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SACOIL HOLDINGS LIMITED - Withdrawal of Participation in Oil Prospecting Licence 233

Release Date: 20/05/2015 08:00:00      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?)

Withdrawal of participation in Oil Prospecting Licence 233

SacOil shareholders (?Shareholders?) are advised that, in line
with SacOil?s strategy to focus on proven resources as a basis for
growth, the Company has embarked on a process of balancing and
rationalising its portfolio of assets. The aim of the 
rationalisation is to restructure the Company?s future capital
requirements - focusing on cash generative assets and low risk
exploration assets.

Pursuant to the above strategy, SacOil has terminated its joint
venture with Nigdel United Oil Company (?Nigdel?) of Nigeria, and
consequently its participation in Oil Prospecting Licence (?OPL?)

Accordingly, SacOil has the right to be refunded by Nigdel for all
costs expensed to date on OPL 233. Consequently, SacOil has no
future commitments and obligations associated with the appraisal
of OPL 233. Further announcements relating to the details of the
Company?s withdrawal from OPL 233 will be made in due course.

Dr Thabo Kgogo, CEO of SacOil, commented, ?The termination of the
joint venture in respect of OPL 233 is in line with the strategy
communicated to shareholders previously; improves the Company?s
financial position and will reduce future financial exposure
emanating from such higher risk assets.

?With the expected return of capital from OPL 233 and OPL 281,
combined with SacOil?s existing cash resources, the Company will
be in a far stronger position to pursue its strategy of increasing
production and focusing on cash generative assets?.

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
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
David Simonson / Anca Spiridon

Instinctif Partners Johannesburg (SA      +27 (0)11 447 3030
Investor Relations)
Nicholas Williams / Tshepo Mophiring

Date: 20/05/2015 08:00:00 Supplied by www.sharenet.co.za                     
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