SACOIL HOLDINGS LIMITED - Update on suspension in trading of shares

Update on suspension in trading of shares

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”)

                              Update on suspension in trading of shares

Since the suspension of trading in the Company’s shares on 31 May 2013, the Company believes that it
has fulfilled the conditions to warrant the lifting of the suspension of trade in the Company’s shares on
the Main Board of the JSE Limited (“JSE”) and the AIM Market (“AIM”) of the London Stock Exchange.
In this respect the Company has fulfilled the following conditions:
- The SacOil board of Directors (“the Board”) has been properly constituted, together with the
    required Board committees (save for the audit committee, in terms of the JSE Listings
    Requirements, which the Company is in the process of properly constituting with independent non-
    executive directors, which process will be effected on or before 15 November 2013), in terms of the
    Company’s Memorandum of Incorporation, the JSE Listings Requirements, the Companies Act
    No.71 of 2008, as amended and the AIM listing rules, as detailed in the announcement dated 12
    September 2013;
- The Company has published its audited financial results for the year ended 28 February 2013, as
    detailed in the announcement dated 17 September 2013;
- The Company is in discussions with Energy Equity Resources (Norway) Limited (“EERNL”) to agree a
    repayment schedule in respect of the loan advanced by the Company to EERNL, as detailed in the
    announcement dated 17 September 2013; and
- The Company announced its intention to convert the Gairloch Limited debt to equity and to
    recapitalise the Company within a reasonable period of time, as detailed in the announcement
    dated 12 September 2013.

In addition to the abovementioned, and further to the announcement dated 23 September 2013, the
Board has finalised its holistic review of the Company. To this extent, the Company has held positive
negotiations to source interim finance and is in the process of finalising a loan agreement to give effect
to the proposed interim finance. The Board is confident that such arrangements will be finalised in the
short term.

Therefore, the Board is confident that the Company has, and will have, the funds necessary to
continue to trade as a going concern up to the receipt of funds from the proposed rights offer (which is
supported by one of the Company’s material shareholders), as detailed in the announcement dated 12
September 2013. The significance of the rights offer to SacOil is detailed in note 35 of SacOil's
Integrated Annual Report for the year ended 28 February 2013.

Accordingly, the Company is pleased to announce that trade in its shares was restored on AIM with
effect from commencement of trade today, Monday, 14 October 2013 and will be restored on the JSE
shortly after release of this announcement on SENS.

14 October 2013
END

Investment Bank, Corporate Advisor and JSE Sponsor
Nedbank Capital, a division of Nedbank Limited
Legal Advisor
Norton Rose Fulbright South Africa
Nominated Adviser and Broker
finnCap Limited

For further information please contact:

SacOil Holdings Limited
Roger Rees / Tariro Mudzimuirema                             +27 (0)11 575 7232

Nedbank Capital, a division of Nedbank Limited (Investment   +27 (0) 11 294 3524
Bank, Corporate Advisor and Sponsor)
Michelle Benade

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

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: 14/10/2013 12:10:00 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.