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Further Cautionary Announcement

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02 Feb 2015

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”)

Further Cautionary Announcement

In compliance with JSE Limited ("JSE") Listings Requirement 3.9 an issuer that has published a cautionary announcement must provide updates thereon in the required manner and within the time limits prescribed.

With reference to the cautionary announcement published on 18 December 2014 on the Stock Exchange News Service of the JSE and on the regulatory News Service of the London Stock Exchange, SacOil shareholders ("Shareholders") are advised that the Company is still in the process of considering its portfolio rationalisation, which, if successfully concluded, may have a material effect on the price of SacOil ordinary shares ("Shares"). In particular, SacOil is considering the cancellation of an agreement to participate in an appraisal asset in Nigeria. As yet, no transaction has been formalized and there can be no guarantee as to the terms or conditions attached to any cancellation of this asset. Further updates will be made in due course.

Accordingly, Shareholders are advised to continue to exercise caution when dealing in their Shares until a further announcement is made in this regard.

JSE Sponsor

PSG Capital Proprietary Limited

2 February 2015

For further information please contact:

SacOil Holdings Limited 
Tariro Mudzimuirema 
+27 (0)11 575 7232

finnCap Limited (Nominated Adviser and Broker) 
Matthew Robinson / Christopher Raggett    
+44 (0) 20 7220 0500 

FirstEnergy Capital (Financial Adviser and Joint Broker UK) 
Travis Inlow 
+44 (0) 20 7448 0200 

Instinctif Partners London (UK Investor Relations) 
David Simonson / Anca Spiridon 
+44 (0)20 7457 2020

Instinctif Partners Johannesburg (SA Investor Relations) 
Nicholas Williams / Tshepo Mophiring 
+27 (0)11 447 3030