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SCL - Sacoil Holdings Limited - Issue of shares for cash to YA Global Masters

Release Date: 30/04/2012 08:10:22      Code(s): SCL
SCL - Sacoil Holdings Limited - Issue of shares for cash to YA Global Masters   
SPV Ltd                                                                         
SACOIL HOLDINGS LIMITED                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1993/000460/06)                                            
JSE share code: SCL     AIM share code: SAC                                     
ISIN: ZAE000127460                                                              
("SacOil" or "the Company")                                                     
30 April 2012                                                                   
Issue of shares for cash to YA Global Masters SPV Ltd                           
SacOil shareholders ("Shareholders") are advised that 32 135 560 new SacOil     
ordinary shares ("SEDA Shares") will be issued to YA Global Masters SPV Ltd at a
price of R0.49 (GBP0.04) per SEDA Share ("the Issue"), pursuant to the terms of 
the Standby Equity Distribution Agreement dated 12 October 2011 and approved by 
Shareholders in a general meeting on 17 November 2011, raising GBP1.3million.   
Application has been made to the JSE Limited ("JSE") to grant a listing of the  
SEDA Shares and to the London Stock Exchange for the admission of the SEDA      
Shares to trading on the AIM Market ("AIM"). The listing of the SEDA Shares on  
the JSE and the admission of the SEDA Shares to trading on AIM are expected to  
take place on Thursday, 3 May 2012. The SEDA Shares will rank pari passu in all 
respects with the Company`s ordinary shares already in issue. The proceeds of   
the Issue completes the funding of the performance bond on SacOil`s oil         
concession block OPL 233 in Nigeria.                                            
SacOil`s total issued share capital after the Issue will be 893 689 516 ordinary
About SacOil                                                                    
SacOil is an African independent upstream oil and gas company, focused on       
African assets, with a dual listing on the JSE and AIM. SacOil`s vision is to   
build a balanced hydrocarbon exploration and production portfolio using the     
Company`s African heritage to bring about a competitive advantage at the point  
of entry. SacOil`s primary strategic objective is the development, exploration  
and production of discovered assets, with existing or near-term production, cash
and revenue potential.                                                          
SacOil is focussed on oil and, where there is a defined access to market, gas in
proven hydrocarbon bearing basins. The company seeks to build a portfolio of    
assets across the E&P spectrum from potentially high-impact exploration through 
to undeveloped discoveries with near-term cash flow potential and to production 
with defined upside.                                                            
The Company is willing and able to operate through the exploration phase but    
will continue to focus on the establishment of strategic industry partnerships  
in order to maximise its opportunity set, manage portfolio risk, and ensure that
the optimum technical and operating skills are applied to each opportunity.     
Consistent with this strategy, SacOil has built up an E&P portfolio including   
oil discoveries in Nigeria and potentially high-impact exploration in the DRC   
detailed as follows:                                                            
-    in Block III DRC, through its partnership with Total, it is envisaged that 
    the work program committed to will demonstrate prospectivity and eventually 
    lead to oil production;                                                     
-    in relation to OPL 281 Nigeria, SacOil is in the process of evaluating and 
appraising oil discoveries through the reprocessing of seismic data with a  
    view to drilling an appraisal well; remaining conditions precedent to the   
    farm-in agreement include perfection of title and all the necessary         
    Nigerian government and Nigerian National Petroleum Company (`NNPC`)        
consents in relation to the licence;  and                                   
-    in OPL 233 Nigeria, the Joint Venture Committee consisting of SacOil,      
    NIGDEL and EER is committed to acquiring 3D OBC seismic data, which should  
    assist in evaluating the size of the existing oil discovery.                
JSE Sponsor                                                                     
Nedbank Capital                                                                 
For further information please contact:                                         
finnCap Limited (Nominated Adviser and    +44 (0)20 7220 0500                   
Matthew Robinson / Christopher Raggett                                          

First Energy Capital (Joint Broker UK)    +44 (0) 20 7448                       
Majid Shafiq                              0200                                  
Travis Inlow                                                                    
GMP Securities Europe LLP (Joint Broker   +44 (0)20 7647 2800                   
Nick Morgan                                                                     
Chris Beltgens                                                                  
The Riverbed Agency (SA)                                                        
Raphala Mogase                            +27 (0) 11 783 7903                   
Pelham Bell Pottinger (UK)                                                      
Philip Dennis                             +44 (0)20 7861 3919                   
Nick Lambert                              +44 (0)20 7861 3936                   
Rollo Crichton-Stuart                     +44 (0)20 7861 3918                   
Date: 30/04/2012 08:10:22 Supplied by www.sharenet.co.za                     
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