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Update on Potential Acquisition and Renewal of Cautionary Announcement

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17 Jan 2017

SacOil Holdings Limited

(Incorporated in the Republic of South Africa)

(Registration number: 1993/000460/06)

JSE Share Code: SCL        AIM TIDM: SAC

ISIN: ZAE000127460

SacOil Holdings Limited

(“SacOil” or the “Company”)

UPDATE ON POTENTIAL ACQUISITON

RENEWAL OF CAUTIONARY ANNOUNCEMENT

Further to the cautionary announcement issued on 1 December 2016, SacOil’s shareholders ("Shareholders") are advised that the Company remains in advanced negotiations on an exclusive basis with respect to the potential acquisition of a Southern African focussed petroleum product related wholesaler (the Proposed Acquisition”).

Accordingly, Shareholders are advised to continue to exercise caution when dealing in the Company's securities until a further announcement is made in this regard.

The Company’s shares remain suspended from trading on the AIM Market of the London Stock Exchange until such time as either an admission document setting out details of the Proposed Acquisition is published or confirmation is given that the Proposed Acquisition is not proceeding.  The Company’s share will however continue to trade on the JSE.

Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

17 January 2017

Contacts

SacOil Holdings Limited

Damain Matroos

+27 (0)10 591 2260

JSE Sponsor

PSG Capital Proprietary Limited

Nominated Adviser and Broker

finnCap Ltd    

Christopher Raggett

James Thompson

+44 (0)20 7220 0500

Financial PR Adviser

Buchanan  

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.