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Result of EGM and Cancellation of the Company's Ordinary Shares to Trading on AIM

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22 May 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" or "the Group")

Result of Extraordinary General Meeting and Cancellation of the Company's Ordinary Shares to Trading on AIM

SacOil announces that at the Extraordinary General Meeting held earlier today, the special resolution to approve the proposed cancellation of the admission of the Company's Ordinary Shares to trading on AIM ("Cancellation") was duly passed. The details of the results are set out below:

 

Votes for resolution (%) *

 

Votes against resolution (%) *

 

Shares abstained as a percentage (%) of shares in issue

 

Special Resolution: Cancellation of the AIM listing

 

 

99.96

0.04

2.72


Total shares voted in person or by proxy amounted to 72% of total issued share capital, being 2 341 387 667 voted shares.

As a result, the last day of dealings of the Company's Ordinary Shares on AIM will be Tuesday 30 May 2017 and the Cancellation will become effective at 7.00 a.m. on Wednesday 31 May 2017, subject to a dealing notice, as defined in the AIM Rules for Companies, being issued.

All defined terms in this announcement, unless otherwise defined, will have the same meaning as those defined in the Circular dated 24 April 2017.

22 May 2017

JSE Sponsor

PSG Capital Proprietary Limited

For further information please contact:

SacOil Holdings Limited

Damain Matroos

+27 (0)10 591 2260

finnCap Limited (Nominated adviser and broker)

Christopher Raggett and James Thompson

+44 (0) 20 7220 0500

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, dual-listed on the JSE and AIM.  The Company has a diverse portfolio of assets spanning production in Egypt; exploration and appraisal in the Democratic Republic of Congo, Malawi and Botswana; and midstream projects including crude trading in Nigeria and a terminal project in Equatorial Guinea.  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.