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SACOIL HOLDINGS LIMITED - Settlement Agreement Relating to OPL 233 Legal Disputes

Release Date: 11/10/2016 16:30:00      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?)


SacOil, a South African based independent African oil and gas company,
announces the following update with regards to the legal dispute with
Nigdel United Oil Company Ltd (?Nigdel?) relating to the Company?s
legacy involvement in Oil Prospecting Licence (?OPL?) 233 in Nigeria.

After careful consideration of the independent legal and financial opinion
provided to date, SacOil has entered into a settlement agreement (the
?Settlement Agreement?) with Nigdel whereupon both parties have withdrawn
their respective litigation and arbitration claims.

Dr Thabo Kgogo, CEO of SacOil, commented, ?This settlement removes any
distraction in relation to our previous participation in OPL 233. The
board of SacOil is confident that this is in the best interests of all
our stakeholders, based on the sound legal and financial advice we have
received. Furthermore, the decision to settle this case is not expected
to have an impact on SacOil?s financial results for the current year.?

Further details of the case can be found in SacOil?s Integrated Annual
Report 2015 available on the website: www.sacoilholdings.com

JSE Sponsor
PSG Capital Proprietary Limited

11 October 2016

For further information please contact:

SacOil Holdings Limited

Damain Matroos

+27 (0)10 591 2260

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

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

Buchanan (Financial PR adviser) - UK
Ben Romney / Chris Judd / Madeleine Seacombe
+44 (0)20 7466 5000

Hill + Knowlton Strategies (Financial PR adviser) - SA
Eva Khosa
+27 11 463 2198


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
projects including crude trading in Nigeria and a 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. 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: 11/10/2016 04:30:00 Supplied by www.sharenet.co.za                     
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