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SACOIL HOLDINGS LIMITED - Licence Extension to Block 1, Onshore Republic of Malawi

Release Date: 09/06/2016 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?)


SacOil is pleased to announce that an eight month extension of the current
licence term of onshore licence, Block 1 ? located in the northern part
of Malawi, has been granted with the expiry date now confirmed as 12
August 2017.

To date, SacOil, as operator, is in the process of finalising the
environmental and social impact assessments as well as the evaluation and
processing of the countrywide gravity and magnetic data over Block 1. In
addition, SacOil is in the process of performing a desktop study on the
area, which is yielding encouraging results.

The extension allows to SacOil to complete its work program for the
licence, which includes the acquisition of infill gravity and magnetic
data and completing geological filed work over the licence.

JSE Sponsor

PSG Capital Proprietary Limited

09 June 2016

For further information please contact:

SacOil Holdings Limited                        +27 (0)10 591 2260
Bradley Cerff

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

FirstEnergy Capital (Financial Adviser         +44 (0)20 7448
and Joint Broker UK)
Hugh Sanderson / David van Erp

Buchanan Communications Limited                +44 (0)20 7466
Ben Romney

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 operations including an oil terminal project in Equatorial
Guinea.   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.

Date: 09/06/2016 08:00:00 Supplied by www.sharenet.co.za                     
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