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Scl - Sacoil - Awarded Major Oil Exploration Block 3, Albertine Graben,

Release Date: 25/06/2010 15:43:01      Code(s): SCL
SCL - Sacoil  - Awarded major oil exploration block 3, Albertine graben,        
Demoractic Republic of the Congo and further cautionary announcement            
SACOIL HOLDINGS LIMITED                                                         
(formerly SA Mineral Resources Corporation Limited)                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1993/000460/06)                                            
Share code: SCL     ISIN: ZAE000127460                                          
("SacOil" or "the company")                                                     
SACOIL AWARDED MAJOR OIL EXPLORATION BLOCK 3, ALBERTINE GRABEN, DEMORACTIC      
REPUBLIC OF THE CONGO AND FURTHER CAUTIONARY ANNOUNCEMENT                       
Shareholders of SacOil ("Shareholders") are referred to the circular to         
Shareholders dated 24 October 2004 regarding, inter alia, the reversal of its   
interest in South Africa Congo Oil Company (Proprietary) Limited ("SacOil       
(Proprietary) Limited"), a company holding oil concession rights in the         
Democratic Republic of the Congo ("the DRC").                                   
Shareholders are furthermore referred to the announcement and circular dated 24 
October 2008 regarding the acquisition by SacOil of the entire issued share     
capital of Sacoil (Proprietary) Limited in exchange for the issue of 474,445,714
SacOil shares of which 270,400,000 SacOil shares related to Block 3, Graben     
Albertine ("Block 3") and 204,045,714 SacOil shares related to Block 1, Graben  
Albertine ("Block 1").                                                          
This transaction was approved by Shareholders in general meeting on 21 November 
2008 subject to the issuance of Presidential Ordinances approving the Production
Sharing Agreement pertaining to Block 3 (the "Block 3 Production Sharing        
Agreement") and the Production Sharing Agreement pertaining to Block 1.         
The board of directors of SacOil ("the Board") is pleased to announce that on 18
June 2010, the Honourable President Joseph Kabila, President of the DRC, and the
Honourable Adolphe Muzito, the Prime Minister of the DRC, signed Presidential   
Ordinance 10/042 approving the Block 3 Production Sharing Agreement as required 
by the laws of the DRC. The Ordinance was gazetted in the Journal Officiel de la
Republique Democratique du Congo on 22 June 2010.                               
On 18 June 2010 the President and Prime Minister of the DRC further signed      
Presidential Ordinance 10/043 approving an amendment of the Block 3 Production  
Sharing Agreement (the "Proposed Amendment"). The Board has not had sight of the
Proposed Amendment as of date hereof. The Ordinance was gazetted in the Journal 
Officiel de la Republique Democratique du Congo on 22 June 2010.                
Subject to the Proposed Amendment, the signing and publication of Ordinance     
10/042 perfects the rights of SacOil (Proprietary) Limited under the Block 3    
Production Sharing Agreement.                                                   
The Competent Person`s Report on Block 3 dated 11 July 2008, reflected a net    
present value of the prospective resources (using the cash flow method and based
on a projected oil price of $60/barrel and on an export only premise) of        
approximately US$233.7 million (approximately R1.8 billion at a USD/ R exchange 
rate of 7.50) for SacOil (Proprietary) Limited`s interest in the concession.    
Subject to the provisions of the Block 3 Production Sharing Agreement, SacOil   
will commence its work program on Block 3. SacOil will continue to work and     
cultivate good relations with the Government of the DRC and Cohydro (the        
National Oil company in the DRC) to contribute towards the development of its   
nascent oil and gas resources.                                                  
Further SacOil and the consortium led by Divine Inspiration (Pty) Limited and   
SacOil (Pty) Limited (the "Consortium") will continue to engage the Government  
of the DRC and other parties constructively with regards the issue of title to  
Block 1.                                                                        
Further cautionary announcement                                                 
Shareholders are advised that SacOil is currently in discussions which could    
have a material effect on the price of the Company`s securities.                
Shareholders are furthermore referred to the further cautionary announcement    
dated 21 May 2010 and are advised that the company is still in the process of   
finalizing the restatement or restructure of the agreements relating to the     
acquisition of the Democratic Republic of the Congo Oil Concessions (the        
"Restructure") and the pro forma financial effects of the acquisition of a 55%  
participating interest in the exploration permit for the gas potential chaal    
permit area("the Chaal Gas Permit Transaction").                                
Accordingly, Shareholders are advised to continue to exercise caution when      
dealing in their SacOil securities.                                             
A further announcement setting out the Restructure; the pro forma financial     
effects and the salient dates and times of the Chaal Gas Permit Transaction will
be made in due course.                                                          
Midrand                                                                         
25 June 2010                                                                    
Sponsor                                                                         
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited                   
Corporate financial advisor                                                     
Lonsa (Proprietary) Limited                                                     
Corporate Legal advisor                                                         
Deneys Reitz                                                                    
Date: 25/06/2010 15:43:01 Supplied by www.sharenet.co.za                     
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