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Trading Statement for six months ended 31 August 2010

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27 Oct 2010

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

("SacOil")

Trading Statement for six months ended 31 August 2010

In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on will differ by more than 20% from that of the previous corresponding period. SacOil is currently finalising its results for the six months ended 31 August 2010.

Shareholders are advised that the earnings per share ("EPS") and headline earnings per share will be between 110% and 130% less than the previous corresponding period. This movement is largely attributable to corporate head office costs, including transaction costs relating to the circular that was posted to SacOil shareholders on 4 September 2010 ("the Circular"), and share based payment expenses. However, despite a marginal decrease in sales volumes, the Greenhill’s plant achieved a positive EPS.

At a general meeting held on 20 September 2010, SacOil shareholders ("Shareholders") approved, inter alia, the restructuring of the company`s investment in the oil concession rights pertaining to Block 3, Albertine Graben in the Democratic Republic of Congo ("Block 3"), including the acquisition of 50 per cent of the entire issued share capital of, and all claims of the South African Congo Oil Company (Proprietary) Limited ("SacOil (Proprietary) Limited") vendors against, SacOil (Proprietary) Limited, details of which were provided in the Circular. Shareholders are referred to the announcement on SENS on 30 September 2010 for details of the Company`s work programme on Block 3.

Shareholders were also advised in SENS announcements dated 5 October 2010 and 12 October 2010 that in the important Nigerian oil and gas market, SacOil has entered into an unincorporated joint venture agreement with Energy Equity Resources, a Nigerian led and managed London based Pan African oil and gas company operating in Nigeria and Nigeria/Sao Tome joint development zone for over 7 years, and that the company is pursuing a secondary listing on the London Alternative Investment Market.

Based on the above, the directors of SacOil believe that a solid foundation has been laid for long-term sustainable growth and remain confident of the Company`s growth prospects.

The financial information on which this trading statement is based has not been reviewed or reported on by the company`s auditors.

 

Midrand

27 October 2010

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BDO Corporate Finance