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Response to share price movement

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16 Oct 2012

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.