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Appointment of COO

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27 Jul 2011

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")

SacOil continues the process of expanding and strengthening its core Management Team

  • Appointment of Jan Maier as Chief Operating Officer
  • Appointment of Bradley Cerff as Vice President Commercial

SacOil, the independent Pan-African upstream oil and Gas Company, listed on both the JSE Limited ("JSE") and the AIM market of the London Stock Exchange ("AIM") is pleased to announce several key additions to its management team.

Jan Maier appointed Chief Operating Officer

The Board is pleased to announce the appointment of Jan Maier as Chief Operating Officer of SacOil and appointment to the Board with effect from 11 July 2011.  Jan has 25 years' executive experience in the oil & gas industry in Africa with Tullow Oil ("Tullow"), previously Energy Africa and Soekor E&P (now PetroSA).

Jan joins SacOil from Tullow where he was exploration manager for Sub Saharan Africa leading a multi-disciplinary team responsible for the formation and execution of the African exploration strategy which has delivered material exploration successes across Africa in the last few years.  In particular Jan was central to Tullow's success in the identification and development of Tullow's portfolio in Uganda. Prior to this, he was General Manager for Energy Africa in North Africa, prior to the purchase of the company by Tullow. During his tenure with Energy Africa, the company grew aggressively over eight years from small beginnings to being floated on the JSE and the Luxembourg Stock Exchange with an eventual market capitalisation of approximately US$500m. Jan is also a former Exploration Manager of Soekor E&P (now PetroSA) where he gained experience in evaluating E&P opportunities in the region and across the African continent as well as in other countries across the globe.

Jan will be responsible for managing the Company's portfolio of assets, identifying new business opportunities and managing all the operational affairs of the Company.

Bradley Cerff appointed as Vice President – Commercial

The Board is also pleased to announce the appointment of Bradley Cerff as Vice President - Commercial with effect 9 May 2011. Bradley joins from PetroSA where he held the position of Regional Manager for East and West Africa.  Bradley has over 15 years' experience in the oil and gas Industry as well as a Master’s degrees in Science and Business Administration focused on Foreign Direct Investment in the African oil and gas industries. He is also a member of the Society of Petroleum Engineers.

Bradley will be responsible for new business evaluation; commercial negotiations of the company's expanding portfolio; and bringing to account the company's existing assets.

Other recent appointments to the Board include Messrs. John Bentley and Bill Guest who were appointed as non-executive directors of the Company with individually over 25 years' global technical, operational, managerial expertise in the oil & gas industry. 

Robin Vela, Chief Executive Officer of the Company, said:

"I am delighted to announce the appointments of both Jan Maier and Bradley Cerff to SacOil's management.  Jan and Bradley's proven technical and management capability, which has consistently delivered material value to shareholders, will help accelerate the growth plans of SacOil and I look forward to working closely with them. These appointments, combined with the recent appointments of John Bentley and Bill Guest to the Board are important steps in the deepening and widening of the technical management capability of SacOil as we look to grow aggressively.  I am sure both Jan and Bradley will make a very significant contribution to the management and development of our company."

Jan Maier added:

"My attraction to SacOil is that it has demonstrated to be a highly dynamic Company that has secured quality acreage with significant potential. SacOil's ability to access assets and to acquire further acreage in parts of Africa that is not only highly prospective, but also world class was also an attractive proposition for me. I look forward to augmenting SacOil efforts to becoming a leading E&P player in Africa using my past experience to significantly grow the Company."

Bradley Cerff added:

"SacOil's Nigerian development and near production assets with the potential to acquire more acreage on the continent attracted me and I look forward to delivering on my primary responsibility of bringing these assets to account in the short term. I have managed teams and assets in all the African oil producing countries including Nigeria. I have also drilled a number of exploration and production wells, developed and produced Oil in, inter alia, Nigeria. Most compelling for me is that SacOil has managed to acquire petroleum assets (at significantly discounted prices to their average net asset value ) with both upside potential and a capacity to deliver meaningful cash flow in a relatively short time frame."

About SacOil

SacOil is a South African based JSE and AIM listed E&P company focused exclusively on operations in Africa, where SacOil has a competitive advantage at the point of entry.  To date it has operations in the DRC (and since partnered with Total SA), Nigeria and South Africa and continues to evaluate a number of opportunities to secure new value accretive acreage in other established and prolific African hydrocarbon basins.  The company has 7 material supportive shareholders holding approximately 71 per cent of the current issued capital of the company.

27 June 2011

For Further Information:

Sponsor

Standard Bank

Nominated Adviser and Joint Broker

finnCap Limited

Matthew Robinson/Ed Frisby

+44 (0) 20 7220 1658

Joint Broker

Shore Capital Stockbrokers Limited 

Jerry Keen/Dru Danford

Tel: +44 (0) 20 7408 4090 

 

Contacts

 

Tavistock (Public Relations UK)                                

Jos Simson/Edward Portman

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 SacOilcan be found at www.sacoilholdings.com.

 

Mr. Jan Joost Maier, aged 57 has not been a director or partner of any other company or partnership in the last five years.

Mr. Maier has confirmed that there is no additional information to be disclosed in accordance with Schedule 2, paragraph (g) of the AIM Rules.