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Corporate Update

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08 Jun 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: ZAE000127460

(“SacOil” or “the Company”)

Corporate Update

  • Confirmation of total number of shares in issue - 684 million in total as of today
  • Competent Person`s Report ("CPR") valuations of SacOil`s oil and gas interests
  • 370 South African ("SA") cents per share

Total number of shares in issue The Company confirms that the total number of shares in issue in the capital of SacOil is currently 683,929,202 ordinary shares of no par value. On admission to AIM ("Admission"), the Company did not issue any new shares. The purpose of the Admission was to allow SacOil shares to trade on the AIM market, meaning that shares would either trade on the JSE or on AIM with the total number of shares in issue remaining the same. Competent Person`s Report valuations of SacOil`s oil and gas interests, as previously disclosed at the time of Admission The aggregate of the Competent Person`s Report valuations per SacOil share for SacOil oil and gas interests is 370 SA cents per share, calculated as follows:

Name:                         Carey Linnell

Interest

 

1

CPR valuation

(US$ million)

2

CPR valuation

(R million)

CPR valuation per SacOil share

(SA cents)

Block III

128.9 3

866.0

127

OPL 233

87.1 4

585.0

85

OPL 281

160.55

1,079.0

158

TOTAL

376.5

2,530.0

370

1.1. Converted at US$1=R6.72 being the mid-rate at 16:30 BST on 7 June 2011

2.2. Calculated using 683,929,202 shares in issue

3.3. CPR of 24 February 2011 produced by Bayphase Limited, in relation to SacOil`s interest in Block III, Albertine Graben, DRC ("Block III") values the Total E&P RDC farm in to Block III to SacOil on a cost approach basis on completion as US$128.9 million. 

4.4. CPR of 25 February 2011 produced by TRACS International Consultancy Limited, in relation to SacOil`s interest in OPL233, Nigeria ("OPL233") includes an economic evaluation of the P50 Money of the Day Present Value of SacOil`s stake in OPL233, assuming an oil price of US$100/bbl, of US$87.1million

5.5. CPR of 25 February 2011 produced by TRACS International Consultancy Limited, in relation to SacOil`s interest in OPL281, Nigeria ("OPL281") includes an economic evaluation of the P50 Money of the Day Present Value of SacOil`s stake in OPL281, assuming an oil price of US$100/bbl, of US$160.5 million.

The Company has engaged further independent oil & gas industry specific analysts in both South Africa and the United Kingdom and expects further independent analyst reports on the company and its assets to be available to all stakeholders shortly.

8 June 2011

Sponsor

Standard Bank

For further information:

Nominated Adviser and Joint Broker

finnCap Limited

Matthew Robinson/Ed Frisby

+44 (0) 20 7600 1658

 

Joint Broker

Shore Capital Stockbrokers Limited

Jerry Keen/Dru Danford

+44 (0) 20 7408 4090

Tavistock (Public Relations UK)

Edward Portman / Jos Simson

+44 (0) 20 7920 3150

The Riverbed Agency (Public Relations SA)

Raphala Mogase/Bongiwe Moeli

+27 (0) 11 783 7903

Additional information on SacOil can be found at www.sacoilholdings.com