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Response to Share Price Movement

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16 Oct 2012

(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”)

Response to share price movement

Renaissance Capital Subscription Agreement
SacOil notes the recent significant rise in the price of its shares. As previously announced on 12 September 2012 and 3 October 2012, Total E&P RDC (“Total”) successfully conducted an airborne gravity and magnetic survey on the northern part of Block III outside the Virunga National Park. The final interpretation of the survey and report by Total has been received and disclosed in the same announcements. There is no new information that has yet to be disclosed. This particular announcement has been made in order to comply with UK regulatory requirements.

As part of the rollover of the Renaissance Capital facility utilised to procure the US$25m performance bond, the Company has today entered into a subscription arrangement with Renaissance Capital (“RenCap”), where the salient terms are that RenCap will have the option until 30 November 2012 to subscribe for up to 20,000,000 SacOil Shares at a price that is equivalent to a 10% discount to the 30 day volume weighed average price at the time of exercise.


JSE Sponsor
Nedbank Capital

For further information please contact:

finnCap Limited (Nominated Adviser and Broker)
Matthew Robinson / Christopher Raggett

+44 (0) 20 7220   0500

FirstEnergy Capital (Joint Broker UK)
Majid Shafiq
Travis Inlow

+44 (0) 20 7448   0200


GMP Securities Europe LLP (Joint Broker UK)
James Pope
Chris Beltgens

+44 (0) 20 7647   2800

Keyter Rech Investor Solutions (SA)
Vanessa Ingram
Lynne Bothma

+27 (0) 11 447   2993

The Riverbed Agency (SA)
Raphala Mogase

+27 (0) 11 783   7903

Pelham Bell Pottinger (UK)
Philip Dennis
Nick Lambert
Rollo Crichton-Stuart

+44 (0) 20 7861   3919
+44 (0) 20 7861   3936
+44 (0) 20 7861   3918