Response to share price movement 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”) Response to share price movement Renaissance Capital Subscription Agreement SacOil notes the recent significant rise in the price of its shares. As previously announced on 12 September 2012 and 3 October 2012, Total E&P RDC (“Total”) successfully conducted an airborne gravity and magnetic survey on the northern part of Block III outside the Virunga National Park. The final interpretation of the survey and report by Total has been received and disclosed in the same announcements. There is no new information that has yet to be disclosed. This particular announcement has been made in order to comply with UK regulatory requirements. As part of the rollover of the Renaissance Capital facility utilised to procure the US$25m performance bond, the Company has today entered into a subscription arrangement with Renaissance Capital (“RenCap”), where the salient terms are that RenCap will have the option until 30 November 2012 to subscribe for up to 20,000,000 SacOil Shares at a price that is equivalent to a 10% discount to the 30 day volume weighed average price at the time of exercise. 16 October 2012 ENDS JSE Sponsor Nedbank Capital For further information please contact: finnCap Limited (Nominated Adviser and Broker) +44 (0) 20 7220 0500 Matthew Robinson / Christopher Raggett FirstEnergy Capital (Joint Broker UK) +44 (0) 20 7448 0200 Majid Shafiq Travis Inlow GMP Securities Europe LLP (Joint Broker UK) +44 (0) 20 7647 2800 James Pope Chris Beltgens Keyter Rech Investor Solutions (SA) Vanessa Ingram +27 (0) 11 447 2993 Lynne Bothma The Riverbed Agency (SA) Raphala Mogase +27 (0) 11 783 7903 Pelham Bell Pottinger (UK) Philip Dennis +44 (0) 20 7861 3919 Nick Lambert +44 (0) 20 7861 3936 Rollo Crichton-Stuart +44 (0) 20 7861 3918 Date: 16/10/2012 10:34:00 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.