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Issue of Equity

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31 Jan 2012

SacOil, the independent Pan-African upstream oil and gas company, announces that it has raised ZAR5, 000,000 by the issue of 11,111,112 new ordinary shares of no par value in SacOil ("Ordinary Shares") to Peregrine Securities Pty Ltd ('Peregrine') at a price of ZAR0.45 per Ordinary Share being a 10% discount to the 30 day VWAP of Ordinary Shares on 16 January 2012, the day prior to the signing of an irrevocable undertaking by Peregrine to subscribe for Ordinary Shares.

Application has been made for these Ordinary Shares to be listed on the JSE Limited ('JSE') and admitted to trading on the AIM Market of the London Stock Exchange plc and such listing and admission are expected to occur no later than 1 February 2012.