Appointment of Vice President Finance

SACOIL HOLDINGS LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1993/000460/06)

JSE share code: SCL

AIM share code: SAC

ISIN: ZAE0000127460

("SacOil" or "the Company")

Appointment of Vice President Finance and Change to the board of directors

SacOil, the independent African upstream oil & gas company, is pleased to announce the appointment of Mr Craig Campbell as Vice President Finance of SacOil with effect from 1 September 2012.

Following the appointments of Willem de Meyer as Vice President Commercial and Jordaan Fouchè as Vice President Technical and New Business, the appointment of Craig is a further key step in strengthening SacOil's management team and to executing the Company's growth strategy given his experience in financial management and project financing of resource assets.

Craig has served in senior financial roles and on the boards of resources companies listed on the JSE Limited, AIM market of the London Stock Exchange, Australian Securities Exchange and Toronto Stock Exchange. He has extensive exposure to and knowledge of the development of significant resource exploration projects, corporate governance and corporate finance as well as international financial reporting standards across a number of jurisdictions. Craig is a member of the South African Institutes of Chartered Accountants and Directors.

The Board takes this opportunity to welcome Craig in anticipation of the valuable contribution he will make to the SacOil group.

Further to the above, Mrs Carina de Beer has resigned as Financial Director of SacOil with effect from 30 July 2012 though she will remain with the Company for the next six months to ensure a smooth transition of responsibilities. The Board wishes to thank Carina for her commitment to SacOil over the past two years.

A further announcement will be made as soon as the appointment of a new financial director to the board of SacOil has been finalised.

31 July 2012

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