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Resignation of directors

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28 Aug 2017

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”)

RESIGNATION OF DIRECTORS

In compliance with section 3.59 of the Listings Requirements of the Johannesburg Stock Exchange, shareholders are advised that Mr Vusumzi Pikoli and Ms Titilola Akinleye have resigned as independent non- executive directors of the Company with effect 28 September 2017.

Furthermore, Mr Tito Mboweni, the independent non-executive chairman of the Company, who in terms of the Company’s MOI retires by rotation, has not made himself available for re-election at the Company’s annual general meeting scheduled to take place on Monday, 2 October 2017.

Dr Thabo Kgogo, CEO of SacOil said: “I wish to extend a note of gratitude to my departing colleagues. In particular I wish to publicly thank Mr Mboweni who has shown great leadership and guidance to the Board of SacOil over the past years, during which had been a period of stabilisation and transformation. We wish them all well in their future endeavours.”

JSE Sponsor

PSG Capital Proprietary Limited

28 August 2017

For further information please contact:

SacOil Holdings Limited

Damain Matroos

+27 (0)10 591 2260

Buchanan (Financial PR adviser)

Ben Romney / Chris Judd

+44 (0)20 7466 5000

ABOUT SACOIL

SacOil is a South African based independent African oil and gas company, listed on the JSE. The Company has a diverse portfolio of assets spanning production in Egypt; exploration and appraisal in the Democratic Republic of Congo, Malawi and Botswana; midstream project relating to crude trading in Nigeria and a majority interest in AfricOil, the petroleum product wholesaler. Our focus as a Group is on delivering energy for the African continent by using Africa’s own resources to meet the significant growth in demand expected over the next decade. The Company continues to evaluate industry opportunities throughout Africa as it seeks to establish itself as a leading, full- cycle pan-African oil and gas company.