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