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SCL - Sacoil Holdings Limited - Corporate update SACOIL HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1993/000460/06) JSE share code: SCL AIM share code: SAC ISIN: ZAE0000127460 ("SacOil" or "the Company") CORPORATE UPDATE - Confirmation of total number of shares in issue - 684 million in total as of today - Competent Person`s Report ("CPR") valuations of SacOil`s oil and gas interests - 370 South African ("SA") cents per share Total number of shares in issue The Company confirms that the total number of shares in issue in the capital of SacOil is currently 683,929,202 ordinary shares of no par value. On admission to AIM ("Admission"), the Company did not issue any new shares. The purpose of the Admission was to allow SacOil shares to trade on the AIM market, meaning that shares would either trade on the JSE or on AIM with the total number of shares in issue remaining the same. Competent Person`s Report valuations of SacOil`s oil and gas interests, as previously disclosed at the time of Admission The aggregate of the Competent Person`s Report valuations per SacOil share for SacOil oil and gas interests is 370 SA cents per share, calculated as follows: Interest CPR valuation CPR valuation CPR valuation per (US$ million) (R million) SacOil share (SA cents) 1 2
Block III 128.9 3 866.0 127 OPL 233 87.1 4 585.0 85 OPL 281 160.5 5 1,079.0 158 TOTAL 376.5 2,530.0 370 1. Converted at US$1=R6.72 being the mid rate at 16:30 BST on 7 June 2011 2. Calculated using 683,929,202 shares in issue 3. CPR of 24 February 2011 produced by Bayphase Limited, in relation to SacOil`s interest in Block III, Albertine Graben, DRC ("Block III") values the Total E&P RDC farm in to Block III to SacOil on a cost approach basis on completion as US$128.9 million. http://www.sacoilholdings.com/o/files/SacOil-Block3-AIM-CPR-feb2011.pdf 4. CPR of 25 February 2011 produced by TRACS International Consultancy Limited, in relation to SacOil`s interest in OPL233, Nigeria ("OPL233") includes an economic evaluation of the P50 Money of the Day Present Value of SacOil`s stake in OPL233, assuming an oil price of US$100/bbl, of US$87.1 millionhttp://www.sacoilholdings.com/o/files/SacOil- OPL233-CPR-feb2011.pdf 5. CPR of 25 February 2011 produced by TRACS International Consultancy Limited, in relation to SacOil`s interest in OPL281, Nigeria ("OPL281") includes an economic evaluation of the P50 Money of the Day Present Value of SacOil`s stake in OPL281, assuming an oil price of US$100/bbl, of US$160.5 million. http://www.sacoilholdings.com/o/files/SacOil-OPL281-CPR-feb2011.pdf The Company has engaged further independent oil & gas industry specific analysts in both South Africa and the United Kingdom and expects further independent analyst reports on the company and its assets to be available to all stakeholders shortly. 8 June 2011 For Further Information: Sponsor Standard Bank Nominated Adviser and Joint Broker finnCap Limited Matthew Robinson/Ed Frisby +44 (0) 20 7600 1658 Joint Broker Shore Capital Stockbrokers Limited Jerry Keen/Dru Danford Tel: +44 (0) 20 7408 4090 Tavistock (Public Relations UK) Edward Portman / Jos Simson Tel: +44 (0) 20 7920 3150 The Riverbed Agency (Public Relations SA) Raphala Mogase/Bongiwe Moeli Tel: +27 (0) 11 783 7903 Additional information on SacOil can be found at www.sacoilholdings.com. Date: 08/06/2011 08:00:17 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.
