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Edison Investment Research Update

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23 Sep 2011

SacOil recently announced the issue of 111.94m shares raising ZAR75m ($10.7m) on the JSE. The shares were issued at ZAR0.67 (c 5.8p) compared to a trade-weighted average price of 5.93p in August (source Bloomberg) to Timtex Investments, an associate of Encha Group, a material (36.01%) shareholder in SacOil.