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SACOIL HOLDINGS LIMITED - Update on the Company's interests in OPL 281

Release Date: 09/05/2014 11:30:00      Code(s): SCL     
(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?)

                           Update on the Company?s interests in OPL 281

The Company refers its shareholders to previous communication relating to its contractual interests
in relation to the Oil Prospecting Licence 281 (?OPL 281?), which is located onshore the Federal
Republic of Nigeria (?Nigeria?).

On 06 October 2010 SacOil through its wholly-owned subsidiary SacOil 281 Nigeria Limited (?SacOil
281?) concluded a farm-in agreement with EER 281 Nigeria Limited (?EER 281?) and Transnational
Corporation of Nigeria PLC (?Transcorp?). In terms of the farm-in agreement, SacOil 281 will acquire
from, and be assigned a 20% interest in the OPL 281 concession by Transcorp. The assignment to
SacOil 281 of the participating interest in OPL 281 requires the prior approval from the Government
of Nigeria. A pre-requisite to seeking such approval has been for Transcorp to have entered into a
production sharing contract (?PSC?) for OPL 281 with the Nigerian National Petroleum Corporation

Transcorp has informed SacOil that the NNPC has signed the PSC for OPL 281. NNPC?s signing of the
PSC for OPL 281 now clears the way for Transcorp and SacOil 281 to prepare and to lodge an
application to seek the approval from the Government of Nigeria for Transcorp to assign a 20%
participating interest to SacOil 281.

With the signing of the PSC, Transcorp, as operator of OPL281, will now proceed to execute the PSC
commitments and work programme to appraise the contingent resources estimated at
approximately 100 million barrels of oil equivalent.

The Company will now liaise with Transcorp in order to pursue the preparation of the application to
seek Government?s approval, as well as to attend to the lodging of same with the appropriate
authorities in Nigeria. Shareholders will be kept apprised of any further material developments in
this regard.

09 May 2014


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Pelham Bell Pottinger (UK)
Philip Dennis                                    +44 (0) 20 7861 3919
Nick Lambert                                     +44 (0) 20 7861 3936
Rollo Crichton-Stuart                            +44 (0) 20 7861 3918

Date: 09/05/2014 11:30:00 Supplied by www.sharenet.co.za                     
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