Appointment of Directors

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”) Appointment of Directors Shareholders are referred to the announcements dated 22 April 2013 and 31 May 2013 in terms of which the Company announced changes to its board…

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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.

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Results of General Meeting

Shareholders are advised that, at the General Meeting held today, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from Shareholders present in person or represented by proxy.

All of the special resolutions passed at the General Meeting will be filed with, and registered where required, by the Companies and Intellectual Property Commission.

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Conversion of Gairloch Loans to Equity

Shareholders are referred to the Circular issued on 8 May 2013 and the announcement made on the same date. Capitalised terms in this announcement shall have the same meaning given to them in the Circular unless the context requires otherwise. This further announcement to Shareholders is in response to a number of comments and questions which have been received by the Board in relation to the matters contained in the Circular.

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Trading Statement

As part of the JSE Limited Listings Requirements, companies are required to publish a financial trading statement as soon as they are reasonably certain that the financial results for the current reporting period will be more than 20% different to that of the prior corresponding period. Given the nature of SacOil’s business, which requires lump sum upfront capital investment, it is not unusual for there to be significant changes in the financial results from one period to another.

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SacOil receives exploration approval for Botswana licences

JSE- and Aim-listed Africa-focused upstream oil and gas company SacOil has received approval for three onshore petroleum prospecting licences in Botswana.

The exploration licences were received through the company’s Botswana subsidiary, Transfer Holdings, and were approved by the Botswana Minerals, Energy and Water Resources Minister Onkokame Kitso Mokaila.
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Approval of three onshore Petroleum Prospecting Licences in Botswana

SacOil Holdings Limited, the African independent upstream oil and gas company, is pleased to announce that its Botswana subsidiary, Transfer Holdings (Proprietary) Limited, has been advised by the Botswana Department of Mines that three exploration licences were duly approved by the Honourable Onkokame Kitso Mokaila, Minister of Minerals, Energy and Water Resources of the Republic of Botswana and are ready for collection.

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SacOil Circular to Shareholders

A general meeting of SacOil shareholders will be held at 2nd Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston, Johannesburg on Thursday, 30 May 2013, commencing at 10h00, or at any adjournment thereof, to consider and, if deemed appropriate, to approve the resolutions as more fully set out in the notice of general meeting attached to the Circular.

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Publishing of Circular

Further to the announcement released on the Stock Exchange News Services of the JSE Limited (“JSE”) and on the Regulatory News Service of the London Stock Exchange on 10 April 2013 (the “Announcement”), SacOil shareholders are advised that the circular relating to:

  • the Specific Issue (as defined in the Announcement);
  • the Services Agreement (as defined in the Announcement);
  • the remuneration of the non-executive directors of SacOil; and
  • a general authority of the directors to issue shares for cash,

(the “Circular”)

has today, 8 May 2013, been posted to SacOil shareholders and has been made available on SacOil’swebsite,

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