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Commencement of 2D Seismic Data Acquisition, Block III, Albertine Graben, Democratic Republic of Congo

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17 Feb 2016

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”)

COMMENCEMENT OF 2D SEISMIC DATA ACQUISITION, BLOCK III, ALBERTINE GRABEN, DEMOCRATIC REPUBLIC OF CONGO

With the granting of a two-year extension to current exploration period of Block III by the Minister of Hydrocarbons of the Democratic Republic of Congo (“DRC”), Total E&P RDC (“Total”) as operator of Block III, has commenced with the acquisition of a 2D seismic survey.

As reported previously, the current survey design envisages the acquisition of 300 km of 2D seismic data over the northern part of the Block III area. The survey will not encroach on the Virunga National Park.

This seismic acquisition program is in fulfilment of the work program obligations.

SacOil holds a 12.5% effective interest in Block III.

 

Johannesburg

17 February 2016

JSE Sponsor

PSG Capital Proprietary Limited

 

For further information please contact:

SacOil Holdings Limited                  

+27 (0) 10 591 2260

Bradley Cerff

 

finnCap Limited (Nominated Adviser and broker)

Christopher Raggett and James Thompson

+44 (0) 20 72200 500

 

FirstEnergy Capital (Financial Adviser and Joint Broker UK)

Hugh Sanderson / David van Erp

+44 (0) 20 74480 200

 

Buchanan Communications Limited

Ben Romney

+44 (0) 20 7466 5000