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Management Team Update

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”)

Management Team Update

We refer to the announcement published on 27 June 2011, relating to the appointment of Mr Jan Maier as Chief Operating Officer. Prior to taking up his post and the effective date of his appointment, due to unforeseen personal reasons, the Company and Jan have resolved that he will not take up the position. In the circumstances, the Board of Directors of SacOil has resolved to release Jan from his service agreement with the Company.

Mr Bradley Cerff, the Company’s Vice President, continues to manage SacOil’s operational matters and remains focussed on bringing the Company’s current assets to account.

The Board of SacOil has already engaged in discussions with other experienced and qualified candidates from the Oil and Gas Industry who have been identified as being suitable to fulfill the role.

A further announcement in this regard will be made in due course.

21 July 2011

Sponsor

Standard Bank

For further information:

Nominated Adviser and Joint Broker

finnCap Limited

Matthew Robinson/Ed Frisby

+44 (0) 20 7220 1658

Joint Broker

Shore Capital Stockbrokers Limited

Jerry Keen/Dru Danford

+44 (0) 20 7408 4090

Tavistock (Public Relations UK)

Edward Portman/Jos Simson

+44 (0) 20 7920 3150

The Riverbed Agency (Public Relations SA)

Raphala Mogase/Bongiwe Moeli

+27 (0) 11 783 7903

Additional information on SacOil can be found at www.sacoilholdings.com

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