Appointment of Finance Director

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")

Appointment of Finance Director

SacOil, the African independent upstream oil & gas company, is pleased to announce the appointment of Roger Rees as Finance Director of SacOil with immediate effect.

Roger has extensive public company experience, having been Group Finance Director for 11 years of Murray & Roberts Holdings Limited, one of South Africa's leading construction and engineering companies listed on the JSE. He was Chairman of Murray & Roberts International from 2000 to 2011 and also previously a director and deputy Chairman of Clough Limited, an ASX listed oil and gas engineering company.

Roger is a qualified Chartered Accountant. He spent his early career with Arthur Andersen, initially in London and then Johannesburg. He also has significant international experience in acquisitions and disposals, due diligence and corporate finance.

Further information required to be disclosed by the AIM Rules is provided below.

Commenting on the appointment, Robin Vela, CEO, said:

"We are delighted that Roger has agreed to join the Company. His international investment community contact base and extensive experience of listed companies will prove extremely valuable as we continue to grow the business through the further development of our assets towards monetisation".

6 December 2012

ENDS

JSE Sponsor

Nedbank Capital

Disclosures required under paragraph g, schedule 2 to the AIM Rules

Roger William Rees, aged 59, has held the following directorships:

Current directorships:

·; Rex Trueform Limited;

·; Redefine Properties Limited; and

·; Ikwezi Mining Limited.

Past directorships held within the last 5 years:

·; Murray & Roberts Holdings Limited; and

·; Clough Limited.