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Release Date: 30/05/2016 12:00:00      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.

The Group has continued the process of implementing its focussed
strategy driven by the rationalisation and balancing of the Group?s
existing portfolio of assets to reposition the Group. This process
was started in September 2014. The impact of these activities on the
financial results for the year ended 29 February 2016 is further
explained below.

The Group has completed the reorganisation of its holding in Block
III that was announced on 1 March 2016. The reorganisation provides
the Group with a direct holding in Block III and also transfers the
Semliki subsidiary to our partner in Block III, namely Divine
Inspiration Group (?DIG?). DIG now has full ownership of Semliki
together with its share of the assets and liabilities. The Group?s
share of assets and liabilities, including the interest in Block
III, are now held through SacOil DRC SARL, a wholly owned subsidiary
of SacOil. The impact of this reorganisation resulted in a gain for
the Group of R103.6 million.

During the year the Group completed the phase 2 development
activities at Lagia. This resulted in a capital investment of R55.4
million that has seen the 2P reserves increasing from 6.2 million
barrels to 6.9 million barrels based on the latest competent persons
report (CPR). Due to the low oil price outlook existing at 29
February 2016, the net present value in the CPR was below the
carrying value of the asset and as a result an impairment of R76.5
million has been provided for in the results for the year ended 29
February 2016.

As previously reported to the market during the interim results, 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 by R26.1 million. The Operator on Block
III, Total, has commenced 2D seismic activities, as announced on 17
February 2016, and based on this development, there has not been a
further deferral of the expected contingent consideration.

In addition, as announced previously to the market on 8 April 2015,
the settlement agreement with Energy Equity Resources Norway
Limited (?EERNL?) regards the settlement of outstanding loans owed
to the Group (?the Agreement?) related to the joint participation in
Oil Prospecting Licence (?OPL?) 233 in Nigeria resulted in an
interest free on all outstanding loans. The interest freeze
specified in the Agreement has significantly reduced investment
income for the Group by the R92 million included in the 2015

The Group has benefited from the depreciation in the South African
Rand in relation to the US Dollar which has resulted in foreign
exchange gains for the Group of R154.6 million. This has had a
positive impact on the profitability of the Group.

As a result of the above, shareholders are advised that the basic
earnings per share are expected to be between 1.23 cents and 2.05
cents, representing an increase from the loss per share of 8.54
cents recorded in the year ended 28 February 2015.

Basic headline earnings per share, which exclude the impact of any
re-measurements of assets or liabilities, are expected to be between
0.57 cents and 1.51 cents, representing an increase from the
headline loss per share of 4.67 cents of the year ended 28 February

Net asset value per share as at 29 February 2016 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.

The results for the year ended 29 February 2016 will be released on
SENS and RNS of the London Stock Exchange on Tuesday, 31 May 2016.

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

30 May 2016

For further information please contact:

SacOil Holdings Limited                   +27 (0)10 591 2260
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
Buchanan (Financial PR adviser)           +44 (0)20 7466 5000
Ben Romney / Chris Judd / Madeleine Seacombe

About SacOil
SacOil is a South African based independent African oil and gas
company, dual-listed on the JSE and AIM. The Company has a diverse
portfolio of assets spanning production in Egypt; exploration and
appraisal in the Democratic Republic of Congo, Malawi and Botswana;
and midstream and downstream projects including a crude trading
allocation in Nigeria and an oil terminal project in Equatorial
Guinea. 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.

Date: 30/05/2016 12:00:00 Supplied by www.sharenet.co.za                     
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