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Scl - Sacoil Holdings Limited - Update On Total Transaction And The

Release Date: 14/03/2011 08:38:38      Code(s): SCL
SCL - SacOil Holdings Limited - Update on Total transaction and the             
Company`s proposed admission to trading on the  Alternative Investment          
Market ("AIM") of the London Stock Exchange and including a response to a       
complaint reportedly lodged against SacOil                                      
SacOil Holdings Limited                                                         
Incorporated in the Republic of South Africa                                    
(Registration number: 1993/000460/06)                                           
Share code: SCL     ISIN code: ZAE000127460                                     
("SacOil" or "the Company")                                                     
Update on Total transaction and the Company`s proposed admission to trading     
on the  Alternative Investment Market ("AIM") of the London Stock Exchange      
and including a response to a complaint reportedly lodged against SacOil        
SacOil shareholders are advised that the transaction with Total relating to     
Block  3, Albertine Graben, in the DRC ("Block 3) as announced on  4  March     
2011 and the Company`s proposed admission to trading on AIM as announced on     
8 March 2011, are on track and progressing well.                                
SacOil  has  been advised that one Kevin van der Walt ("van der Walt")  has     
lodged a complaint against the Company with the Johannesburg Stock Exchange     
("JSE")  and the Financial Services Board ("FSB").  SacOil has not received     
any  communication from either the JSE or the FSB in regard  thereto.   The     
Company  is  however in possession of the complaint in which van  der  Walt     
alleges  that the Company has published incorrect alternatively  misleading     
information.  This is categorically denied by the Company  which  maintains     
that  full  disclosure on all material issues relating to the  Company  has     
been  and  continues to be made.  The Company believes that van der  Walt`s     
allegations are without foundation and have been occasioned by the  Company     
declining to accede to certain historic demands made on it by van der Walt.     
From the copy of the complaint in the possession of the Company, it appears     
that van der Walt alleges that SacOil shareholders were not advised of  the     
following:                                                                      
1. the  supplementary signature bonus (the "Block 3 Supplementary Signature     
Bonus") due under the Production Sharing Agreement pertaining to Block      
    3 (the "Block 3 Production Sharing Agreement") has not been paid;           
2. the  minimum work and exploration programme (the "MWAEP") stipulated  in     
    the Block 3 Production Sharing Agreement has not commenced; and             
3. the  existence of the litigation instituted against South African  Congo     
    Oil   Company   (Proprietary)  Limited  by  Identiguard  International      
    (Proprietary)  Limited  in  the  High  Court  of  South  Africa   (the      
    "Identiguard Litigation").                                                  
Shareholders` attention is drawn to the fact that all of the  above  points     
have  been  fully  disclosed and are canvassed,  inter  alia,  in  the  AIM     
Appendix   (the   "Appendix")  available  on  the   company`s   website   -     
www.sacoilholdings.com/im/aim-rule26.php                                        
Furthermore  the  nonpayment of the Block 3 Supplementary Signature  Bonus      
and the fact that Semliki Energy SPRL ("Semliki"), a 50% subsidiary of the      
Company,  has  yet  to be granted an exclusive zone of reconnaissance  and      
exploration ("EZRE") was also specifically referenced in the risk  factors      
section of the Appendix on the basis that there was no guarantee that:          
 *  the  DRC Government will not seek to exercise any rights it may  have       
 under the Block 3 Production Sharing Agreement to terminate the Block  3       
 Production  Sharing Agreement in relation to the failure  (to  date)  to       
pay  the Block 3 Supplementary Signature Bonus to the DRC Government  or       
 to  provide the Block 3 Guarantee to the DRC Government or for any other       
 reason  (although the DRC Government has not to date issued  any  notice       
 of  breach  under  the  Block 3 Production Sharing Agreement  in  regard       
thereto); and                                                                  
 * Semliki will obtain an EZRE in respect of Block 3.                           
                                                                                
To  date,  the  allegations by van der Walt have  been  published  in  the      
weekend  media without the Company`s written response to the  media  being      
recorded. SacOil maintains that full disclosure was made at all times.  In      
particular SacOil categorically disputes allegations in the media that the      
Company  and  its  CEO, Robin Vela, misled shareholders  about  "signature      
bonus" payments to the Government of the Democratic Republic of Congo  and      
withheld material information.  SacOil is currently considering its course      
of further action in respect of the allegations made by van der Walt.           
Bryanston                                                                       
14 March 2011                                                                   
Sponsor                                                                         
BDO Corporate Finance                                                           
Corporate Adviser                                                               
Renaissance BJM Securities (Proprietary) Limited                                
Legal Adviser                                                                   
Deneys Reitz Inc                                                                
Contacts                                                                        
SacOil                                                                          
Robin Vela, Chief Executive Officer                                             
Tel : +27 (0) 11 575 7232                                                       
Tavistock (Public Relations UK)                                                 
Jonathan Charles / Jos Simson                                                   
Tel: +44 (0) 20 7429 6666                                                       
The Riverbed Agency (Public Relations SA)                                       
Raphala Mogase                                                                  
Tel: +27 (0) 11 783 7903                                                        
Date: 14/03/2011 08:38:38 Supplied by www.sharenet.co.za                     
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