SacOil Holdings Limited Resignation of Director (1643F)

TIDMSAC

RNS Number : 1643F

SacOil Holdings Limited

25 July 2016

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")

RESIGNATION OF DIRECTOR

In compliance with section 3.59 of the Listings Requirements of the Johannesburg Stock Exchange ("JSE"), shareholders are advised that Mr Bradley Cerff has resigned as an executive director of the Company effective immediately in order to pursue other opportunities. Mr Cerff has agreed to work a three month notice period in order to ensure an orderly handover of responsibilities and will formally leave the Company in October.

Mr Cerff's responsibilities for the Company's oil and gas operations will be assumed on an interim basis by SacOil's Strategy and Business Development Executive, Willem de Meyer. Willem has extensive experience in the exploration and production sector, in particular with PetroSA where he spent 26 years in various senior operational roles including General Manager of E&P, Vice President of New Business and Chief Economist.

Tito Titus Mboweni, Non-Executive Chairman of SacOil said: "The Board of SacOil would like to thank Bradley for his contribution to the growth of the Company and wish him well for the future. We also appreciate his willingness to oversee an orderly transition of duties in the coming months as we seek to ensure there is little or no impact to our operations. We are fortunate to have such a strong operational and technical team in place, who can build upon the good progress we have made to date across our portfolio under the considerable experience of Willem. Willem will assume these responsibilities until a permanent solution can be identified".

JSE Sponsor

PSG Capital Proprietary Limited

25 July 2016

For further information please contact:

SacOil Holdings Limited

Damain Matroos

[phone]

finnCap Limited (Nominated Adviser and broker)

Christopher Raggett and James Thompson

[phone]

FirstEnergy Capital (Joint broker)

Hugh Sanderson / David van Erp

[phone]

Buchanan (Financial PR adviser) - UK

Ben Romney / Chris Judd / Madeleine Seacombe

[phone]

Hill + Knowlton Strategies (Financial PR adviser) - SA

Craig Atherfold / Eva Khosa

[phone]

ABOUT SACOIL

SacOil is a South African based independent African oil and gas company, dual-listed on the JSE and AIM. The Company has a diverse portfolio of assets spanning production in Egypt; exploration and appraisal in the Democratic Republic of Congo, Malawi and Botswana; and midstream projects including crude trading in Nigeria and a terminal project in Equatorial Guinea. Our focus as a Group is on delivering energy for the African continent by using Africa's own resources to meet the significant growth in demand expected over the next decade. The Company continues to evaluate industry opportunities throughout Africa as it seeks to establish itself as a leading, full-cycle pan-African oil and gas company.

This information is provided by RNS

The company news service from the London Stock Exchange

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July 25, 2016 10:45 ET (14:45 GMT)