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Finance Update

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01 Nov 2012

SacOil, the African independent upstream oil and gas company, is pleased to announce it has received US$3.0 million from its Nigerian partner, Energy Equity Resources ("EER"). This represents a part repayment of the cash collateral contribution owed to SacOil by EER and will assist SacOil in settling its outstanding balances to YA Global Masters SPV Limited ("YA").

SacOil had borrowed US$3.4 million from YA to enable it to part fund the cash collateral of US$10 million required as part of the posting of the US$25 million Performance Bond (the "Bond") for OPL 233 announced on 17 April 2012.