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Sacoil Holdings Limited - Block Iii, Albertine Graben, Drc Update Successful Completion Of Airborne Gravity And Magnetic Survey

Release Date: 12/09/2012 10:00:00      Code(s): SCL     
Successful completion of airborne gravity and magnetic survey

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?)

12 September 2012
Johannesburg

                              Block III, Albertine Graben, DRC ? Update
                   Successful completion of airborne gravity and magnetic survey

SacOil announces that Total E&P RDC (?Total?), the Operator of Block III, Albertine Graben in the
Democratic Republic of Congo, has successfully conducted an airborne gravity and magnetic survey
on the northern part of the Block III area, located outside the Virunga National Park. SacOil holds a
12.5% effective interest in Block III.

Preliminary processing of the Block III gravity and magnetic data broadly confirms the trend observed
in the adjacent concessions in Uganda. It is expected that more detailed processing will identify
features similar to those that were found to be oil-bearing in Uganda.

Planning for the acquisition of a 2D seismic survey, to map potential oil and gas prospects, is
underway and Total has initiated a tendering process. Subject to the positive identification of
structures that may contain oil and gas, Total intends to drill an exploration well, in order to determine
the presence of oil and/or gas and the potential commercial viability of Block III.

In terms of the Farm-in and Joint Venture Agreements on Block III, Total bears all the costs
associated with the acquisition of the airborne gravity and magnetic survey and will carry SacOil
through the seismic survey, any subsequent exploration and appraisal wells, up to a final investment
decision.


ENDS

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For further information please contact:

finnCap Limited (Nominated Adviser and Broker)                         +44 (0) 20 7220 0500
Matthew Robinson / Christopher Raggett

First Energy Capital (Joint Broker UK)                                 +44 (0) 20 7448 0200
Majid Shafiq
Travis Inlow

GMP Securities Europe LLP (Joint Broker UK)                            +44 (0) 20 7647 2800
James Pope
Chris Beltgens

Keyter Rech Investor Solutions (SA)
Vanessa Ingram                                                         +27 (0) 11 447 2993
Lynne Bothma

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: 12/09/2012 10:00:00 Supplied by www.sharenet.co.za                     
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