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Sacoil Holdings Limited - Trading Update

Release Date: 21/11/2012 12:00:00      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 Group?)

                                               Trading update
                    Restatement of results for the 6 month period ended 31 August 2011

Trading update

In terms of paragraph 3.4(b) of the JSE Listings Requirements companies are required to publish a trading
statement as soon as there is a reasonable degree of certainty that the financial results for the current
reporting period will be at least 20% different from those of the prior corresponding period.

Given the nature of SacOil's business, which requires lump sum upfront capital investment, it is not unusual for
there to be differences in the financial results from one period to another. As such SacOil expects:

-     the basic loss per share for the 6 month period ended 31 August 2012 to be between 1.5 cents and 1.7
      cents per share compared to a reported basic loss per share of 4.57 cents for the 6 month period ended
      31 August 2011.

-     the headline loss per share for the 6 month period ended 31 August 2012 to be between 2.5 cents and
      2.7 cents per share compared to a reported headline earnings per share of 5.69 cents for the 6 month
      period ended 31 August 2011.

Restatement of results for the 6 month period ended 31 August 2011

During the 6 month period ended 31 August 2011, whilst the Group correctly recognised the impact of cash
proceeds together with a receivable, associated with the contingent bonuses receivable from Total E&P RDC
on the farm-out of the 60% interest of Block III, the value of the receivable, as well as the tax and interest
related thereto were not correctly recognised. The previously reported comprehensive loss attributable to
SacOil of R31.1 million has therefore been correctly adjusted and restated to a comprehensive loss
attributable to SacOil of R100.1 million to correct the misstatements for the period ended 31 August 2011.
This has resulted in the restatement of the basic loss per share and headline loss per share to 14.7 cents and
5.1 cents per share, respectively, for the period ended 31 August 2011. The impact of the aforementioned
cash proceeds and receivable was correctly accounted for in the results for the year ended 29 February 2012.

The above information has been reviewed and reported on by the Group's auditors, Ernst & Young Inc. The
Group's interim results for the 6 month period ended 31 August 2012 will be published on or before 22
November 2012.

21 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/ Lynne Bothma                                          +27 (0) 11 447 2993

The Riverbed Agency (SA)
Raphala Mogase                                                        +27 (0) 11 783 7903

Pelham Bell Pottinger (UK)
Philip Dennis                                                        +44 (0) 20 7861 3919
Rollo Crichton-Stuart                                                +44 (0) 20 7861 3918

Date: 21/11/2012 12:00:00 Supplied by www.sharenet.co.za                     
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