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Sacoil Holdings Limited - Receipt Of Us$10 Million Associated With The Expiry Of Opl 233 Performance Bond

Release Date: 09/06/2015 08:00:00      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 US$10 MILLION ASSOCIATED WITH THE EXPIRY OF OPL
233 PERFORMANCE BOND

SacOil Holdings Limited is pleased to announce the receipt
of US$10 million from Ecobank, associated with the cash
collateral that secured the performance bond on OPL 233. The
cash collateral was originally paid as part of SacOil and
Energy Equity Resources Norway Limited?s (?EERNL?)
obligations to post a performance bond on OPL 233 in April
2012. This performance bond expired on 2 May 2015.

The full refund of US$10 million was received by SacOil on 5
June 2015. Half of the US$10 million receipt is treated as a
part repayment of EERNL?s outstanding loan related to
OPL 233.

Dr  Thabo  Kgogo, Chief Executive Officer of SacOil,
commented, ?This represents another positive step in line
with our strategy to ensure that SacOil has a strong cash
position to fund its future growth ambitions by increasing
production and focusing on cash generative assets.?

This refund removes the restriction on the cash balance
associated with the cash collateral.


JSE Sponsor

PSG Capital Proprietary Limited

09 June 2015


For further information please contact:

SacOil Holdings Limited                        +27 (0)10 591
2260
Damain Matroos

finnCap Limited (Nominated Adviser and         +44 (0)20 7220
0500
Broker)
Christopher Raggett
FirstEnergy Capital (Financial Adviser         +44 (0)20 7448
0200
and Joint Broker UK)
Travis Inlow

Instinctif Partners London (UK Investor        +44 (0)20 7457
2020
Relations)
David Simonson / Anca Spiridon

Instinctif Partners Johannesburg (SA           +27 (0)11 447
3030
Investor Relations)
Nicholas Williams / Tshepo Mophiring

Date: 09/06/2015 08:00:00 Supplied by www.sharenet.co.za                     
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