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”)

Receipt of cash and settlement of indebtedness to Yorkville

Issue of shares for cash
SacOil, the African independent upstream oil and Gas Company, is pleased to announce it has received US$3.0 million from its Nigerian partner, Energy Equity Resources (“EER”). This represents a part repayment of the cash collateral contribution owed to SacOil by EER and will assist SacOil in settling its outstanding balances to YA Global Masters SPV Limited (“YA”).

SacOil had borrowed US$3.4 million from YA to enable it to part fund the cash collateral of US$10 million required as part of the posting of the US$25 million Performance Bond (the “Bond”) for OPL 233 announced on 17 April 2012.

SacOil will now settle the remaining indebtedness to YA by making a cash payment of US$1.0m and issuing 35,072,412 new SacOil ordinary shares (“Shares”) to YA at a price of R0.32 per Share (the “Issue”), raising R11.2 million (approximately US$1.2 million). The Issue is in line with the terms of a Standby Equity Distribution Agreement between YA and SacOil which was approved by SacOil shareholders in a general meeting on 17 November 2011. YA has placed in excess of 50% of the Shares from this issue at R0.32 to off market investors and has agreed to holding restrictions relating to the remaining shares held.

Application will be made to the JSE Limited (“JSE”) to grant a listing of the Shares and to the London Stock Exchange for the admission of the Shares to trade on the AIM Market (”AIM”). The listing of the Shares on the JSE and the admission of the Shares to trade on AIM are expected to take place on Tuesday, 13 November 2012. The Shares will rank pari passu in all respects with the Company’s ordinary shares already in issue.

SacOil’s total issued share capital after the Issue will be 953,340,791 ordinary shares.

ENDS

JSE Sponsor
Nedbank Capital

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