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SACOIL HOLDINGS LIMITED - Response to share price movement

Release Date: 16/10/2012 10:34:00      Code(s): SCL     
(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?)

                                 Response to share price movement
                             Renaissance Capital Subscription Agreement

SacOil notes the recent significant rise in the price of its shares. As previously announced on 12
September 2012 and 3 October 2012, Total E&P RDC (?Total?) successfully conducted an airborne
gravity and magnetic survey on the northern part of Block III outside the Virunga National Park. The
final interpretation of the survey and report by Total has been received and disclosed in the same
announcements. There is no new information that has yet to be disclosed. This particular
announcement has been made in order to comply with UK regulatory requirements.

As part of the rollover of the Renaissance Capital facility utilised to procure the US$25m
performance bond, the Company has today entered into a subscription arrangement with
Renaissance Capital (?RenCap?), where the salient terms are that RenCap will have the option until
30 November 2012 to subscribe for up to 20,000,000 SacOil Shares at a price that is equivalent to a
10% discount to the 30 day volume weighed average price at the time of exercise.

16 October 2012

JSE Sponsor
Nedbank Capital

For further information please contact:

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

FirstEnergy 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: 16/10/2012 10:34:00 Supplied by www.sharenet.co.za                     
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