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 Group")

Trading update

Restatement of results for the 6 month period ended 31 August 2011

Trading update

In terms of paragraph 3.4(b) of the JSE Listings Requirements companies are required to publish a trading statement as soon as there is a reasonable degree of certainty that the financial results for the current reporting period will be at least 20% different from those 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 differences in the financial results from one period to another. As such SacOil expects:

× the basic loss per share for the 6 month period ended 31 August 2012 to be between 1.5 cents and 1.7 cents per share compared to a reported basic loss per share of 4.57 cents for the 6 month period ended 31 August 2011.

× the headline loss per share for the 6 month period ended 31 August 2012 to be between 2.5 cents and 2.7 cents per share compared to a reported headline earnings per share of 5.69 cents for the 6 month period ended 31 August 2011.

Restatement of results for the 6 month period ended 31 August 2011

During the 6 month period ended 31 August 2011, whilst the Group correctly recognised the impact of cash proceeds together with a receivable, associated with the contingent bonuses receivable from Total E&P RDC on the farm-out of the 60% interest of Block III, the value of the receivable, as well as the tax and interest related thereto were not correctly recognised. The previously reported comprehensive loss attributable to SacOil of R31.1 million has therefore been correctly adjusted and restated to a comprehensive loss attributable to SacOil of R100.1 million to correct the misstatements for the period ended 31 August 2011. This has resulted in the restatement of the basic loss per share and headline loss per share to 14.7 cents and 5.1 cents per share, respectively, for the period ended 31 August 2011. The impact of the aforementioned cash proceeds and receivable was correctly accounted for in the results for the year ended 29 February 2012.

The above information has been reviewed and reported on by the Group's auditors, Ernst & Young Inc. The Group's interim results for the 6 month period ended 31 August 2012 will be published on or before 22 November 2012. 

21 November 2012

ENDS

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