SCL - SacOil Holdings Limited - Update regarding the proposed unbundling of

SCL - SacOil Holdings Limited - Update regarding the proposed unbundling of     
Pioneer Coal (Proprietary) Limited                                              
SacOil Holdings Limited                                                         
Incorporated in the Republic of South Africa                                    
Registration number: 1993/000460/06                                             
Share code: SCL                                                                 
ISIN code: ZAE000127460                                                         
("SacOil")                                                                      
UPDATE REGARDING THE PROPOSED UNBUNDLING OF PIONEER COAL (PROPRIETARY) LIMITED  
SacOil shareholders are referred to the detailed announcements relating to      
the proposed unbundling of Pioneer Coal (Proprietary) Limited ("Pioneer Coal")  
dated 15 December 2008 and 25 March 2009 and are advised that the unbundling    
will not proceed on the basis as detailed in these announcements. However,      
Pioneer Coal is currently seeking coal exploration assets and once it makes     
a suitable acquisition, it is intended that such shares will be distributed     
to SacOil`s shareholders by way of an unbundling.                               
Midrand                                                                         
18 November 2010                                                                
Sponsor                                                                         
BDO Corporate Finance                                                           
Date: 18/11/2010 09:40:21 Supplied by www.sharenet.co.za                     
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