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Cautionary Announcement

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11 Aug 2014

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”)

JSE CAUTIONARY ANNOUNCEMENT

In terms of paragraph 3.9 of the JSE Listings Requirements, immediately after an issuer acquires knowledge of any material price sensitive information and the necessary degree of confidentiality of such information cannot be maintained, an issuer must publish a cautionary announcement.

As such, shareholders are advised that SacOil has entered into non-binding negotiations (“the Potential Transaction”) which, if successfully concluded, may have a material effect on the price of the Company’s securities.

Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until a full announcement is made.

CLARIFICATION OF RECENT MEDIA COVERAGE

SacOil advises that, contrary to a recent press report, it is not in discussions and/or negotiations to make an acquisition of a production asset in Nigeria nor is it seeking to acquire any asset producing 5,000 barrels of oil per day.  However, SacOil in its normal course of business continuously seeks opportunities to expand and optimise its portfolio of upstream assets, and will engage in informal discussions from time to time with several parties regarding such opportunities.

Johannesburg

11 August 2014

JSE Sponsor

Nedbank Capital

For further information please contact:

 

SacOil Holdings Limited

Tariro Mudzimuirema

 

+27 (0)11 575 7232

Nedbank Capital, a division of Nedbank Limited (Sponsor)

Michelle Benade

 

+27 (0) 11 294 3524

finnCap Limited (Nominated Adviser and Broker)

Matthew Robinson / Christopher Raggett

 

+44 (0) 20 7220 0500

FirstEnergy Capital (Joint Broker UK)

Majid Shafiq

Travis Inlow

 

+44 (0) 20 7448 0200

 

Pelham Bell Pottinger (UK)

Philip Dennis

Nick Lambert

Rollo Crichton-Stuart

 

+44 (0) 20 7861 3919

+44 (0) 20 7861 3936

+44 (0) 20 7861 3918