Resignation of directors and application of suspension to trading of shares on AIM and the J 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”) Resignation of Directors and application of suspension to trading of shares on AIM and the JSE SacOil announces that, following the shareholder vote yesterday against Special Resolution Number 1, Messrs John Bentley and Bill Guest have resigned as non-executive directors and Mr Robin Vela has resigned as Executive Director and Chief Executive Officer of the Company with immediate effect. The three directors, representing a majority of the board, believed that the conversion of the Gairloch Limited loans to equity was in the best interests of the Company and its shareholders and had recommended that shareholders vote in favour of the resolution approving such conversion. Following these resignations application has been made for the trading of the Company’s shares on AIM and the JSE to be suspended pending further appointments to the board. Shareholders will be kept appraised of matters in this regard. ENDS JSE Sponsor Nedbank Capital 31 May 2013 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 Rob Collins James Pope Keyter Rech Investor Solutions (SA) Vanessa Ingram +27 (0) 11 447 2993 Lynne Bothma 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: 31/05/2013 08:30:00 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.