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SCL - Sacoil - Awarded major oil exploration block 3, Albertine graben, Demoractic Republic of the Congo and further cautionary announcement SACOIL HOLDINGS LIMITED (formerly SA Mineral Resources Corporation Limited) (Incorporated in the Republic of South Africa) (Registration number 1993/000460/06) Share code: SCL ISIN: ZAE000127460 ("SacOil" or "the company") SACOIL AWARDED MAJOR OIL EXPLORATION BLOCK 3, ALBERTINE GRABEN, DEMORACTIC REPUBLIC OF THE CONGO AND FURTHER CAUTIONARY ANNOUNCEMENT Shareholders of SacOil ("Shareholders") are referred to the circular to Shareholders dated 24 October 2004 regarding, inter alia, the reversal of its interest in South Africa Congo Oil Company (Proprietary) Limited ("SacOil (Proprietary) Limited"), a company holding oil concession rights in the Democratic Republic of the Congo ("the DRC"). Shareholders are furthermore referred to the announcement and circular dated 24 October 2008 regarding the acquisition by SacOil of the entire issued share capital of Sacoil (Proprietary) Limited in exchange for the issue of 474,445,714 SacOil shares of which 270,400,000 SacOil shares related to Block 3, Graben Albertine ("Block 3") and 204,045,714 SacOil shares related to Block 1, Graben Albertine ("Block 1"). This transaction was approved by Shareholders in general meeting on 21 November 2008 subject to the issuance of Presidential Ordinances approving the Production Sharing Agreement pertaining to Block 3 (the "Block 3 Production Sharing Agreement") and the Production Sharing Agreement pertaining to Block 1. The board of directors of SacOil ("the Board") is pleased to announce that on 18 June 2010, the Honourable President Joseph Kabila, President of the DRC, and the Honourable Adolphe Muzito, the Prime Minister of the DRC, signed Presidential Ordinance 10/042 approving the Block 3 Production Sharing Agreement as required by the laws of the DRC. The Ordinance was gazetted in the Journal Officiel de la Republique Democratique du Congo on 22 June 2010. On 18 June 2010 the President and Prime Minister of the DRC further signed Presidential Ordinance 10/043 approving an amendment of the Block 3 Production Sharing Agreement (the "Proposed Amendment"). The Board has not had sight of the Proposed Amendment as of date hereof. The Ordinance was gazetted in the Journal Officiel de la Republique Democratique du Congo on 22 June 2010. Subject to the Proposed Amendment, the signing and publication of Ordinance 10/042 perfects the rights of SacOil (Proprietary) Limited under the Block 3 Production Sharing Agreement. The Competent Person`s Report on Block 3 dated 11 July 2008, reflected a net present value of the prospective resources (using the cash flow method and based on a projected oil price of $60/barrel and on an export only premise) of approximately US$233.7 million (approximately R1.8 billion at a USD/ R exchange rate of 7.50) for SacOil (Proprietary) Limited`s interest in the concession. Subject to the provisions of the Block 3 Production Sharing Agreement, SacOil will commence its work program on Block 3. SacOil will continue to work and cultivate good relations with the Government of the DRC and Cohydro (the National Oil company in the DRC) to contribute towards the development of its nascent oil and gas resources. Further SacOil and the consortium led by Divine Inspiration (Pty) Limited and SacOil (Pty) Limited (the "Consortium") will continue to engage the Government of the DRC and other parties constructively with regards the issue of title to Block 1. Further cautionary announcement Shareholders are advised that SacOil is currently in discussions which could have a material effect on the price of the Company`s securities. Shareholders are furthermore referred to the further cautionary announcement dated 21 May 2010 and are advised that the company is still in the process of finalizing the restatement or restructure of the agreements relating to the acquisition of the Democratic Republic of the Congo Oil Concessions (the "Restructure") and the pro forma financial effects of the acquisition of a 55% participating interest in the exploration permit for the gas potential chaal permit area("the Chaal Gas Permit Transaction"). Accordingly, Shareholders are advised to continue to exercise caution when dealing in their SacOil securities. A further announcement setting out the Restructure; the pro forma financial effects and the salient dates and times of the Chaal Gas Permit Transaction will be made in due course. Midrand 25 June 2010 Sponsor Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited Corporate financial advisor Lonsa (Proprietary) Limited Corporate Legal advisor Deneys Reitz Date: 25/06/2010 15:43:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
