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Updated Trading Statement

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20 May 2015

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”)

UPDATED TRADING STATEMENT

Shareholders are referred to the announcement released on the Johannesburg Stock Exchange News Service (“SENS”) and Regulatory News Service (“RNS”) of the London Stock Exchange on 16 April 2015 in which the Company advised that it expects earnings per share and headline earnings per share for the year ending 28 February 2015 to be at least 20% lower than that of the prior comparative period.

Furthermore, as announced previously to the market on 18 December 2014, SacOil’s strategy is to focus on proven resources as a base for growth, and, as a result, the Company 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. These activities had a material non-cash related impact on the results for the period. The Company will provide further details of the above items in its Annual Results announcement.

SacOil is currently finalising its results for the year ended 28 February 2015, which will be released on SENS and RNS of the London Stock Exchange on Thursday, 21 May 2015.

As a result of the above, shareholders are advised that the losses for the year ended 28 February 2015 are expected to be between R276.5 million and R277.5 million, representing a significant decrease compared to the profit of R9.5 million for the previous year. This equates to a basic loss per share of between 8.51 cents and 8.57 cents, representing a decrease of between 723% and 728% when compared to the earnings per share of 1.37 cents recorded in the corresponding period in 2014.

Basic headline loss per share, which excludes the impact of any impairment losses, gains on acquisition and related tax effect, are expected to be between 4.64 cents and 4.71 cents, representing a decrease of between 440% and 445% when compared to the basic headline earnings per share of 1.37 cents of the corresponding period in 2014.

Net Asset Value per share as at 28 February 2015 is expected to be between 23.17 cents and 25.02 cents, a decrease of between 25% and 19% compared to the net asset value per share of 30.74 cents in the previous period.

In addition, the continued weaker average Rand/US Dollar exchange rate and Brent crude oil prices during the period has also impacted the financial results for the period.

The forecast financial information on which this trading statement is based has not been reviewed, audited or reported on by the Company's external auditors. This statement is issued in compliance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited.

JSE Sponsor

PSG Capital Proprietary Limited

20 May 2015

For further information please contact:

SacOil Holdings Limited                                   +27 (0)10 591 2260

finnCap Limited (Nominated Adviser and       +44 (0) 20 7220 0500  

Broker)

Christopher Raggett

FirstEnergy Capital (Financial Adviser            +44 (0) 20 7448 0200

and Joint Broker UK)                       

Travis Inlow

Instinctif Partners London (UK Investor         +44 (0)20 7457 2020

Relations)                                

David Simonson / Anca Spiridon

Instinctif Partners Johannesburg (SA             +27 (0)11 447 3030

Investor Relations)                       

Nicholas Williams / Tshepo Mophiring