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SCL - SACOIL Holdings Limited - Operational Update Block III, Albertine Graben,

Release Date: 15/08/2011 08:00:56      Code(s): SCL
SCL - SACOIL Holdings Limited - Operational Update Block III, Albertine Graben, 
Democratic Republic of Congo                                                    
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")                                                     
Operational Update Block III, Albertine Graben, Democratic Republic of Congo    
SacOil Holdings Limited (AIM/JSE), the independent African upstream oil and gas 
company is pleased to provide an operational update on the Block III oil        
concession ("Block III"), Albertine Graben in the Democratic Republic of Congo  
(`DRC`), in which SacOil has an effective 12.5 per cent. interest.              
As announced on 4 March 2011, Semliki Energy SPRL ("Semliki"), a 50 per cent.   
owned subsidiary of SacOil, successfully concluded a farm-in agreement in March 
2011 with Total E&P RDC ("Total") pursuant to which Total acquired an effective 
60 per cent. undivided interest in, and became the operator of, Block III. The  
Government of DRC holds an effective 15 per cent. interest and DIG Oil holds an 
effective 12.5 per cent. interest respectively in Block III.                    
Work Programme                                                                  
SacOil is pleased to announce the establishment of the Block III Operations     
Committee ("Committee") for the management of Block III joint venture           
operations. The Committee consists of members from SacOil, Total, DIG and a     
representative of the Government. The first meeting took place in Kinshasa in   
June 2011 and further meetings are scheduled to take place on a bi-annual basis 
to monitor and report back on the execution of the work programme.              
The work planned and agreed on Block III includes an airborne gravity and       
magnetic survey over the licence area, the results of which are expected in Q4  
of 2011. This will form the basis for the next stage of the programme which will
include the acquisition of a targeted 2D seismic survey. The performance of the 
work programme is subject to first obtaining the relevant ministerial           
Bradley Cerff, Vice President Commercial of SacOil commented today:             
"I am pleased with the progress we are making at Block III with our partners    
Total. Work will shortly commence on carrying out the preliminary aeromagnetic  
surveys which is the precursor to targeted seismic surveys. The Block III       
project in the DRC has an exceptional postcode in terms of recent neighbouring  
discoveries in Uganda. We look forward to updating shareholders on further work 
programmes as we move towards drilling a maiden well on Block III during the    
first phase of the exploration period."                                         
15 August 2011                                                                  
JSE Sponsor                                                                     
Standard Bank                                                                   
For further information, please contact:                                        
United Kingdom Enquiries                          South African Enquiries       
Tavistock Communications                          The Riverbed Agency           
Jos Simson/ Ed Portman                            Raphala Mogase/Bongiwe Moeli  
Tel: +44 (0)20 7920 3150                          Tel: +27 (0) 11 783 7903      
finnCap Ltd                                       Shore Capital Stockbrokers Ltd
(Nominated Adviser and Joint Broker to SacOil)    (Joint Broker)                
Matthew Robinson/Ed Frisby                        Jerry Keen/Bidhi Bhoma/Toby   
Tel: +44 (0) 20 7600 1658                         Tel: +44 (0) 20 7408 4050     
TOTAL S.A.                                                                      
Press department                                                                
Phenelope Semavoine/ Florent Segura                                             
Tel: +33 (1) 47 44 46 99                                                        
About SacOil                                                                    
SacOil is a South African based JSE and AIM listed independent E&P company      
focused exclusively on operations in Africa, where SacOil has a competitive     
advantage at the point of entry.  To date it has operations in the DRC (and     
since partnered with Total), Nigeria and South Africa and continues to evaluate 
a number of opportunities to secure new value accretive acreage in other        
established and prolific African hydrocarbon basins.                            
Block III, DRC                                                                  
Block III is situated in the Albertine Graben, DRC and comprises an area of     
3,177 kmSquared, which is mostly lowland (Semliki river plain) and is flanked by
rift margins. Block III is on trend with Lake Albert discoveries in Uganda. The 
largest discovery in the Escarpment/Near-shore Play is Kingfisher (200MMbbl) and
the largest discovery in the Victoria Nile Delta Play is Giraffe-Buffalo        
(300MMbbl). Over 800 million barrels of recoverable oil have been discovered in 
the Albertine Graben, and the total resource base is estimated at two billion   
barrels. To date, the majority of the exploration has been within the borders of
Uganda, but the DRC concessions are considered to be highly prospective, with   
Block III being close to recent significant discoveries.                        
Date: 15/08/2011 08:00:56 Supplied by www.sharenet.co.za                     
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