Appointment of Directors

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")

Appointment of Directors

Shareholders are referred to the announcements dated 22 April 2013 and 31 May 2013 in terms of which the Company announced changes to its board of directors.

As was previously announced, the Company has agreed to appoint Mr Tito Titus Mboweni as its new independent non-executive Chairman, and Mr Mzuvukile Jeff Maqetuka as an independent non-executive director. The Company's advisors are in the process of finalising various administrative and regulatory compliance requirements in this regard, after which the new directors will be formally appointed and able to assume office with full capacity as directors.

Further, the Company is pleased to announce the proposed appointment of Mr Stephanus Hilgard Muller as Director in the capacity of independent non-executive director. His appointment will be finalised once the Company's advisors have concluded the standard regulatory compliance reviews in this regard. Mr Muller qualified as a chartered accountant in 1985, completing his articles at Peat, Marwick, Mitchells & Co. He worked in various audit and corporate finance capacities at Aiken and Peat, prior to joining Rand Merchant Bank. Subsequently he joined Genbel Investments, where he eventually held the office of Group Chief Operating Officer: Equities of Genbel Securities Limited. Currently he serves as an independent non-executive director at Amalgamated Appliances limited, where he is the Chairman of the Group's audit and risk committee. He is also an independent non-executive director and member of the audit committee of Kap Industrial Holdings Limited.

These new appointments are expected to stabilise the Company and, further announcements will be made in due course.

ENDS

JSE Sponsor

Nedbank Capital

31 May 2013