SAC.L Regulatory News (SAC)

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")

30 April 2012

Johannesburg

Issue of shares for cash to YA Global Masters SPV Ltd

SacOil shareholders ("Shareholders") are advised that 32 135 560 new SacOil ordinary shares ("SEDA Shares") will be issued to YA Global Masters SPV Ltd at a price of R0.49 (£0.04) per SEDA Share ("the Issue"), pursuant to the terms of the Standby Equity Distribution Agreement dated 12 October 2011 and approved by Shareholders in a general meeting on 17 November 2011, raising £1.3million.

Application has been made to the JSE Limited ("JSE") to grant a listing of the SEDA Shares and to the London Stock Exchange for the admission of the SEDA Shares to trading on the AIM Market ("AIM"). The listing of the SEDA Shares on the JSE and the admission of the SEDA Shares to trading on AIM are expected to take place on Thursday, 3 May 2012. The SEDA Shares will rank pari passu in all respects with the Company's ordinary shares already in issue. The proceeds of the Issue completes the funding of the performance bond on SacOil's oil concession block OPL 233 in Nigeria.

SacOil's total issued share capital after the Issue will be 893 689 516 ordinary shares.

ENDS

About SacOil

SacOil is an African independent upstream oil and gas company, focused on African assets, with a dual listing on the JSE and AIM. SacOil's vision is to build a balanced hydrocarbon exploration and production portfolio using the Company's African heritage to bring about a competitive advantage at the point of entry. SacOil's primary strategic objective is the development, exploration and production of discovered assets, with existing or near-term production, cash and revenue potential.

SacOil is focussed on oil and, where there is a defined access to market, gas in proven hydrocarbon bearing basins. The company seeks to build a portfolio of assets across the E&P spectrum from potentially high-impact exploration through to undeveloped discoveries with near-term cash flow potential and to production with defined upside.

The Company is willing and able to operate through the exploration phase but will continue to focus on the establishment of strategic industry partnerships in order to maximise its opportunity set, manage portfolio risk, and ensure that the optimum technical and operating skills are applied to each opportunity.

Consistent with this strategy, SacOil has built up an E&P portfolio including oil discoveries in Nigeria and potentially high-impact exploration in the DRC detailed as follows:

Ø in Block III DRC, through its partnership with Total, it is envisaged that the work program committed to will demonstrate prospectivity and eventually lead to oil production;

Ø in relation to OPL 281 Nigeria, SacOil is in the process of evaluating and appraising oil discoveries through the reprocessing of seismic data with a view to drilling an appraisal well;remaining conditions precedent to the farm-in agreement include perfection of title and all the necessary Nigerian government and Nigerian National Petroleum Company ('NNPC') consents in relation to the licence; and

Ø in OPL 233 Nigeria, the Joint Venture Committee consisting of SacOil, NIGDEL and EER is committed to acquiring 3D OBC seismic data, which should assist in evaluating the size of the existing oil discovery. 

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