Appointment of COO (1247J)
June 27 2011 - 2:01AM
UK Regulatory
TIDMSAC
RNS Number : 1247J
SacOil Holdings Limited
27 June 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 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)
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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