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SCL - SACOIL Holdings Limited - Operational Update Block III, Albertine Graben, Democratic Republic of Congo 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") Operational Update Block III, Albertine Graben, Democratic Republic of Congo SacOil Holdings Limited (AIM/JSE), the independent African upstream oil and gas company is pleased to provide an operational update on the Block III oil concession ("Block III"), Albertine Graben in the Democratic Republic of Congo (`DRC`), in which SacOil has an effective 12.5 per cent. interest. As announced on 4 March 2011, Semliki Energy SPRL ("Semliki"), a 50 per cent. owned subsidiary of SacOil, successfully concluded a farm-in agreement in March 2011 with Total E&P RDC ("Total") pursuant to which Total acquired an effective 60 per cent. undivided interest in, and became the operator of, Block III. The Government of DRC holds an effective 15 per cent. interest and DIG Oil holds an effective 12.5 per cent. interest respectively in Block III. Work Programme SacOil is pleased to announce the establishment of the Block III Operations Committee ("Committee") for the management of Block III joint venture operations. The Committee consists of members from SacOil, Total, DIG and a representative of the Government. The first meeting took place in Kinshasa in June 2011 and further meetings are scheduled to take place on a bi-annual basis to monitor and report back on the execution of the work programme. The work planned and agreed on Block III includes an airborne gravity and magnetic survey over the licence area, the results of which are expected in Q4 of 2011. This will form the basis for the next stage of the programme which will include the acquisition of a targeted 2D seismic survey. The performance of the work programme is subject to first obtaining the relevant ministerial authorisation. Bradley Cerff, Vice President Commercial of SacOil commented today: "I am pleased with the progress we are making at Block III with our partners Total. Work will shortly commence on carrying out the preliminary aeromagnetic surveys which is the precursor to targeted seismic surveys. The Block III project in the DRC has an exceptional postcode in terms of recent neighbouring discoveries in Uganda. We look forward to updating shareholders on further work programmes as we move towards drilling a maiden well on Block III during the first phase of the exploration period." Johannesburg 15 August 2011 JSE Sponsor Standard Bank For further information, please contact: SACOIL United Kingdom Enquiries South African Enquiries Tavistock Communications The Riverbed Agency Jos Simson/ Ed Portman Raphala Mogase/Bongiwe Moeli Tel: +44 (0)20 7920 3150 Tel: +27 (0) 11 783 7903 finnCap Ltd Shore Capital Stockbrokers Ltd (Nominated Adviser and Joint Broker to SacOil) (Joint Broker) Matthew Robinson/Ed Frisby Jerry Keen/Bidhi Bhoma/Toby Gibbs Tel: +44 (0) 20 7600 1658 Tel: +44 (0) 20 7408 4050 TOTAL S.A. Press department Phenelope Semavoine/ Florent Segura Tel: +33 (1) 47 44 46 99 About SacOil SacOil is a South African based JSE and AIM listed independent E&P company focused exclusively on operations in Africa, where SacOil has a competitive advantage at the point of entry. To date it has operations in the DRC (and since partnered with Total), Nigeria and South Africa and continues to evaluate a number of opportunities to secure new value accretive acreage in other established and prolific African hydrocarbon basins. Block III, DRC Block III is situated in the Albertine Graben, DRC and comprises an area of 3,177 kmSquared, which is mostly lowland (Semliki river plain) and is flanked by rift margins. Block III is on trend with Lake Albert discoveries in Uganda. The largest discovery in the Escarpment/Near-shore Play is Kingfisher (200MMbbl) and the largest discovery in the Victoria Nile Delta Play is Giraffe-Buffalo (300MMbbl). Over 800 million barrels of recoverable oil have been discovered in the Albertine Graben, and the total resource base is estimated at two billion barrels. To date, the majority of the exploration has been within the borders of Uganda, but the DRC concessions are considered to be highly prospective, with Block III being close to recent significant discoveries. Date: 15/08/2011 08:00:56 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.
