| Mon 11 Apr 2011, 8:55 | | SCL - Sacoil Holdings Limited - Appointment of non-executive directors to the |
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SCL
SCL
SCL - Sacoil Holdings Limited - Appointment of non-executive directors to the
board of Sacoil and intention to raise further capital
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")
APPOINTMENT OF NON-EXECUTIVE DIRECTORS TO THE BOARD OF SACOIL AND INTENTION TO
RAISE FURTHER CAPITAL
1 Appointment of Non-executive directors
The Board of directors of SacOil ("the Board") is pleased to announce the
appointment of, Mr. John Bentley and Mr. Bill Guest as non-executive directors,
with effect from 1 May 2011.
John Bentley has 40 years` experience in the natural resources sector and holds
a degree in Metallurgy from Brunel University. He is an experienced board member
being a past Managing Director of Gencor`s Brazilian mining company, Sao Bento
Mineracao, Chief Executive of Engen`s Exploration & Production division and was
instrumental in floating Energy Africa Limited on the JSE Limited ("JSE") where
after he became the Chief Executive for the following five years. More recently
John was Executive Chairman of First Africa Oil plc. He currently holds various
board positions for a number of resource companies including Faroe Petroleum
plc, Scotgold Resources Limited, Wentworth Resources Limited, Resaca
Exploitation Inc. and Kea Petroleum plc. John will serve as Chairman of the
Audit and Remuneration Committees of the Board, and as member of the Risk
Committee of the Board.
Bill Guest has over 35 years of international exploration and production
experience within the oil industry, in technical, business development and
senior management functions. He has 14 years` experience as a board member of
London E&P companies with front line involvement in corporate and strategic
development. He spent his formative years as a geologist and petroleum engineer
with Shell International in Europe, the Far East and West Africa. On leaving
Shell, Bill joined the board of Monument Oil and Gas plc as Technical Director,
and latterly Business Development Director, positions he held until Monument`s
sale to Lasmo. More recently, Bill was Managing Director of Endeavour Norge AS
and subsequently President of Gulf Keystone Petroleum Limited. He is a founding
partner of Guest & Associates a business development consultancy service for the
upstream oil and gas industry. He is a non-executive director of Hurricane
Exploration plc and Matra Petroleum plc. Bill will serve as Chairman of the Risk
Committee of the Board and as member of the Remuneration and Audit Committees of
the Board.
SacOil Chief Executive Officer, Robin Vela, on behalf of the Board, takes this
opportunity to welcome John and Bill to the Board and believes that their wealth
of global experience and skills combined with their extensive operational
experience will be a significant asset to the Company. Their appointment will
further enhance the Company`s vision to become a Pan African upstream oil and
gas company.
2 Intention to raise further capital
Further to the Company`s successful listing on the AIM market of the London
Stock Exchange on 8 April 2011, SacOil will be embarking on a number of
initiatives including road shows and presentations to create awareness both
locally and internationally of the Company`s strategic objectives as well as
current and future business operations. It also intends to raise further capital
to fund its current and future operations.
3 Appointment of Sponsor
The Board is also pleased to announce the appointment of Standard Bank as the
Company`s sponsor on the JSE.
Bryanston
11 April 2011
Sponsor
Standard Bank
Corporate Adviser
Renaissance BJM Securities (Proprietary) Limited
Legal Adviser
Denys Reitz
Contacts
Tavistock (Public Relations)
Edward Portman / Jos Simson
Tel: +44 (0) 20 7429 6666
The Riverbed Agency
Raphala Mogase
Tel: +27 (0) 11 783 7903
Date: 11/04/2011 08:55:01 Produced by the JSE SENS Department.
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