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African Focus: Assets and Projects

The Company has a diverse portfolio of assets spanning production in Egypt, exploration and appraisal in the Democratic Republic of CongoMalawi and Botswanaand midstream and downstream operations including a crude trading allocation in Nigeria and fuel distribution operations in Southern Africa.

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.

SacOil, given its strategic focus, is ideally positioned to unlock identified opportunities and to deliver value to its stakeholders given management’s intimate knowledge and experience of doing business in Africa.  SacOil’s experienced Board and the executive management team have proven expertise in African oil and gas exploration, development and production, project management and finance.

Statement of compliance

The information in this Report that relates to oil and gas resources was prepared and is disclosed in accordance with the requirements of THE SOUTH AFRICAN CODE FOR THE REPORTING OF OIL AND GAS RESOURCES (“The SAMOG Code”) and incorporates aspects of THE SOUTH AFRICAN CODE FOR THE REPORTING OF EXPLORATION RESULTS AND MINERAL RESOURCES AND MINERAL RESERVES CODE (“The SAMREC Code”). The Group is not aware of any new information or data that materially affects the information and data contained in this Report.

The summary above is relevant for the mineral assets under the Group’s control at 29 February 2016. Figures are based on reliable exploration and mining results (where appropriate) and are accurately estimated using industry best practice standards of modelling. The resources and reserves have been correctly classified according to the SAMOG Code.

Material conditions

SacOil can confirm that the Group has the legal entitlement to the assets being reported on in this Report. The Group is not aware of any prevailing or anticipated material conditions that may impact its reserve and resource estimates, the likelihood of eventual economic extraction or its ability to continue operations relating to the reported assets.