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Sacoil Holdings Limited - Update On Potential Acquisition And Renewal Of Cautionary Announcement

Release Date: 17/01/2017 11:00:00      Code(s): SCL     
SacOil Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1993/000460/06)
JSE Share Code: SCL AIM TIDM: SAC
ISIN: ZAE000127460

UPDATE ON POTENTIAL ACQUISITION AND RENEWAL OF CAUTIONARY
ANNOUNCEMENT

Further to the cautionary announcement issued on 1 December
2016, SacOil?s shareholders ("Shareholders") are advised that
the Company remains in advanced negotiations on an exclusive
basis with respect to the potential acquisition of a Southern
African focussed petroleum product related wholesaler (the
Proposed Acquisition?).

Accordingly, Shareholders are advised to continue to exercise
caution when dealing in the Company's securities until a further
announcement is made in this regard.

The Company?s shares remain suspended from trading on the AIM
Market of the London Stock Exchange until such time as either
an admission document setting out details of the Proposed
Acquisition is published or confirmation is given that the
Proposed Acquisition is not proceeding. The Company?s share
will however continue to trade on the JSE.

Market Abuse Regulation

This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.

17 January 2017

Contacts

SacOil Holdings Limited
Damain Matroos                              +27 (0)10 591 2260

JSE Sponsor
PSG Capital Proprietary Limited

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

Financial PR Adviser
Buchanan                                   +44 (0)20 7466 5000
Ben Romney
Chris Judd

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 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: 17/01/2017 11:00:00 Supplied by www.sharenet.co.za                     
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