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Scl - Sacoil Pursuing Secondary Listing On The London Alternative

Release Date: 12/10/2010 08:00:01      Code(s): SCL
SCL - SacOil pursuing secondary listing on the London Alternative               
Investment Market ("AIM")                                                       
SacOil Holdings Limited                                                         
Incorporated in the Republic of South Africa                                    
Registration number: 1993/000460/06                                             
Share code: SCL                                                                 
ISIN code: ZAE000127460                                                         
SacOil pursuing secondary listing on the London Alternative Investment          
Market ("AIM")                                                                  
-     SacOil is pursuing a secondary listing on AIM by the end of Q1           
 - SacOil progresses on its stated strategic focus of targeting  near           
    term producing and production assets on the African continent.              
- SacOil  has  appointed  FINNCAP Limited as its  nominated  adviser           
    ("NOMAD")  & joint broker while Rennaisance Capital Limited  will           
    act  as  lead broker. Fasken Martineau LLP has been appointed  as           
    the United Kingdom ("UK") legal advisers to SacOil.                         
- The   Secondary  listing  would  provide  SacOil  with  access  to           
    European  Capital  Markets to support its aggressive  acquisition           
Johannesburg, South Africa, 11 October 2010 - SacOil, the JSE  listed,          
independent Pan African upstream oil and gas company,  today announces          
that it is pursuing a secondary listing on AIM by the end of Q1 2011.           
Although  SacOil  has successfully raised capital by way of issues  of          
shares   for   cash,  the  company`s  intention  is  to  attract   new          
institutional   investors  to  ensure  that  SacOil  is   sufficiently          
capitalized  to  further  develop  current  exploration  projects  and          
execute  near  production and producing asset oil and gas transactions          
it has in the pipeline.                                                         
The South African based company has progressed on its stated strategic          
focus  of  targeting the acquisition of discovered but undeveloped  or          
indeed  prior  producing  but  now shut in  near  term  producing  and          
production assets on the African continent.  In the important Nigerian          
oil  and gas market, SacOil has formed a joint venture ("JV") with the          
established  Nigerian  oil and gas company,  Energy  Equity  Resources          
("EER").  The  JV  gives SacOil an opportunity to  pursue  an  initial          
transaction in the onshore swamp area of the Niger Delta of discovered          
but   undeveloped  oil  assets  with  a  block  estimated  recoverable          
contingent resource of 100 million barrels of oil equivalent  (P50  as          
reported  by  TRACS,  an  oil and gas industry recognized  independent          
expert)  and a peak potential production rate of up to 30 000  barrels          
of  oil per day. The JV partnership further benefits SacOil in that it          
can  now  acquire oil and gas assets disposed of by International  oil          
companies as a result of Nigeria`s indigenisation legislation.                  
In the Democratic Republic of Congo ("DRC"), SacOil has commenced with          
the  exploration  work  programme on their `Block  3`  of  the  highly          
prospective  Albertine  Basin,  with further  equity  investment  from          
Metropolitan  Asset  Managers  Limited  ("MetAM")  and  STANLIB  Asset          
Management Limited ("STANLIB").                                                 
Chief   Executive  Officer  of  SacOil,  Robin  Vela  commented,   "An          
introduction to AIM will provide us with a further platform  to  raise          
our  public  profile  and  afford  UK  investors  the  opportunity  to          
participate  in the future growth of the business.  We understand  the          
AIM  market to have a bigger appetite for upstream oil and gas assets.          
We  are  successfully  building SacOil into a Pan African  independent          
upstream  oil and gas company coupled with an ambitious and aggressive          
acquisition led growth strategy and we are well positioned to  harness          
our foot hold into Africa.  Our JV with EER is a case in point".                
SacOil has appointed FINNCAP Limited as its NOMAD & joint broker while          
Renaissance Capital Limited will act as lead broker.  Fasken Martineau          
LLP has been appointed as UK legal adviser to SacOil.                           
Further announcements relating to the AIM listing will be made in  due          
About SacOil                                                                    
SacOil,  previously SA Mineral Resources Corporation  Limited,  is  an          
emerging  independent Pan African upstream oil and  gas  company  with          
access to world class exploration, appraisal and near producing assets          
across  Africa.   SacOil was granted an oil concession  in  the  DRC`s          
Albertine  Graben area after the President and the Prime  Minister  of          
the  DRC signed Presidential Ordinances in respect of Block 3 in  June          
2010.  In May 2010, SacOil entered into a Farmout Agreement to acquire          
a  55 per cent participation interest in the exploration permit of the          
Chaal gas permit area in Tunisia. The Farmout Agreement is subject  to          
the  Tunisian Government consenting to the Farmout Agreement and to  a          
one  year  extension  to the exploration permit by  31  January  2011.          
SacOil  also  produces  manganese sulphate and  oxide  for  the  feed,          
fertiliser  and  chemical  industries  at  its  Greenhills  plant   in          
Mpumalanga, South Africa.                                                       
SacOil`s current institutional shareholders include STANLIB, MetAM and          
Investec Bank Limited ("Investec").                                             
About STANLIB                                                                   
STANLIB  was  established in 2002 through the merger  of  the  Liberty          
Group   and  the  Standard  Bank  Group`s  asset  management,   wealth          
management  and unit trust interests. STANLIB is wholly-owned  by  the          
Liberty   Group,  of  which  the  Standard  Bank  Group  is  a   major          
shareholder,  together  with a diversified spread  of  black  economic          
empowerment  organizations  dedicated  to  the  advancement   of   the          
previously  disadvantaged. STANLIB has over  400  000  clients  and  a          
presence  in  eight African countries. STANLIB has a proud  record  of          
being  one  of the top investment managers and the leading unit  trust          
company in South Africa with R330 billion assets under management  and          
About MetAM                                                                     
MetAM  is  a wholly owned subsidiary of Metropolitan Holdings  Limited          
("Metropolitan"),  an empowerment holding company listed  on  the  JSE          
Limited.   MetAM  initially functioned as the investment  arm  of  the          
Metropolitan  managing  internal  funds  and  a  range  of  collective          
investments. In 1997, it became a separate business unit and in  1999,          
was  set  up  as  a corporate entity with its own board of  directors.          
MetAM  is  one  of the large asset managers in South Africa,  managing          
assets in excess of R70 billion.                                                
About Investec                                                                  
Investec is an international, specialist banking group that provides a          
diverse  range  of financial products and services to a select  client          
base.  Investec  is  an  efficient integrated  international  business          
platform,  offering  all their core activities in  the  UK  and  South          
Africa and select activities in Australia. Investec is one of the  top          
5  leading banks in South Africa, managing assets in excess  of   R600          
12 October 2010                                                                 
BDO Corporate Finance                                                           
Date: 12/10/2010 08:00:00 Supplied by www.sharenet.co.za                     
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