Detailed cautionary announcement in respect of Block III, Albertine Graben in the DRC
16 Feb 2011
SACOIL HOLDINGS LIMITED
(Formerly SA Mineral Resources Corporation Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
Share code: SCL and ISIN: ZAE000127460
Detailed cautionary announcement in respect of Block III, DRC
The board of SacOil (the "Board") wishes to announce that, further to previous announcements the last of which was made on 18 January 2011, it is in advanced negotiations with TOTAL E&P RDC ("Total") pursuant to which Total will farm into an undivided interest in Block III. The Government of the Democratic Republic of the Congo, acting through the Minister of Hydrocarbons, has consented to Total farming into and being appointed Operator of Block III.
The Board is currently finalising negotiations and full details of the farm in agreement will be announced in due course.
SacOil shareholders are therefore required to continue to exercise caution when dealing in their SacOil securities, until a further announcement is made in this regard.
BDO Corporate Finance