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Scl - Sacoil Holdings Limited - Corporate Update

Release Date: 08/06/2011 08:00:18      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                                                                
- Confirmation of total number of shares in issue - 684  million in total as of 
 today                                                                          
- Competent Person`s Report ("CPR") valuations of SacOil`s oil and gas interests
- 370 South African ("SA") cents per share                                      
Total number of shares in issue                                                 
The Company confirms that the total number of shares in issue in the capital of 
SacOil is currently 683,929,202 ordinary shares of no par value.                
On admission to AIM ("Admission"), the Company did not issue any new shares. The
purpose of the Admission was to allow SacOil shares to trade on the AIM market, 
meaning that shares would either trade on the JSE or on AIM with the total      
number of shares in issue remaining the same.                                   
Competent Person`s Report valuations of SacOil`s oil and gas interests, as      
previously disclosed at the time of Admission                                   
The aggregate of the Competent Person`s Report valuations per SacOil share for  
SacOil oil and gas interests is 370 SA cents per share, calculated as follows:  
Interest       CPR valuation   CPR valuation      CPR valuation per             
              (US$ million)   (R million)        SacOil share                   
                                                 (SA cents)                     
1                  2                              
Block III      128.9 3         866.0              127                           
OPL 233        87.1 4          585.0              85                            
OPL 281        160.5 5         1,079.0            158                           
TOTAL          376.5           2,530.0            370                           
1.   Converted at US$1=R6.72 being the mid rate at 16:30 BST on 7 June 2011     
2.   Calculated using 683,929,202 shares in issue                               
3.   CPR of 24 February 2011 produced by Bayphase Limited, in relation to       
SacOil`s interest in Block III, Albertine    Graben, DRC ("Block III")      
    values the Total E&P RDC farm in to Block III to SacOil on a cost approach  
    basis on  completion as US$128.9 million.                                   
    http://www.sacoilholdings.com/o/files/SacOil-Block3-AIM-CPR-feb2011.pdf     
4.   CPR of 25 February 2011 produced by TRACS International Consultancy        
    Limited, in relation to SacOil`s interest in      OPL233, Nigeria           
    ("OPL233") includes an economic evaluation of the P50 Money of the Day      
    Present Value of    SacOil`s stake in OPL233, assuming an oil price of      
US$100/bbl, of US$87.1 millionhttp://www.sacoilholdings.com/o/files/SacOil- 
    OPL233-CPR-feb2011.pdf                                                      
5.   CPR of 25 February 2011 produced by TRACS International Consultancy        
    Limited, in relation to SacOil`s interest in      OPL281, Nigeria           
("OPL281") includes an economic evaluation of the P50 Money of the Day      
    Present Value of    SacOil`s stake in OPL281, assuming an oil price of      
    US$100/bbl, of US$160.5 million.                                            
    http://www.sacoilholdings.com/o/files/SacOil-OPL281-CPR-feb2011.pdf         
The Company has engaged further independent oil & gas industry specific analysts
in both South Africa and the United Kingdom and expects further independent     
analyst reports on the company and its assets to be available to all            
stakeholders shortly.                                                           
8 June 2011                                                                     
For Further Information:                                                        
Sponsor                                                                         
Standard Bank                                                                   
Nominated Adviser and Joint Broker                                              
finnCap Limited                                                                 
Matthew Robinson/Ed Frisby                                                      
+44 (0) 20 7600 1658                                                            
Joint Broker                                                                    
Shore Capital Stockbrokers Limited                                              
Jerry Keen/Dru Danford                                                          
Tel: +44 (0) 20 7408 4090                                                       
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                                                        
Additional information on SacOil can be found at www.sacoilholdings.com.        
Date: 08/06/2011 08:00:17 Supplied by www.sharenet.co.za                     
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