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JSE Cautionary Announcement

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18 Dec 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”)

JSE Cautionary Announcement

In terms of paragraph 3.9 of the JSE Listings Requirements, immediately after an issuer acquires knowledge of any material price sensitive information and the necessary degree of confidentiality of such information cannot be maintained, an issuer must publish a cautionary announcement.

As such, shareholders are advised that, in line with SacOil’s strategy to focus on proven resources as a base for growth, the Company has embarked on a process of balancing and rationalising its portfolio of assets. The objective of the rationalisation is to restructure the company’s capital needs and focus on cash generative assets. If successful the portfolio rationalisation may have a material effect on the price of the Company’s securities. 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 exercise caution when dealing in the Company’s securities until a full announcement is made.

JSE Sponsor

PSG Capital Proprietary Limited

18 December 2014

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 / Fred Cornet        
+27 (0)11 447 3030