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Sacoil Holdings Limited - Receipt Of Cash And Settlement Of Indebtedness To Yorkville - Issue Of Shares For Cash

Release Date: 01/11/2012 14:00:00      Code(s): SCL     
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?)

                        Receipt of cash and settlement of indebtedness to Yorkville
                                          Issue of shares for cash

SacOil, the African independent upstream oil and gas company, is pleased to announce it has received
US$3.0 million from its Nigerian partner, Energy Equity Resources (?EER?). This represents a part repayment
of the cash collateral contribution owed to SacOil by EER and will assist SacOil in settling its outstanding
balances to YA Global Masters SPV Limited (?YA?).

SacOil had borrowed US$3.4 million from YA to enable it to part fund the cash collateral of US$10 million
required as part of the posting of the US$25 million Performance Bond (the ?Bond?) for OPL 233
announced on 17 April 2012.

SacOil will now settle the remaining indebtedness to YA by making a cash payment of US$1.0m and issuing
35,072,412 new SacOil ordinary shares (?Shares?) to YA at a price of R0.32 per Share (the ?Issue?), raising
R11.2 million (approximately US$1.2 million). The Issue is in line with the terms of a Standby Equity
Distribution Agreement between YA and SacOil which was approved by SacOil shareholders in a general
meeting on 17 November 2011.

YA has placed in excess of 50% of the Shares from this issue at R0.32 to off market investors and has agreed
to holding restrictions relating to the remaining shares held.

Application will be made to the JSE Limited (?JSE?) to grant a listing of the Shares and to the London Stock
Exchange for the admission of the Shares to trade on the AIM Market (?AIM?). The listing of the Shares on
the JSE and the admission of the Shares to trade on AIM are expected to take place on Tuesday, 13
November 2012. The Shares will rank pari passu in all respects with the Company's ordinary shares already
in issue.

SacOil?s total issued share capital after the Issue will be 953,340,791 ordinary shares.


1 November 2012
ENDS

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
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: 01/11/2012 02:00:00 Supplied by www.sharenet.co.za                     
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