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Scl - Sacoil Holdings Limited - Corporate Update

Release Date: 23/05/2011 08:00:03      Code(s): SCL
SCL - SACOIL Holdings Limited - Corporate Update                                
SACOIL HOLDINGS LIMITED                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1993/000460/06)                                            
JSE share code: SCL                                                             
AIM share code: SAC                                                             
ISIN: ZAE0000127460                                                             
("SacOil" or "the Company")                                                     
CORPORATE UPDATE                                                                
SacOil Holdings Limited, the independent Pan-African upstream oil and gas       
company, listed on both the JSE Limited ("JSE") and the AIM market of the       
London Stock Exchange ("AIM"), today provides an update on its corporate        
Further to the Company`s admission to AIM on 8 April 2011, the Company has      
embarked on a number of successful initiatives, including road shows and        
presentations, to create awareness both locally and internationally of          
SacOil`s strategic objectives. As part of the Company`s growth strategy,        
SacOil reviewed a number of potential capital raise opportunities to fund its   
current and future operations. Global interest in a potential share offering    
was substantial however, given the present volatility in the markets, recent    
movements in the Company`s share price, particularly on the JSE, and a concern  
regarding dilution from existing shareholders, the Company has accordingly      
determined that it will not complete a private placing of shares at this time.  
The Company has instituted an inquiry into the cause of the share price         
movements and has raised concerns regarding the possible manipulation and/or    
short selling of its securities, to the relevant department of the JSE. The     
Company has also received confirmation from all its major shareholders that     
they continue to support the Company and have not been divesting their          
interests in SacOil.                                                            
Robin Vela, Chief Executive Officer of SacOil, commented today: "SacOil has     
embarked on a number of successful international roadshows to raise awareness   
of the Company following our admission to AIM in April. Preliminary             
exploration at our Block III concession in the Democratic Republic of Congo is  
progressing well and the farm in agreement with our partner Total provides for  
no further capital outlay from SacOil. In Nigeria, SacOil is fully funded for   
the next 12 months to carry out our exploration programmes at Blocks OPL 281    
and OPL 233 together with our partners.                                         
In line with our stated growth strategies, the Company continues to be          
presented with and evaluate a number of opportunities to acquire new value      
accretive acreage which will require future capital to be raised, as and when   
deemed appropriate by the Company and our supportive shareholders."             
23 May 2011                                                                     
Standard Bank                                                                   
Nominated Adviser                                                               
finnCap Limited                                                                 
Matthew Robinson/Ed Frisby                                                      
+44 (0) 20 7220 1658                                                            
Legal Adviser                                                                   
Deneys Reitz                                                                    
Tavistock (Public Relations UK)                                                 
Edward Portman / Jos Simson                                                     
Tel: +44 (0) 20 7920 3150                                                       
The Riverbed Agency (Public Relations SA)                                       
Raphala Mogase/Bongiwe Moeli                                                    
Tel: +27 (0) 11 783 7903                                                        
Date: 23/05/2011 08:00:02 Supplied by www.sharenet.co.za                     
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