S.Africa’s SacOil appoints new CEO - CNBC Africa

S.Africa’s SacOil appoints new CEO

Southern Africa

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SacOil is a South African oil and gas company. PHOTO: Getty Images

Kgogo, who joined SacOil from national oil company, PetroSA, held the position of vice president of operations as well as acting chief operating officer at PetroSA.

“We are delighted that Kgogo has agreed to join the company. His experience in the oil and gas industry will be extremely valuable as we continue to grow the business and engage new opportunities that exist throughout Africa,” said SacOil Holdings Limited chairman, Tito Mboweni.

The company’s current acting CEO, Roger Rees, will also step down from his position at SacOil on 1 June 2014.

The group reported a profit of 27 million rand for the six months ending 31 August 2013 from a loss of 11.8 million rand for the same period in 2012.

According to the company, this was primarily from an increase in investment income earned and decreases in finance and operating costs.

(WATCH VIDEO: SacOil granted license to operate in Malawi)

SacOil, which focuses on opportunities in hydrocarbon basins across the exploration and production spectrum, has interests and prospective interests in Malawi, the DRC, Nigeria and Botswana.