Issue of Equity

SACOIL HOLDINGS LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1993/000460/06)

AIM share code: SAC

JSE share code: SCL

ISIN: ZAE0000127460

SacOil Holdings Limited

("SacOil" or the "Company")

Issue of Equity

SacOil, the independent Pan-African upstream oil and gas company, announces that an application will be made to the London Stock Exchange for 796,577 new ordinary shares of no par value in SacOil to be admitted to trading on AIM further to the issue and allotment of these shares to Renaissance BJM Securities (Pty) Limited (South Africa) in consideration for financial advisor services provided. These shares are expected to be admitted to trading on AIM on 18 May 2011. Following admission to trading of the above new shares, the total number of SacOil ordinary shares in issue will be 683,929,202.

For further information, please contact:

finnCap Ltd (Nominated Adviser)

Matthew Robinson/Ed Frisby

Tel: +44 (0) 20 7600 1658

Tavistock Communications (UK public relations)

Jos Simson/ Ed Portman

Tel: +44 (0)20 7920 3150

The Riverbed Agency (SA public relations)

Raphala Mogase / Bongiwe Moeli

Tel: +27 (0)11 783 7903