| Mon 27 Jun 2011, 8:00 | | SCL - SacOil - SacOil continues the process of expanding and strengthening its |
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SCL
SCL
SCL - SacOil - SacOil continues the process of expanding and strengthening its
core Management Team
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")
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 Masters
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)
Edward Portman / Jos Simson
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 SacOil can 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.
Date: 27/06/2011 08:00:09 Produced by the JSE SENS Department.
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