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Appointment of non-executive Directors


(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” or “the Group”)


In accordance with paragraph 3.59(a) of the Listings Requirements of the JSE Limited, SacOil is pleased to announce the appointment of Ms Thuto Masasa, Mr Patrick Mngconkola and Mr Boas Seruwe as non-executive directors of the Company with effect from 1 April 2017 subject to the completion of procedures required by the Alternative Investment Market of the London Stock Exchange for the appointment of directors.

Ms Thuto Masasa is a chartered accountant with extensive experience established over 10 years working in commerce, assurance and corporate advisory services in London and South Africa. Ms Masasa is a partner at Nkonki Incorporated were she is the Head of External Audit Services. She holds non-executive directorship at the Mpumalanga Economic Growth Agency and is a member of audit and risk, loans and finance committees of the South African Institute of International Affairs. Ms Masasa is also a member of the finance committee of the National Council of the South African Institute of International Affairs. She will serve on the Board of Directors of SacOil as an independent non-executive director.

Mr Mngconkola holds BTech (Business Administration) and Human Resource Management degrees and is a deputy director at the South African Police Service. He serves on the board of the Public Investment Corporation SOC Limited where he is a member of the investment, audit and risk and directors’ affairs committees and chairman of the human resources and remuneration committee. Mr Mngconkola is also a member of the boards of the V&A Waterfront and Growth Point Properties Limited. He will serve on the Board of Directors of SacOil as a non-executive director.

Mr Seruwe holds BCom Accounting and MBA degrees and is the executive chairman of AFGRI Poultry. He is also a member of the board of the Unemployment Insurance Fund (“UIF”) and the chairman of the investment and financial advisory committees of the UIF. Mr Seruwe has held senior appointments at the National Treasury, Department of Public Works and PricewaterhouseCoopers and is a former commissioner of the UIF. He will serve on the Board of Directors of SacOil as a non-executive director.

“On behalf of the directors l look forward to welcoming Ms Masasa, Mr Mngconkola and Mr Seruwe to the board of SacOil. The diversity and extensive experience they will bring will be instrumental as we continue to grow SacOil into an integrated African oil and gas company” said Mr Tito Mboweni, SacOil’s chairman.

JSE Sponsor

PSG Capital Proprietary Limited

22 March 2017

For further information please contact:

SacOil Holdings Limited

Damain Matroos

+27 (0)10 591 2260

finnCap Limited (Nominated adviser and broker)

Christopher Raggett and James Thompson

+44 (0) 20 7220 0500

Buchanan (Financial PR adviser)

Ben Romney / Chris Judd

+44 (0)20 7466 5000


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.


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