollo Crichton-Stuart

 

 

+44 (0)20 7861 3232

Additional information on SacOil can be found at www.sacoilholdings.com.