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Operations Update

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09 Oct 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”)

Operations Update

SacOil, the South African based independent African oil and gas company listed on the JSE and AIM (JSE: SCL / AIM: SAC), is pleased to provide the following update on its on-going operational activities in Nigeria, Malawi and Botswana.

Satisfactory progress has been made across the existing portfolio of exploration and appraisal assets. The Company continues to evaluate a number of opportunities to secure further new value accretive acreage in established and prolific African hydrocarbon jurisdictions and basins.

Highlights:

  • Nigeria, OPL 233: 3D seismic data acquisition commences.
  • Malawi, Block 1: start of the Environmental Social Impact Assessment.
  • Botswana, PELs 123, 124 and 125: Completion of a satellite imagery survey and risk avoidance assessment.

Nigeria, OPL 233: Perfection of Title and commencement of 3D Seismic Data Acquisition

As reported in the announcement dated 19 August 2014, SacOil received official notification of the approval by the Nigerian National Petroleum Corporation (“NNPC”) for the transfer of 20% participating interest in OPL 233 to SacOil. This concludes the perfection of SacOil’s title in this Prospecting Lease, OPL 233.

Following successful mobilisation to site of all the seismic equipment, vessels and personnel, acquisition of the Ocean Bottom Cable (“OBC”) 3D seismic survey commenced on the 9th September 2014. Based on the current project timeline the seismic acquisition is expected to be completed by the end of 2014 with a final processed volume available by Q1 2015. The contract for the seismic processing has been awarded to Verity Geosolutions Limited, following a successful tender and bid evaluation process.

Malawi, Block 1: Start of the Environmental Social Impact Assessment.

SacOil, as 100% interest holder and operator of Block 1, has contracted Golder Associates Africa to conduct an Environmental Social Impact Assessment (“ESIA”). The initial stakeholder engagements commenced at the beginning of October and it is envisaged that the ESIA and the various processes will be completed by Q2 2015. The ESIA should form the basis for SacOil to continue its exploration activities during 2015.

Botswana, PELs 123, 124 and 125: Completion of Satellite Imagery Study.

SacOil, as 100% interest holder and operator of Petroleum Exploration Licences (“PEL”) 123/2013, 124/2013 and 125/2013, contracted Golder Associates Africa to conduct a satellite imagery study over the three concession areas. The study was completed at the end of August 2014 and the results will be used to identify areas of focus for a more detailed environmental survey over the PEL’s.

Qualified Person Review

This release has been reviewed by Bradley Cerff, Executive Director, who is a member of the Society of Petroleum Engineers with over 15 years’ experience in petroleum exploration and management. Bradley Cerff has consented to the inclusion of the technical information in this release in the form and context in which it appears.

9 October 2014

Johannesburg

JSE Sponsor

Nedbank Capital

For further information please contact:

 

finnCap Limited (Nominated Adviser and Broker)

Matthew Robinson / Christopher Raggett

+44 (0) 20 7220 0500

FirstEnergy Capital (Financial Adviser and Joint Broker UK)

Majid Shafiq / 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 / Fred Cornet

+27 (0)11 447 3030