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Release Date: 11/11/2015 09:00:00      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? or ?the Group?)


In compliance with paragraph 3.4 of the Listings
Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it is
satisfied that a reasonable degree of certainty exists, that
the financial results for the next period to be reported on
are likely to vary by more than 20% from the previous
corresponding period.

As previously reported, the Group has embarked on a
turnaround strategy driven by the rationalisation and
balancing of the Group?s existing portfolio of assets to
reposition the Group. The impact of these activities on the
financial results for the six months ended 31 August 2015 is
further explained below.

As announced previously to the market on 8 April 2014, the
Group concluded an agreement with Energy Equity Resources
Norway   Limited   (?EERNL?)  regards   the  settlement   of
outstanding loans owed to the Group (?the Agreement?). The
loans originated from the joint participation in Oil
Prospecting Licence (?OPL?) 233 in Nigeria, whereby the
Group advanced funds on behalf of EERNL to secure the
participation interest in OPL 233. One of the salient terms
of the Agreement is an interest freeze from 30 November 2014
on the outstanding loan balance. This has had the effect of
significantly reducing investment income as a significant
portion of the Group?s investment income was attributable to
the interest on the loans advanced to EERNL.

Furthermore, the operational delays affecting Block III in
the Democratic Republic of Congo due to civil unrest in the
area have resulted in the deferral of the expected receipt
of the contingent consideration by a year. The consequence
of this deferral is the impairment of the contingent
consideration receivable.

As a result of the above, shareholders are advised that the
basic earnings per share are expected to be between 0.31
cents and 0.34 cents, representing a decrease of between 53%
and 57% when compared to the earnings per share of 0.72
cents recorded in the corresponding period ended 31 August

Basic headline earnings per share, which exclude the impact
of any re-measurements of assets or liabilities, are
expected to be between 0.24 cents and 0.27 cents,
representing a decrease of between 63% and 67% when compared
to the basic headline earnings per share of 0.72 cents of
the corresponding period ended 31 August 2014.

Net asset value per share as at 31 August 2015 is expected
to be between 24.23 cents and 25.67 cents, an increase of
between 1% and 7% when compared to the net asset value per
share of 24.10 cents at 28 February 2015.

SacOil is currently finalising its results for the six
months ended 31 August 2015, which will be released on SENS
and RNS of the London Stock Exchange on or about Monday, 23
November 2015.

The 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

11 November 2015

For further information please contact:

SacOil Holdings Limited                   +27 (0)11 463 6884
Damain Matroos

finnCap Limited (Nominated Adviser and    +44 (0) 20 7220 0500
Christopher Raggett and James Thompson

FirstEnergy Capital (Joint broker)        +44 (0) 20 7448 0200
Hugh Sanderson / David van Erp

About SacOil

SacOil is a South African based independent African oil and
gas company and its shares are dual listed on the JSE and
AIM. Our focus as a Group is on delivering energy for the
African continent by using Africa?s own resources to meet
the significant growth in demand expected over the next
decade. The Group is committed to investing in the
potential of Africa?s indigenous assets and presents an
excellent investment vehicle for both private and
institutional investors whose interests are aligned with the
Group?s vision and mission. The Group has therefore expanded
its focus to include development and production activities,
energy infrastructure and selected downstream opportunities
that will meet the demand for products to support the
proliferating needs of the continent.

Date: 11/11/2015 09:00:00 Supplied by www.sharenet.co.za                     
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