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Clarification Statement

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04 Aug 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: ZAE0000127460

("SacOil" or "the Company")

Clarification of Incorrect Information Published on Bloomberg

SacOil would like to clarify incorrect information pertaining to the Company, released on Bloomberg on 27 July 2011. The release claims that the Company has received interest from internationals in terms of the ownership of the Company and its assets. This is incorrect.

The Company was in fact asked whether it would consider a farm down or involvement of partners in its assets. The CEO`s response was that there had been some interest indicated in doing so (as is normal in the Oil and Gas industry) but that no talks were taking place.

Accordingly, shareholders are advised that the Company is currently not involved in any discussions relating to the disposal of the Company or its assets.

Johannesburg

4 August 2011

Sponsor

Standard Bank

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

Contacts

Tavistock (Public Relations UK)

Edward Portman / Jos Simson                                                           

+44 (0) 20 7920 3150

The Riverbed Agency

Raphala Mogase/Bongiwe Moeli                                                         

+27 (0) 11 783 7903