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Sacoil Holdings Limited - Provisional Condensed Audited Results For The Year Ended 28 February 2017

Release Date: 31/05/2017 17:00:00      Code(s): SCL     
for the year ended 28 February 2017

SacOil Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL
ISIN: ZAE000127460
("SacOil" or "the Company" or together with its subsidiaries "the Group")


Provisional condensed audited results 
for the year ended 28 February 2017


Highlights
-  Award of a new annual crude trading contract in Nigeria
-  Off-take of 3.8 million barrels of crude oil (50% attributable to SacOil)
-  Partner Total E&P RDC, operator of Block III, successfully completed the acquisition 
   of 244 km 2D seismic data on the licence area
-  Reversal of the Lagia Oil Field impairment
-  8% reduction in the Group's overhead costs
-  Conclusion of settlement agreement relating to the OPL 233 legal disputes
-  Post period transformational acquisition of a controlling interest in Afric Oil, 
   a fuel distribution business
-  R162.6 million (US$12.5 million) equity bridge loan secured post period

Dr Thabo Kgogo, Chief Executive Officer of SacOil, commented: "The past financial year saw us 
expand our operations into the midstream segment of the oil and gas value chain following the 
award of the crude trading contract in Nigeria. This segment of the business contributed revenue of 
R1.2 billion to the Group's reported results for the year ended 28 February 2017, through the 
cost sharing arrangement with Energy Equity Resources (Nigeria Services) Limited. We also 
saw an uplift in the oil price which contributed to the improved valuation of the Lagia asset 
by R136.1 million (US$10.5 million) resulting in the reversal of R62.1 million of a previously 
recognised impairment loss. The operations at Block III in the Democratic Republic of Congo 
have made good progress with the recent acquisition of 244 km of 2D seismic data over the 
licence area and the agreement on the route of the oil export pipeline from Uganda. The latter 
has taken away some timing risk associated with the project resulting in the reversal of 
R31.8 million of a previously recognised impairment loss. Cost control and efficient processes 
remained key in all our operations, resulting in an overall decrease of 8% in the Group's 
overhead cost base. 

Despite the positive actions taken during the year, the Group continues to be negatively affected 
by both foreign exchange movements as a result of the strengthening of the Rand against the 
US Dollar, as well as legacy issues that it continues to work through. The Group reported foreign 
exchange losses totalling R124.6 million against its US Dollar-denominated assets and impairments 
totalling R170.8 million of the Encha and Transcorp receivables. We have made every effort to expedite 
the resolution of these legal matters and are glad to report that court and arbitration dates have 
now been agreed. The legal disputes pertaining to SacOil's involvement in OPL 233 have also been 
resolved following the conclusion of a settlement agreement with former partners on the asset. 
Our investment in Lagia continues to present operational challenges stemming from poor 
well-productivity that resulted in a gross operating loss of R8.9 million, but we are confident 
that future operating plans adequately address the challenges identified during the review of 
the field characterisation.

Post the period end, SacOil was pleased to announce the acquisition of a controlling interest in 
Afric Oil through its acquisition of a 100% interest in Phembani Oil. The acquisition represents 
another positive action for the Group in executing its strategy of acquiring cash-generative operations 
across the oil and gas value chain. This acquisition diversifies the Group's portfolio of assets by 
adding low risk and cash-generative operations with a firm footprint in South Africa. Afric Oil will 
transform the Group's financial profile through the addition of significant and predictable revenues. 
It currently distributes 45 million litres of fuel products each month to a steady client base. 
All conditions preceding the acquisition were fulfilled and the deal subsequently closed in late May. 
Our focus now is on integrating the Afric Oil operations into the new and enlarged Group. The acquisition 
of Afric Oil and the working capital requirements of the enlarged Group will be funded via equity bridge 
financing of R162.6 million (US$12.5 million) from Gemcorp Africa Fund I Limited. This loan will be repaid 
from the proceeds of a rights issue that the Board of Directors ("the Board") has committed to undertake 
within the next 12 months. This funding mechanism, together with the acquisition of Afric Oil and 
subsequent cash flow this will provide, address the uncertainties highlighted in note 19 with 
respect to the ability of the Group to remain a going concern. 

Despite the challenges in the oil and gas sector, we have now built a solid platform from which 
we can grow the Group and continue to make progress in achieving our strategic objectives. 
Whilst the annual results for the year ended 28 February 2017 highlight uncertainties that 
exist with respect to the ability of the Group to remain a going concern, the Board is wholly 
confident that the Group has adequate cash resources to meet its obligations for the foreseeable future.

Looking ahead, our key priority is integrating Afric Oil into the enlarged Group, aiming for full 
integration of operations by the end of the year. We consider the acquisition of Afric Oil as a 
transformational transaction that will enable us to move forward with confidence and focus more 
on future growth as opposed to legacy issues, as has been the case in the previous few years. 
To reflect this, the Board is taking the opportunity to relaunch the Company under a new name, 
with a more balanced portfolio and a significantly strong financial profile. Details of this process 
will be forthcoming in the next few months, however, we are excited about the prospect of resetting 
the clock, drawing a line under the legacy issues that we inherited, and beginning life as a new entity 
with the sole purpose of creating value for our shareholders. 

We thank our stakeholders for their continued support as we work towards building a sustainable business."

OPERATIONAL REVIEW
Crude trading, Nigeria
The crude trading business presents a new revenue stream for the Group with a risk mitigating 
strategy that will ensure consistent margins and limit exposure for the Group. Since the award 
of the crude trading contract by the Nigerian National Petroleum Company ("NNPC") in April 2016, 
SacOil together with Energy Equity Resources (Nigeria Services) Limited ("EER"), sold 3.8 million 
barrels of crude oil from four off-takes for the year ended 28 February 2017. The contract with 
the NNPC entitles the parties to lift 950 000 barrels of crude oil a month, subject to availability, 
however, oil shortages and security issues in Nigeria affected the availability of crude oil. 
In December 2016, a new crude trading contract was awarded for 12 months to expire on 31 December 2017, 
which will continue to provide the Group with an additional revenue stream. SacOil's participating 
interest in the cost sharing arrangement is 50%. The Group generated a gross operating profit of 
R7.5 million (2016: Rnil) from the crude trading business as disclosed in note 3 to the summarised 
provisional consolidated audited financial statements. 

Lagia Oil Field ("Lagia"), Egypt
Operational challenges continued at Lagia, which resulted in a reduction in production as we seek 
to overcome these complex challenges. SacOil commissioned an in-depth review of the reservoir 
characterisation in order to optimise production. The results of the technical review identified 
optimisation opportunities which have been incorporated into the operational plans for the next 
three years. The development plan anticipates the drilling of a pilot well in July 2017 which is 
expected to validate the drilling of the remaining 14 wells by February 2020 depending on the 
attainment of the outcomes envisaged in the technical review. These new wells will contribute to 
a targeted production plateau rate of 500 barrels per day from the field. Whilst the performance 
of Lagia fell significantly below our expectations as a result of these unforeseen geological 
issues, the Competent Persons Report ("CPR") by DeGoyler and McNaughton Canada Limited as at 
31 December 2016 shows an increase in the underlying valuation of the asset from US$13 million to 
US$24 million arising from the improvement in oil prices since the last valuation and takes into 
account the scheduled drilling of 15 new wells. The Group incurred a gross operating loss of 
R8.9 million (2016: R10.5 million) from the Lagia operations as disclosed in note 3 to the 
summarised provisional consolidated audited financial statements. 

Block III, Democratic Republic of Congo
During June 2016, Total E&P RDC ("Total"), operator of Block III, successfully completed the 
acquisition of 244 km of 2D seismic data and is in the process of interpreting and integrating 
the data with previously acquired gravity and magnetic information. It is expected that the 
seismic processing and interpretation will be completed during the second quarter of 2017. 
If possible prospects and an identifiable well location are established, the plan is to drill 
a well shortly thereafter. As reported previously, the seismic survey did not encroach on the 
Virunga National Park. Total continues to carry SacOil's share of exploration costs relating to 
Block III under the terms of the Farm-in Agreement. The licence for Block III will be up for 
renewal in January 2018.

Block 1, Malawi; Petroleum exploration licences 123, 124 and 125, Botswana; and Bioko Terminal, 
Equatorial Guinea
Activities on the Group's exploration assets in Malawi, Botswana and Equatorial Guinea were minimal 
due to the strategic decision to focus efforts and resources on cash-generative assets. The Group 
is currently undertaking a strategic review of these assets to establish the likelihood of 
success of prospecting activities.

FINANCE REVIEW
Financial performance
The Group generated revenue of R1.2 billion from its crude trading activities in Nigeria through 
its cost sharing arrangement with EER. Revenues of this magnitude are a first for SacOil and 
reflect the Group's intention of growing and diversifying its revenue streams in line with its 
strategy. In spite of this positive development, the Group's financial performance remains 
constrained by depressed oil prices, foreign exchange fluctuations, legacy issues and Lagia 
operational challenges. The Group incurred a loss after tax of R211.8 million (2016: profit of 
R39.6 million), a basic loss per share of 6.5 cents (2016: basic earnings per share of 1.6 cents) 
and a basic headline loss per share of 7.9 cents (2016: basic headline loss per share of 1.0 cent) 
for the year ended 28 February 2017. The Group's reported loss primarily arose from:

-  Foreign exchange losses totalling R124.6 million (2016: foreign exchange gains of R154.6 million) 
   arising from the translation of the contingent bonus, EER and Transcorp receivables. The exchange 
   rate strengthened from R16.031/US$1 at 29 February 2016 to R13.022/US$1 at 28 February 2017;
-  The provision for impairment of R115.8 million (2016: Rnil) of the Encha receivable due to the 
   default by Encha on 29 February 2016 and the subsequent lack of independent evidence to support 
   the collectability of the amounts owed. Prior to the maturity of the loan, SacOil received audit 
   certificates from Encha's auditors confirming that its net assets were in excess of R100 million 
   as a basis to support the recovery of the loan. These audit certificates have not been made 
   available to SacOil since the default on the loan agreement. An update on the Encha matter is 
   provided in the Litigation section of this report below; and
-  The impairment of R54.9 million (2016: Rnil) of the Transcorp receivable which essentially 
   reflects the impact of the time value of money. It is now estimated that the Transcorp matter 
   may only be resolved at the end of 2018. An update on the Transcorp matter is provided in the 
   Litigation section of this report.

The above items are all classified under other operating costs and were offset within other 
operating costs by the following items:

-  The reversal of the Lagia impairment loss of R62.1 million (2016: impairment charge of 
   R76.5 million) which resulted from favourable changes in the estimates used to determine the 
   asset's recoverable amount since the impairment losses were recognised, specifically the 
   future oil price estimates and future cost estimates; and
-  The reversal of the contingent bonus impairment of R31.8 million (2016: impairment charge of 
   R26.1 million). The latest CPR done by Bayphase indicates that the First Investment Date 
   ("FID") and First Oil Date ("FOD") attributable to Block III have changed to 2020 and 2022, 
   respectively (2016: FID: 2021; FOD: 2025). The fact that an agreement has been reached on 
   the route of the oil export pipeline from Uganda has removed some of the timing risk. 

Excluding the impact of these items, the Group's overall cost base decreased by 8% from 
R91.8 million in the prior year to R84.7 million for the year ended 28 February 2017. 
This decrease was mainly seen in the Group's remuneration, travel and amortisation costs albeit 
an increase in business development, legal and consultancy costs emanating from the Phembani 
acquisition, ongoing litigation and technical consultancy services pertaining to the technical 
review of the Lagia oil field, respectively.

The Group generated a gross operating profit of R7.5 million (2016: Rnil) from the crude trading 
business. Whilst the Lagia operations performed below our expectation for the year, resulting in 
a gross operating loss of R8.9 million (2016: R10.5 million) for this segment, we anticipate that 
the development initiatives currently underway will result in improved performance of the field 
in the coming year. 

The Group's investment income increased by R30.9 million year on year to R77.6 million mainly due 
to an increase in interest on the contingent bonus receivable and the Encha and Transcorp 
receivables. Other income has decreased substantially from R258.2 million in the prior year to 
R0.7 million at 28 February 2017. Other income in the prior year included the gain of 
R103.6 million arising from the reorganisation of Semliki and foreign exchange gains totalling 
R154.6 million. In the current year, other income mainly includes recoveries from bad debts. 

Financial position
The Group's net asset position decreased by R231.3 million year on year which arose mainly from 
the net effect of:

-  A decrease of R239.4 million in the Group's assets mainly from exchange losses, the impairment 
   of the Encha and Transcorp receivables and the utilisation of cash as outlined below, which were 
   partially offset by imputed interest and the reversal of the contingent bonus and Lagia 
   impairments; and
-  A decrease of R8.1 million in the Group's trade payables and deferred tax liability.

Cash position
The Group utilised R88.1 million (2016: R128.5 million) during the year on remuneration 
(R31.1 million), business development (R10.9 million), legal costs (R9.5 million), consultants 
(R9.5 million), purchase of assets (R8.3 million), listing costs (R5.8 million), office rentals 
and travel (R5.1 million) and other expenses (R7.9 million) as disclosed in note 4 to the 
summarised provisional consolidated audited financial statements. The Group's cash balance as at 
28 February 2017 was R18.7 million (2016: R107.3 million). On 31 May 2017, SacOil secured equity 
bridge financing of US$12.5 million from Gemcorp Africa Fund I Limited repayable in 12 months 
from the proceeds of a proposed rights issue which the Board has committed to undertake within 
the next 12 months. The equity bridge proceeds will be utilised to fund the acquisition of 
Afric Oil and for working capital for general corporate purposes of the enlarged Group. 
Details pertaining to this loan are provided in note 20 to the summarised provisional consolidated 
audited financial statements.

ACQUISITION OF CONTROLLING INTEREST IN AFRIC OIL ("AO")
The Group concluded the acquisition of a controlling stake (71%) in AO on 31 May 2017 for a 
consideration of R183.4 million ("the Acquisition") as disclosed in note 21 to the summarised 
provisional consolidated audited financial statements. The Acquisition initially announced on 
3 March 2017, further diversifies the Group's offering by adding a downstream distribution 
business which sells 45 million litres of fuel products (diesel, petrol and paraffin) per 
month to a steady client base with possible annual revenue of around R4-R5 billion.

AO owns three fuel depots in the Boland, Western Cape, Randfontein, Gauteng, and Beitbridge, 
the Zimbabwe/RSA border. Its operations are predominantly in South Africa, however, it also has 
an operating presence in the greater Southern African regions which include Zimbabwe, Zambia and 
Namibia. The key customers of AO include government departments, state-owned entities, blue-chip 
mining and industrial customers and other non-refinery wholesalers of fuel products.

The Acquisition is fully in line with the Company's stated strategy of focusing on cash-generating 
opportunities that expand SacOil's operations across the oil and gas value chain on the African 
continent. The Acquisition provides the Group with a strategic platform for broader expansion of 
our downstream activities in the future months. 

COMMITMENTS
The Group's capital commitments have decreased by 23% and are disclosed in note 16 of the 
summarised provisional consolidated audited financial statements.

GOING CONCERN
The Group continues to rely on its ability to successfully raise further financing to fund 
future working capital and business development needs. The addition of the AO investment will 
provide the Group with a sustainable business and improve the long-term outlook of the Group. 
The Board remains reasonably confident it will manage the material uncertainties that exist, 
which are highlighted in note 19 to the summarised provisional consolidated audited financial 
statements. The summarised provisional consolidated audited financial statements have therefore 
been prepared on a going concern basis.

CHANGES IN DIRECTORATE
The following directors resigned from the Board of SacOil:
-  Bradley Cerff on 25 July 2016
-  Steve Muller on 16 September 2016
-  Danladi Verheijen on 19 September 2016

The following directors were appointed post the reporting period:
-  Thuto Masasa on 1 April 2017
-  Patrick Mngconkola on 1 April 2017
-  Boas Seruwe on 1 April 2017

LITIGATION
OPL 281
As previously announced, SacOil 281 Nigeria Limited ("SacOil 281") terminated its participation 
with Transnational Corporation of Nigeria Plc ("Transcorp"), the operator of Oil Prospecting 
Licence ("OPL 281").

SacOil contributed US$12.5 million towards farm-in fees on 28 February 2011, which fees 
contractually were to be refunded with interest by Transcorp. Notwithstanding the receipt of 
Transcorp's acknowledgment of its refund obligation, SacOil subsequently received notice from 
Transcorp that SacOil's termination of the Farm-out and Participation Agreement ("FoPA") in 
December 2014 was wrongful and amounted to a repudiation of the FoPA. Pursuant to the FoPA, 
SacOil 281 filed a notice for arbitration with the Nigerian Chartered Institute of Arbitrators, 
Nigeria Branch, on 28 August 2015 to recover its farm-in and related fees plus interest thereon. 

Transcorp in response filed the following two court applications in the High Court of Lagos State: 

First case:
-  Transcorp instituted action in the High Court of Lagos State against SacOil 281 and EER 281 
   for (i) a declaration that SacOil's notice of termination, dated 3 December 2014, was wrongful 
   and amounted to a repudiation of the FoPA; and (ii) payment of the sum of US$50 million as 
   special damages.
-  SacOil filed a motion to stay the court proceedings pending the outcome of the arbitral hearing.
-  On 8 December 2015, the High Court of Lagos dismissed the application.
-  SacOil filed an appeal at the Court of Appeal applying for the stay of High Court proceedings 
   pending the appeal.
-  Appeal date is set for 13 June 2017.

Second case:
-  Transcorp instituted this action in the High Court: Lagos State to prevent the appointment of 
   three arbitrators by the Chairman of the Chartered Institute of Arbitrators, Nigerian Branch. 
   The action is borne out of the Notice of Arbitration issued on Transcorp by SacOil and the 
   application for the appointment of three arbitrators issued to the Chairman of the Chartered 
   Institute of Arbitrators.
-  SacOil has appealed the ruling of the Lagos High Court and a hearing date for the appeal is 
   still to be determined.
-  A successful appeal would compel the matter to be settled via arbitration.

The estimated resolution date for this matter is the second half of 2018.

Encha Group Limited & Encha Energy Proprietary Limited 
The Company instituted action against Encha Group Limited for payment of R75 million, together with 
interest and costs, based on unjustified enrichment following the failure of an exclusivity 
agreement regarding certain DRC exploration assets. In the same action, the Company is claiming 
payment of R75 million, plus interest, from Encha Energy Proprietary Limited and Encha Group Limited 
on the basis of a written acknowledgment of debt provided by Encha Energy Proprietary Limited, 
in respect of which Encha Group Limited bound itself as surety. The parties have agreed to refer 
the matter to arbitration and the arbitration process has began with the hearing scheduled to 
commence on 20 November 2017.

Robin Vela 
The Company instituted legal action against Robin Vela (its former CEO) in which it claimed an 
amount of R3 324 524 together with interest in respect of taxes that became due to the 
South African Revenue Service and which were not deducted from the salary that was paid to him 
by the Company during his tenure as CEO. The Company has also claimed legal costs. Robin Vela is 
defending the action and has also raised three counterclaims in the action in terms of which he 
claims an amount of R280 749 allegedly owing in respect of unpaid leave; an amount of R2 784 948 
allegedly due in respect of a bonus; and an amount of R16 881 459 allegedly owing in respect of 
the breach of a share option agreement. In addition, Robin Vela is also claiming interest on these 
amounts and legal costs. The matter is set down for trial on 25 August 2017. 

Richard Linnell 
Richard Linnell (the Company's former Chairman) instituted legal action against the Company 
during September 2016 in which he claims, amongst others matters, payment of R14 740 166, 
together with interest, and the reinstatement of 12 595 841 share options which the Company 
contends have lapsed. He is also claiming legal costs. The Company is defending the action. 

OUTLOOK
We look forward to integrating the AO business and expanding the existing distribution market 
share. AO will transform the financial profile of the Group through the addition of significant 
and predictable revenue streams which enable the Group to create a sustainable business that 
drives shareholder value. We also anticipate positive results from the pilot well to be drilled 
at Lagia in July 2017 which will pave the way for further development activities and consequently 
production optimisation at the field. Depending on the outcome of the ongoing seismic programme in 
DRC, we may also be fully carried on a high-impact exploration well by our partner Total later 
this year. The Board remains cognisant that volatility within the oil and gas markets is expected 
to persist which will require us to continue to operate at low oil prices. Cost containment and the 
resolution of legacy issues are therefore also part of our key priorities for the foreseeable future.

Any forecast financial information is the sole responsibility of the directors and has not been 
reviewed by the Group's auditors.

ABOUT SACOIL
SacOil is a South African based independent African oil and gas company, listed on the JSE. 
The Company has a diverse portfolio of assets spanning a controlling interest in the fuel 
distribution business of Afric Oil; crude 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.


SUMMARISED PROVISIONAL CONSOLIDATED AUDITED STATEMENT OF COMPREHENSIVE INCOME
                                                                                 2017          2016
                                                                 Notes          R'000         R'000
Revenue                                                                     1 171 247         4 746 
Cost of sales                                                              (1 172 733)      (15 286)
Gross loss                                                                     (1 486)      (10 540)
Other income                                                                      686       258 239 
Other operating costs                                                        (283 757)     (194 429)
(Loss)/profit from operations                                        4       (284 557)       53 270 
Investment income                                                    5         77 613        46 744 
Finance costs                                                                      (1)           (4)
(Loss)/profit before taxation                                                (206 945)      100 010 
Taxation                                                                       (4 877)      (60 422)
(Loss)/profit for the year                                                   (211 822)       39 588 
                        
Other comprehensive (loss)/income
Items that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations                     (21 536)       61 460 
Other comprehensive (loss)/income for the year net of taxation                (21 536)       61 460 
Total comprehensive (loss)/income for the year                               (233 358)      101 048 
                        
(Loss)/profit attributable to:                        
Equity holders of the parent                                                 (211 822)       53 584 
Non-controlling interest                                                            -       (13 996)
(Loss)/profit for the year                                                   (211 822)       39 588 
                        
Total comprehensive (loss)/profit attributable to:                        
Equity holders of the parent                                                 (233 358)      115 044 
Non-controlling interest                                                            -       (13 996)
Total comprehensive (loss)/income for the year                               (233 358)      101 048 
                        
(Loss)/earnings per share                            
Basic (cents)                                                        6          (6.48)         1.64 
Diluted (cents)                                                      6          (6.48)         1.64


SUMMARISED PROVISIONAL CONSOLIDATED AUDITED STATEMENT OF FINANCIAL POSITION
                                                                                 2017          2016
                                                                 Notes          R'000         R'000
ASSETS                        
Non-current assets                        
Exploration and evaluation assets                                              51 029        50 975 
Oil and gas properties                                               7        183 758       166 030 
Other financial assets                                               8        468 322       253 799 
Property, plant and equipment                                                   1 187         1 075 
Other intangible assets                                              9         58 284        57 844 
Total non-current assets                                                      762 580       529 723 
Current assets                        
Other financial assets                                               8          2 574       383 145 
Inventories                                                                     7 484         9 330 
Trade and other receivables                                                     2 192         3 405 
Cash and cash equivalents                                           10         18 724       107 349 
Total current assets                                                           30 974       503 229 
Total assets                                                                  793 554     1 032 952 
                        
EQUITY AND LIABILITIES                        
Shareholders' equity                        
Stated capital                                                      11      1 216 504     1 216 504 
Reserves                                                                       58 452        77 963 
Accumulated loss                                                             (587 075)     (375 253)
Equity attributable to equity holders of the parent                           687 881       919 214 
Total shareholders' equity                                                    687 881       919 214 
LIABILITIES                        
Non-current liabilities                        
Deferred tax liability                                                         83 403        78 526 
Total non-current liabilities                                                  83 403        78 526 
Current liabilities                        
Current tax payable                                                            12 851        12 851 
Trade and other payables                                            12          9 419        22 361 
Total current liabilities                                                      22 270        35 212 
Total liabilities                                                             105 673       113 738 
Total equity and liabilities                                                  793 554     1 032 952 
                        
Number of shares in issue (000's)                                           3 269 836     3 269 836 
Net asset value per share (cents)                                               21.04         28.11
Net tangible asset value per share (cents)                                      19.48         26.55


SUMMARISED PROVISIONAL CONSOLIDATED AUDITED STATEMENT OF CHANGES IN EQUITY
                                                                                                         Total equity
                                                   Foreign                                               attributable 
                                                  currency   Share-based                                    to equity           Non-   
                                      Stated   translation       payment          Total    Accumulated     holders of    controlling          Total
                                     capital       reserve       reserve       reserves           loss     the parent       interest         equity
                                       R'000         R'000         R'000          R'000          R'000          R'000          R'000          R'000
Balance at 28 February 2015        1 216 504         8 717         6 890         15 607       (448 655)       783 456          4 417        787 873 
Changes in equity:                                                                 
Profit/(loss) for the year                 -             -             -              -         53 584         53 584        (13 996)        39 588 
Other comprehensive income 
  for the year                             -        61 460             -         61 460              -         61 460              -         61 460 
Total comprehensive income/(loss) 
  for the year                             -        61 460             -         61 460         53 584        115 044        (13 996)       101 048 
Share options issued                       -             -           896            896              -            896              -            896 
Acquisition of non-controlling interest    -             -             -              -         19 818         19 818        (19 818)             - 
Disposal of Semliki (note 13)              -             -             -              -              -              -         29 397         29 397 
Total changes                              -        61 460           896         62 356         73 402        135 758         (4 417)       131 341 
                                                                
Balance at 29 February 2016        1 216 504        70 177         7 786         77 963       (375 253)       919 214              -        919 214 
Changes in equity:                                                                 
Loss for the year                          -             -             -              -       (211 822)      (211 822)             -       (211 822)
Other comprehensive loss 
  for the year                             -       (21 536)            -        (21 536)             -        (21 536)             -        (21 536)
Total comprehensive loss 
  for the year                             -       (21 536)            -        (21 536)      (211 822)      (233 358)             -       (233 358)
Share options issued                       -             -         2 025          2 025              -          2 025              -          2 025 
Total changes                              -       (21 536)        2 025        (19 511)      (211 822)      (231 333)             -       (231 333)
Balance at 28 February 2017        1 216 504        48 641         9 811         58 452       (587 075)       687 881              -        687 881


SUMMARISED PROVISIONAL CONSOLIDATED AUDITED STATEMENT OF CASH FLOWS
                                                                                 2017          2016
                                                                 Notes          R'000         R'000
Cash flows from operating activities                        
Cash used in operations                                                       (83 156)      (81 375)
Interest received                                                    5          3 989         8 756
Finance costs                                                                      (1)           (4)
Net cash used in operating activities                                         (79 168)      (72 623)
Cash flows from investing activities                        
Purchase of property, plant and equipment                                        (586)       (1 063)
Purchase of exploration and evaluation assets                                    (781)         (873)
Purchase of oil and gas properties                                   7         (6 916)      (55 444)
Purchase of other intangible assets                                  9              -          (409)
Disposal of subsidiary                                              13              -          (107)
Payments (paid)/received for other financial assets                              (668)       63 088 
Net cash (used in)/from investing activities                                   (8 951)        5 192
Cash flows from financing activities                        
Repayment of other financial liabilities                                            -       (61 092)
Net cash used in financing activities                                               -       (61 092)
Total movement in cash and cash equivalents for the year                      (88 119)     (128 523)
Foreign exchange (losses)/gains on cash and cash equivalents                     (506)        6 441
Cash and cash equivalents at the beginning of the year                        107 349       229 431
Cash and cash equivalents at the end of the year                    10         18 724       107 349


NOTES

1   BASIS OF PREPARATION
    The summarised provisional consolidated audited financial statements of the Group for the 
    year ended 28 February 2017 have been prepared in accordance with the Group's accounting 
    policies, which comply with the recognition and measurement criteria of International Financial 
    Reporting Standards, and the presentation and disclosure requirements of IAS 34 - Interim 
    Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices 
    Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards 
    Council, the Listings Requirements of the JSE Limited for provisional reports and the Companies 
    Act of South Africa (No. 71 of 2008), as amended. The accounting policies applied in the 
    preparation of the results for the year ended 28 February 2017 are consistent with those adopted 
    in the financial statements for the year ended 29 February 2016 except as noted below.

    The Group adopted the amendment to IAS 34 - Interim Financial Reporting which has been applied 
    in the preparation of these summarised provisional consolidated audited financial statements 
    and other information contained in this financial report. The amendment clarifies what is meant 
    by the reference in the standard to "information disclosed elsewhere in the interim report" and 
    further requires cross-reference from summarised financial statements to the location of the 
    other information. 

    The following improvements arising from the IASB's annual improvements projects and the 
    amendments to IFRS listed below, effective for financial periods beginning on or after 
    1 January 2016, were effective for the first time during this financial year and did not have 
    an impact on the Group's results:

    -  Amendments to IAS 1 - Disclosure Initiative
    -  Amendments to IFRS 10, IFRS 12 and IAS 28 - Investment Entities: Applying the 
       Consolidation Exemption
    -  Amendment to IFRS 11 - Joint Arrangements, regarding acquisition of an interest in a 
       joint operation
    -  Amendment to IAS 16 - Property, Plant and Equipment and IAS 38 - Intangible Assets, 
       regarding depreciation and amortisation
    -  Amendment to IAS 16 - Property, Plant and Equipment and IAS 41 - Agriculture, regarding 
       bearer plants
    -  Amendment to IFRS 10 and IAS 28 regarding the sale or contribution of assets between an 
       investor and its associate or joint venture
    -  Amendment to IAS 27 - Separate Financial Statements, regarding the equity method
    -  Amendment to IFRS 14 - Regulatory Deferral Accounts
    -  Improvement to IFRS 5 - Non-current Asset Held for Sale and Discontinued Operations
    -  Improvement to IFRS 7 - Financial Instruments: Disclosures
    -  Improvement to IAS 19 - Employee Benefits

    Details pertaining to the amendments or improvements referred to above are provided in the 
    Group annual financial statements for the year ended 28 February 2017.

    These summarised provisional consolidated audited financial statements have been prepared on 
    a going concern basis after taking into account the matters in note 19.

    All monetary information is presented in the functional currency of the Company, being 
    South African Rand.

2   PREPARATION OF THE SUMMARISED PROVISIONAL CONSOLIDATED AUDITED FINANCIAL STATEMENTS AND 
    AUDITOR'S AUDIT REPORT
    The directors take full responsibility for the preparation of these summarised provisional 
    consolidated audited financial statements. These summarised provisional consolidated audited 
    financial statements for the year ended 28 February 2017 have been prepared under the 
    supervision of the Chief Financial Officer, Mr Marius Damain Matroos CA(SA). 

    These summarised provisional consolidated audited financial statements, which have been 
    derived from the audited consolidated annual financial statements for the year ended 
    28 February 2017 and with which they are consistent in all material respects, have been 
    audited by Ernst & Young Inc. Their unmodified audit opinions on the consolidated annual 
    financial statements and on the summarised provisional consolidated audited financial 
    statements are available for inspection at the registered office of the Company. The audit 
    opinions contain a material uncertainty related to going concern paragraph for the going 
    concern matters highlighted in note 19 of the summarised provisional consolidated audited 
    financial statements. The auditor's report does not necessarily report on all the information 
    contained in this report. Shareholders are therefore advised that, in order to obtain a full 
    understanding of the nature of the auditor's engagement, they should obtain a copy of the 
    auditor's report together with the accompanying consolidated audited annual financial statements
    from the Company's registered office.

    This summarised report is extracted from audited information, but is itself not audited.

3   SEGMENTAL REPORTING
    The Group operates in six geographical locations which form the basis of the information 
    evaluated by its chief operating decision maker. For management purposes the Group is 
    organised and analysed by these locations. These locations are: South Africa, Egypt, Nigeria, 
    DRC, Botswana and Malawi. Operations in South Africa relate to head office activities of the 
    Group that include the general management, financing and administration of the Group.


                                                 Egypt        Nigeria            DRC         Malawi       Botswana   South Africa   Eliminations   Consolidated
                                                 R'000          R'000          R'000          R'000          R'000          R'000          R'000          R'000
    2017                                                                
    Revenue                                      5 263      1 165 984              -              -              -              -              -      1 171 247 
    Cost of sales                              (14 210)    (1 158 523)             -              -              -              -              -     (1 172 733)
    Gross (loss)/profit                         (8 947)         7 461              -              -              -              -              -         (1 486)
    Other income                                62 147            447         31 755              -            215          5 105        (98 983)           686 
    Investment income                                -          5 249         17 575              -              -         54 789              -         77 613 
    Finance costs                                    -             (1)             -              -              -              -              -             (1)
    Other operating expenses                   (25 247)       (56 526)       (30 218)             -         (1 859)      (268 890)        98 983       (283 757)
    Taxation                                         -              -         (4 877)             -              -              -              -         (4 877)
    (Loss)/profit for the year                  27 953        (43 370)        14 235              -         (1 644)      (208 996)             -       (211 822)
                                                                        
    Segment assets - non-current               241 807        109 561        259 077            307            153        345 742       (194 067)       762 580 
    Segment assets - current                    11 093             17             24              -              2         19 838              -         30 974 
    Segment liabilities - non-current         (112 140)             -       (160 744)             -         (4 586)             -        194 067        (83 403)
    Segment liabilities - current               (5 300)          (741)             -              -           (454)       (15 775)             -        (22 270)
                                                                        
    2016                                                                
    Revenue                                      4 746              -              -              -              -              -              -          4 746 
    Cost of sales                              (15 286)             -              -              -              -              -              -        (15 286)
    Gross loss                                 (10 540)             -              -              -              -              -              -        (10 540)
    Other income                                     -         52 496        106 026              -              -        136 554        (36 837)       258 239 
    Investment income                                -            383         26 426              -              -         19 935              -         46 744 
    Finance costs                                    -              -              -              -              -             (4)             -             (4)
    Other operating expenses                   (98 158)       (31 327)       (28 975)             -         (2 711)       (70 095)        36 837       (194 429)
    Taxation                                         -              -        (65 706)             -              -          5 284              -        (60 422)
    Profit/(loss) for the year                (108 698)        21 552         37 771              -         (2 711)        91 674              -         39 588 
                                                                        
    Segment assets - non-current               223 440              -        246 884            259            146        263 949       (204 954)       529 723 
    Segment assets - current                    28 791        152 916             32              -              2        321 488              -        503 229 
    Segment liabilities - non-current         (117 297)             -       (162 794)             -         (3 389)             -        204 954        (78 526)
    Segment liabilities - current               (6 321)          (281)             -              -              -        (28 611)             -        (35 212)
                                                                        
    Business Segments
    The operations of the Group comprise oil and gas exploration and production, and crude trading. 
    The activities currently undertaken in Equatorial Guinea with respect to the development of the 
    Bioko Oil Terminal are not significant at this stage and have not been separately disclosed. 
    These activities therefore do not meet the recognition criteria for operating segments.

    Revenue
    The Group's reported revenue is generated from the Egyptian General Petroleum Corporation 
    ("EGPC") and Trafigura Pte Limited, with respect to oil sales and crude trading, respectively. 
    These revenues are attributed to the Egypt and Nigeria segments, respectively.

    Taxation - Egypt
    No income or deferred tax has been accrued by Mena International Petroleum Company Limited 
    ("Mena") as the Concession Agreement between the EGPC, the Ministry of Petroleum and Mena 
    provides that the EGPC is responsible for the settlement of income tax on behalf of Mena, 
    out of EGPC's share of petroleum produced. The Group has elected the net presentation approach 
    in accounting for this deemed income tax. Under this approach Mena's revenue is not grossed up 
    for income tax payable by EGPC on behalf of Mena. Consequently, no income or deferred tax is accrued.

                                                                                 2017          2016
                                                                 Notes          R'000         R'000
4   (Loss)/profit from operations                        
    (Loss)/profit from operations for the year is stated after 
      accounting for the following income and (expense) items:
    Provision for impairment of financial assets                     8       (115 919)            - 
    Reversal of impairment/(impairment) of oil and gas properties   14         46 179       (56 849)
    Reversal of impairment/(impairment) of other intangible assets  14         15 968       (19 659)
    Foreign exchange (losses)/gains                                          (124 565)      154 603 
    Donations                                                                     (25)            - 
    Payment of past Semliki SARL costs                                              -        (2 333)
    Gain on reorganisation of interest in Block III                 13              -       103 624 
    Impairment of financial assets                                   8        (54 897)      (26 083)
    Reversal of impairment of financial assets                       8         31 755             - 
    Corporate costs                                                            (5 759)       (4 638)
    External auditor's remuneration                                            (2 475)       (2 666)
    Audit fees                                                                 (2 475)       (1 796)
    Other services                                                                  -          (870)
    Internal auditor's remuneration                                              (396)         (326)
    Employee benefit expense                                                  (31 134)      (34 034)
    Accounting fees                                                                 -           (25)
    Inventory write-down                                                         (244)            - 
    Consulting fees                                                            (9 512)       (6 133)
    Legal fees                                                                 (9 514)       (4 948)
    Business development                                                      (10 856)       (7 140)
    Travel and accommodation                                                   (2 618)       (4 702)
    Bad debts recovered                                                           399             - 
    Depreciation and amortisation                                             (10 190)      (10 919)
    Oil and gas assets                                               7         (3 805)       (2 268)
    Property, plant and equipment                                                (474)         (326)
    Exploration and evaluation assets                                            (727)       (2 051)
    Other intangible assets                                          9         (5 184)       (6 274)
    Rentals - premises                                                         (2 522)       (3 284)
    Broker fees                                                                  (640)         (788)
    Share-based payment expense                                                (2 025)         (896)
    Reversal of accrual for share-based payments (footnote 1)                  6 874             - 
                                
    1  Accrual was raised following the rights issue in 2014 pursuant to the terms of the share 
       option scheme which require top-up share options to be issued to existing holders of share 
       options. The share options were subsequently issued during the current financial year resulting 
       in the reversal of the accrual originally recognised.                        

                                                                                 2017          2016
                                                                 Notes          R'000         R'000
5   INVESTMENT INCOME                        
    Interest received - cash and cash equivalents                               3 989         8 756 
    Interest receivable - loans                                      8         40 334             - 
    Interest on financial assets                                     8         33 290        37 988 
                                                                               77 613        46 744 
                                
6   (LOSS)/EARNINGS PER SHARE                
    Basic (cents)                                                               (6.48)         1.64 
    Diluted (cents)                                                             (6.48)         1.64 
    (Loss)/profit attributable to equity holders of the parent used in
      the calculation of the basic and diluted (loss)/earnings per share     (211 822)       53 584 
                        
    Weighted average number of ordinary shares used in the calculation 
      of basic (loss)/earnings per share (000's)                            3 269 836     3 269 836 
    Issued shares at the beginning of the reporting period (000's)          3 269 836     3 269 836 
    Effect of shares issued during the reporting period (weighted) (000's)          -             - 
    Add: Dilutive share options (000's)                                             -           901 
    Weighted average number of ordinary shares used in the calculation 
      of diluted (loss)/earnings per share (000's)                          3 269 836     3 270 737 
                        
    Headline (loss)/earnings per share                
    Basic (cents)                                                               (7.85)         1.04 
    Diluted (cents)                                                             (7.85)         1.04 
                        
    Reconciliation of headline (loss)/earnings                
    (Loss)/earnings attributable to equity holders of the parent             (211 822)       53 584 
                        
    Adjusted for:                
    (Reversal of impairment)/impairment of oil and gas assets                 (46 179)       56 849 
    (Reversal of impairment)/impairment of other intangible assets            (15 968)       19 659 
    Write-off of property, plant and equipment                                      -             5 
    Gain on reorganisation of interest in Block III                                 -      (103 624)
    Tax effects of adjustments                                                 17 401         7 591 
    Headline (loss)/earnings                                                 (256 568)       34 064


                                                                                              Total
                                                                                              R'000
7   OIL AND GAS PROPERTIES                
    Cost                
    At 1 March 2015                                                                         123 145 
    Additions                                                                                55 444 
    Translation of foreign operations                                                        46 833 
    At 29 February 2016                                                                     225 422 
    At 1 March 2016                                                                         225 422 
    Additions                                                                                 6 916 
    Disposals                                                                                  (284)
    Translation of foreign operations                                                       (31 278)
    At 28 February 2017                                                                     200 776 
                        
    Depletion and impairment                
    At 1 March 2015                                                                            (275)
    Impairment (note 14)                                                                    (56 849)
    Depletion                                                                                (2 268)
    At 29 February 2016                                                                     (59 392)
    At 1 March 2016                                                                         (59 392)
    Reversal of impairment (note 14)                                                         46 179 
    Depletion                                                                                (3 805)
    At 28 February 2017                                                                     (17 018)
                        
    Net book value                
    At 28 February 2015                                                                     122 870 
    At 29 February 2016                                                                     166 030 
    At 28 February 2017                                                                     183 758 
                        
    Details pertaining to the prior year impairment charge and its subsequent reversal in the  
    current year are provided in note 14.


                                                                                 2017          2016
                                                                                R'000         R'000
8   OTHER FINANCIAL ASSETS                 
    Non-current                
    Loan due from EERNL (footnote 1)                                           51 363        57 484
    Transcorp Refund (footnote 2)                                             208 450             -
    Contingent consideration (footnote 3)                                     208 509       196 315
                                                                              468 322       253 799
    Current                
    Loan due from EERNL (footnote 1)                                              668       173 571
    Transcorp Refund (footnote 2)                                                   -       305 764
    Advance payment against future services (footnote 4)                      115 825        75 490
    Deferred consideration on disposal of Greenhills Plant (footnote 5)         2 000         1 891
                                                                              118 493       556 716
    Less: Provision for impairment (footnote 6)                              (115 919)     (173 571)
                                                                                2 574       383 145
                                                                              470 896       636 944
                        
    1  At 28 February 2017, the long-term loan receivable of R51.4 million (2016: R57.5 million) 
       represents the present value of future amounts (R65.1 million (2016: R80.2 million) 
       (US$5 million)) due from EERNL, to be recovered from its share of OML 113's cash flows 
       expected in 2019 and 2020. Interest amounting to R5.1 million (2016: R4.4 million) arising 
       from the unwinding of the discount applied to the future receivable on initial recognition 
       has been included in investment income in profit or loss. Foreign exchange losses totalling 
       R11.2 million have been recognised in other operating costs in profit or loss in relation 
       to this long-term loan (2016: foreign exchange gains totalling R15.4 million recognised in 
       other income in profit or loss).

       The short-term loan due from EERNL represents amounts historically advanced by SacOil to 
       EERNL in connection with operating and other activities relating to OPL 233 and OPL 281. 
       As previously disclosed, this loan was due to be settled from recoveries from Nigdel 
       United Oil Company ("Nigdel") pursuant to a settlement agreement concluded between SacOil 
       and EERNL in March 2015. The recoveries from Nigdel were expected from the anticipated 
       settlement of claims instituted by SacOil and EERNL against Nigdel pursuant to the exit 
       from OPL 233. On 11 October 2016, SacOil, EERNL and Nigdel entered into a settlement 
       agreement whereupon the parties withdrew their respective litigation and arbitration claims. 
       Consequently, the short-term loan due from EERNL of R173.6 million is no longer recoverable 
       and has been written off to other operating costs in profit or loss. The provision for 
       impairment of R173.6 million which was recognised in the prior year pending the outcome of 
       the settlement of the claims, has also been derecognised within other operating costs in 
       profit or loss. The write-off of the EERNL loan therefore has no impact on the current 
       year profit or loss as this has been off-set by the reversal of the provision for 
       impairment initially recognised in the previous year.

    2  The Transcorp Refund represents amounts recoverable from Transcorp under the provisions of 
       the Farm-in Agreement ("FIA"), following the termination of SacOil 281's participation in 
       OPL 281. SacOil paid R44.1 million (US$6.25 million) on behalf of its subsidiary SacOil 281, 
       and R43.6 million (US$6.25 million) on behalf of EER 233 Nigeria Limited for a signature 
       bonus and other costs relating to OPL281, which contractually should be refunded by 
       Transcorp with interest, on the signature bonus component, at 20% per annum. The FIA provides 
       for the accrual of interest between the date of payment of these amounts and the date of exit 
       from the asset, being 3 December 2014. As such there is no interest accrued in the current 
       year (2016: Rnil). Under the terms of the settlement agreement concluded with EERNL in 2015, 
       EERNL ceded its share of the refund as settlement of the OPL 281 loan owed to SacOil. 
       The decrease in the receivable during the period is attributable to foreign exchange losses 
       of R52.9 million due to the strengthening of the Rand (2016: foreign exchange gain of 
       R84.9 million), interest of R10.5 million (2016: Rnil) and an impairment charge of 
       R54.9 million (2016: Rnil). The SacOil Board continues to pursue the recovery of the 
       Transcorp Refund, however, it is now estimated that the ongoing litigation (as fully 
       disclosed above) may be resolved at the end of 2018. This delay has affected the valuation 
       of the receivable. The impairment charge reflects the impact of the time value of money and 
       has been recorded under other operating costs in profit or loss. Pursuant to the exit, 
       SacOil does not have further commitments or obligations associated with the appraisal of 
       OPL 281. The receivable has been reclassified as long term as it is estimated that the 
       Transcorp litigation will likely be resolved at the end of 2018.

    3  The contingent consideration represents SacOil DRC's right to receive cash from Total upon 
       the occurrence of certain future events under the terms of the Farm-in Agreements concluded 
       in 2011 and 2012. The agreements were concluded between Total and Semliki. Pursuant to the 
       reorganisation completed in the prior financial year, SacOil's interest in Block III and its 
       rights under the various agreements relating to the asset were transferred to SacOil DRC. 
       Due to the contractual right to receive cash from Total, the Group has historically 
       recognised a financial asset in its statement of financial position. The asset was initially 
       recognised at its fair value. Subsequently, the financial asset meets the definition of a 
       loan and receivable, and is accounted for at amortised cost taking into account interest 
       revenue and currency movements. At each reporting date the Group reassesses its estimate of 
       receipts from the financial asset in line with IAS 39. Included in profit or loss at 
       28 February 2017 is a reversal of an impairment loss of R31.8 million. The fact that 
       agreement has been reached on the route of the oil export pipeline from Uganda has removed 
       some of the timing risk associated with the receipt of the contingent bonus as illustrated 
       below. In the prior year an impairment loss of R26.1 million was recognised in profit or 
       loss arising from the write-down of future expected cash flows from the contingent 
       consideration receivable for the Block III farm-outs in March 2011 and March 2012. 
       The write-down which was reflective of the impact of the time value of money arose as a 
       result of the delays in activities on Block III due to civil unrest in the area and in 
       obtaining an extension of the operating licence, which deferred the receipt of the 
       contingent consideration by a year. The extension has since been granted. 

       The movement in the contingent consideration is attributable to imputed interest of 
       R17.6 million (2016: R26.4 million), a reversal of impairment of R31.8 million 
       (2016: Rnil) and a foreign exchange loss of R37.1 million (2016: R91.1 million foreign 
       exchange gain). A deferred tax charge of R4.9 million (2016: tax charge of R36.5 million) 
       was recognised in the statement of comprehensive income.                
                        
       The assumptions used to measure the contingent consideration are detailed below:

                                                                                 2017              2016
       Probability of exploration success (single well)                           26%               26%
       Probability of at least one success from two wells                         45%               45%
       Probability of successful completion given exploration success             89%               89%
       Discount rate                                                              10%               10%
       First Investment Decision Date ("FID")                        28 February 2020  28 February 2021
       First Oil Date ("FOD")                                        28 February 2022  28 February 2025
       Valuation date                                                28 February 2017  28 February 2016
       Contingent consideration                
          FID                                                           US$29 000 000     US$29 000 000
          FOD                                                           US$25 000 000     US$25 000 000
                                
       Should the probability factors applied to the valuation model be increased or decreased by 10%, 
       all other variables held constant, post-tax loss would have been R48.6 million (2016: R45.5 million) 
       lower and R48.6 million (2016: R45.5 million) higher, respectively.                 
                                
    4  The amount due represents Encha Energy's indebtedness to SacOil Holdings Limited under the 
       Acknowledgement of Debt Agreement concluded between the two parties on 28 February 2013 
       ("the Agreement"). This debt became due and payable on 29 February 2016 and remains unpaid 
       as at the date of the annual financial statements. The financial asset recognised at 
       28 February 2017 is R115.8 million (2016: R75.5 million) representing the advance of 
       R75.5 million and interest totalling R40.3 million (2016: Rnil) calculated at the prime 
       rate plus 3%. The interest has been included in investment income in the statement of 
       comprehensive income. The Agreement provides for the accrual of default interest on the 
       amount outstanding from 28 February 2013 until such time the debt is paid in full. 
       The amount due from Encha Energy has been provided for as outlined below, pending the 
       outcome of the debt recovery process.

    5  The remaining consideration of R2.0 million for the disposal of the Greenhills Plant was 
       due on 1 October 2016. The amount remains unpaid at the date of the annual financial statements. 
       A provision for impairment has been recognised as outlined below.

    6  For the duration of the Agreement referred to above, as provided for therein, the Company 
       received certificates from Encha's auditors which confirmed at each reporting date that the 
       net asset value of the Encha Group exceeded R100 million as a basis to support the 
       recoverability of the amount owed. Since the expiry of the Agreement and the subsequent 
       default by Encha on its obligations, this information has not been made available to the 
       Company to enable a complete assessment of the financial position of the Encha Group. 
       Information available to enable an assessment of the recoverability of the R115.8 million 
       owed to the Company at 28 February 2017 was therefore limited to information available in 
       the public domain on Encha's asset base. This information however does not provide visibility 
       of Encha's liabilities to enable a complete assessment of the net asset position at 
       28 February 2017. A provision for impairment of R115.8 million has therefore been raised.
                                
       A impairment provision of R0.1 million (2016: Rnil) has been recognised against the deferred 
       consideration on disposal of the Greenhills Plant following management's assessment of the 
       debtor's ability to repay the amount owed. A recovery process is currently ongoing.

       In the prior year a provision for impairment of R173.6 million was recognised pending the 
       outcome of the arbitration proceedings where it was expected that SacOil would recover 
       the amount owed from Nigdel as outlined above (footnote 1).

       The fair value of other financial assets is given in note 15.                        

                                                                                Other
                                                              Computer     intangible
                                                              software         assets         Total
                                                                 R'000          R'000         R'000
9   OTHER INTANGIBLE ASSETS                        
    Cost                        
    At 28 February 2015                                            408         62 743        63 151 
    Additions                                                      409              -           409 
    Translation of foreign operations                                -         22 272        22 272 
    At 29 February 2016                                            817         85 015        85 832 
    Translation of foreign operations                                -        (10 344)      (10 344)
    At 28 February 2017                                            817         74 671        75 488 
                                
    Accumulated depreciation and impairment                        
    At 28 February 2015                                           (202)        (1 853)       (2 055)
    Impairment (note 14)                                             -        (19 659)      (19 659)
    Amortisation                                                  (180)        (6 094)       (6 274)
    At 29 February 2016                                           (382)       (27 606)      (27 988)
    Reversal of impairment (note 14)                                 -         15 968        15 968
    Amortisation                                                  (198)        (4 986)       (5 184)
    At 28 February 2017                                           (580)       (16 624)      (17 204)
                                
    At 28 February 2015                                            206         60 890        61 096 
    At 29 February 2016                                            435         57 409        57 844 
    At 28 February 2017                                            237         58 047        58 284 
                                
    The Group's other intangible assets arose from the acquisition of Mena in October 2014. 
    Mena owns the Lagia oil field. The Petroleum Concession Agreement gives Mena the right to drill 
    for petroleum reserves. 

    Details pertaining to the prior year impairment charge and subsequent reversal in the current 
    year are provided in note 14.                        
                                
                                                                                 2017          2016
                                                                                R'000         R'000
10  CASH AND CASH EQUIVALENTS                
    Cash and cash equivalents consist of:                
    Cash at banks and on hand                                                  11 775        23 810 
    Short-term deposits                                                         6 949        83 539 
    Cash and cash equivalents                                                  18 724       107 349 
                        
    Cash at banks earns interest at floating rates. Short-term deposits are made for varying 
    periods but usually for one month, depending on the immediate cash requirements of the Group, 
    and earn interest at the respective short-term deposit rates.

    At 28 February 2017, the Group had no undrawn committed borrowing facilities.

                                                                                000's         R'000
                                                                            Number of        Stated 
                                                                               shares       capital
11  STATED CAPITAL                
    Balance at 1 March 2015                                                 3 269 836     1 216 504 
    Balance at 29 February 2016                                             3 269 836     1 216 504 
    Balance at 28 February 2017                                             3 269 836     1 216 504

                                                                                 2017          2016
                                                                                R'000         R'000
12  TRADE AND OTHER PAYABLES                
    Trade payables                                                              5 084        10 655 
    Accruals                                                                    3 284        10 585 
    Other payables                                                              1 051         1 121 
                                                                                9 419        22 361 
                        
        The carrying values of trade and other payables approximate their fair values.                

13  REORGANISATION OF INTEREST IN BLOCK III        
    At 29 February 2016        
                
    Background
    Prior to the reorganisation concluded on 29 February 2016, Semliki SARL ("Semliki") had a direct 
    18.3% participating interest in Block III in the DRC alongside partners Total E&P RDC (66.7%) 
    ("Total") and the DRC government (15%). Semliki was 68% directly owned by RDK Mining Proprietary 
    Limited ("RDK"), with the remaining 32% held by Divine Inspiration Group Proprietary Limited 
    ("DIG"). RDK is a wholly owned subsidiary of SacOil.

    Reorganisation
    During the prior year SacOil initiated a process to reorganise the holding of its indirect 
    interest in Block III ("the Interest"). The transaction agreements implementing the reorganisation 
    were concluded on 29 February 2016. This resulted in the disposal of the Group's shareholding in 
    Semliki for US$1 (R16) and the incorporation of SacOil DRC SARL ("SacOil DRC"), in which RDK owns 
    100% of the issued shares. The effect of the reorganisation was to transfer the Group's share of 
    assets and liabilities (including the Interest), previously owned in Semliki, to SacOil DRC, 
    pursuant to various agreements with DIG. This reorganisation has since enabled SacOil to represent 
    its interest in Block III directly and to have a direct line of sight of the activities of the block. 

    The following table summarises the impact of the reorganisation on the results of the Group as 
    at 29 February 2016 measured at the carrying amount of the assets and liabilities disposed or 
    transferred:        
                                                                                               2016
                                                                                              R'000
    Disposal of Semliki:        
    Exploration and evaluation assets                                                       (74 366)
    Contingent consideration                                                               (329 097)
    Loan due from DIG                                                                       (57 729)
    Cash and cash equivalents                                                                  (107)
    Non-controlling interest                                                                (29 397)
    Deferred tax liability                                                                  131 639 
    Loans from Group companies                                                               84 268 
    Current tax payable                                                                     272 206 
    Total identifiable net liabilities disposed at carrying amount                           (2 583)
                
    Plus: Transfer of assets and liabilities to SacOil DRC:         
    Exploration and evaluation assets                                                        50 569 
    Contingent consideration                                                                196 315 
    Deferred tax liability                                                                  (78 526)
    Loans from Group companies                                                              (84 268)
    Total identifiable net assets recognised                                                 84 090 
                
    Plus: Impact of the reorganisation on SacOil's assets and liabilities (footnote 1):        
                
    Other financial assets                                                                  (12 190)
    Current tax payable                                                                      34 307 
    Net identifiable liabilities derecognised at carrying amount                             22 117 
                
    Total impact of the reorganisation                                                      103 624 
    Total gain on reorganisation of Interest                                               (103 624)
    Total consideration transferred (footnote 2)                                                  - 
                
    1  DIG indemnified the Group and Company of tax obligations pertaining to the farm-out of a 
       portion of Block III to Total in March 2011 and March 2012 which resulted in the derecognition 
       of current tax payable. Consequently, the asset previously recognised to reflect the recovery 
       of taxes payable by the Group and the Company from DIG, under this indemnity, was simultaneously 
       derecognised. 

    2  Amount less than R1 000.
       
    The gain on reorganisation of R103.6 million was recognised in "other income" in profit or 
    loss at 29 February 2016.         

                                                                                               2016
                                                                                              R'000
    The cash outflow on reorganisation is as follows:        
    Cash received                                                                                 - 
    Net cash retained in Semliki                                                               (107)
    Net cash outflow                                                                           (107)

14  REVERSAL OF IMPAIRMENT/(IMPAIRMENT) OF NON-CURRENT ASSETS                
    In assessing whether an impairment or impairment reversal is required, the carrying value of 
    the cash-generating unit ("CGU") is compared with its recoverable amount. The recoverable 
    amount is the higher of the CGU's fair value less costs to sell and value in use. Given the 
    nature of the Group's activities, information on the fair value of an asset is usually 
    difficult to obtain unless negotiations with potential purchasers or similar transactions are 
    taking place. Consequently, unless indicated otherwise, the recoverable amount used in assessing 
    the impairment charges or reversals described below is value in use. The Group generally 
    estimates value in use using a discounted cash flow model.

    Key assumptions relating to the valuation of the oil and gas assets and other intangible assets 
    in the current and prior year include the discount rate and cash flows used to determine the 
    value in use. Future cash flows were estimated based on financial budgets approved by management 
    covering a three-year period and were extrapolated over the useful life of the assets to reflect 
    the long-term plans for the Group using the estimated growth rate for the specific business. 
    The future cash flows were discounted to their present values using a pre-tax discount rate of 10%. 
    This discount rate was derived from the Group's post-tax weighted average cost of capital ("WACC"), 
    with appropriate adjustments made to reflect the risks specific to the CGU and to determine the 
    pre-tax rate. The WACC took into account targeted debt and equity, weighted 50% each. The cost 
    of equity was derived from the expected return on investment by the Group's investors. The 
    cost of debt was based on the interest rate at which the Group would be able to borrow for 
    future expenditure. Segment-specific risk was incorporated by applying individual beta factors. 
    The beta factors are evaluated annually based on publicly available market data.

    Other key assumptions used for the valuation in the current and prior year:
    -  Crude oil prices: Forecast commodity prices were based on management's estimates and 
       available market data
    -  Production rates: Based on management's best estimate of production profiles
    -  Growth rate estimates: Rates were based on published industry research
    -  Gross margins: Gross margins were based on average values achieved in since the acquisition 
       of the assets                
                        
                                                                                 2017          2016
                                                                                R'000         R'000
    28 February 2017
    Impairment reversals                
    Oil and gas properties (note 7)                                            46 179             - 
    Other intangible assets (note 9)                                           15 968             - 
                                                                               62 147             - 
                        
    The trigger for testing for the reversal of previously recognised impairment losses was the 
    uplift in oil prices and future operating cost estimates. On 28 February 2017, the Group reversed 
    the impairments of oil and gas assets of US$3.5 million (R46.2 million) (2016: Rnil) and other 
    intangible assets US$1.2 million (R16.0 million). These reversals relate to impairment losses 
    recognised in the prior year attributable to these assets which are owned by SacOil's subsidiary, 
    Mena International Petroleum Company Limited ("Mena"). The reversals resulted from a positive 
    change in the estimates used to determine the assets' recoverable amount since the impairment 
    losses were recognised, specifically the future oil price estimates and future operating cost 
    estimates. The basis for the determination of recoverable amount is outlined above.
                        
                                                                                 2017          2016
                                                                                R'000         R'000
    28 February 2016
    Impairment losses                
    Oil and gas properties (note 7)                                                 -       (56 849)
    Other intangible assets (note 9)                                                -       (19 659)
                                                                                    -       (76 508)
                        
    The trigger for impairment testing for the prior year was the decline in oil prices which 
    significantly affected the revenue of the Group. This decline occurred subsequent to the 
    acquisition of Mena in October 2014. 

    Management considered the sensitivity of the value-in-use calculation to various key assumptions 
    such as crude oil prices and production rates. These sensitivities were taken into consideration 
    in determining the required impairments or reversal of impairments. A 10% change in any of these 
    variables would have changed the recoverable amount to between US$12.2 million (R159.1 million) 
    (2016: US$12.5 million (R201.3 million)) and US$36.6 million (R476.1 million) 
    (2016: US$ 20.9 million (R337.2 million)). The recoverable amount at 28 February 2017 was 
    US$24.4 million (R317.6 million) (2016: US$13.9 million (R223.4 million)).

    The Group's oil and gas properties and other intangible assets form part of a single CGU. 
    This CGU falls within the Egypt reportable segment (note 3).

                                                           Carrying value            Fair value
                                                         2017        2016         2017        2016
                                                        R'000       R'000        R'000       R'000 
15  FAIR VALUE MEASUREMENT                                        
    Group                                             
    Loans and receivables                                        
    Other financial assets (note 8) (footnote 1)      470 896     636 944      428 682     540 851
                                                
    1  In terms of SacOil's accounting policies and IAS 39 - Financial Instruments: Recognition 
       and Measurement ("IAS 39") these financial instruments are carried at amortised cost and 
       not at fair value, given that SacOil intends to collect the cash flows from these instruments 
       when they fall due over the life of the instrument. Changes in market discount rates which 
       affect fair value would therefore not impact the valuation of these financial instruments and 
       are not considered to be objective evidence of impairment for items carried at amortised cost 
       per IAS 39 as this does not impact the timing or amount of expected future cash flows.
                                                
                             Fair value at 
                          28 February 2017
    Assets                           R'000   Valuation technique          Significant inputs        
    Other financial assets         428 682   Discounted cash flow model   Weighted average cost of capital
                                                
    The Group's own non-performance risk as at 28 February 2017 was assessed to be insignificant.

    Fair value hierarchy:
    The following table presents the Group's assets not measured at fair value in the statement of 
    financial position, but for which the fair value is disclosed above. The different levels have 
    been defined as follows:

    Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities
    Level 2 - Other techniques for which all inputs which have a significant effect on the recorded 
              fair value are observable, either directly or indirectly
    Level 3 - Techniques which use inputs that have a significant effect on the recorded fair value 
              that are not based on observable market data
                                                
                                                Level 1        Level 2        Level 3         Total
                                                  R'000          R'000          R'000         R'000
    At 28 February 2017                                        
    Other financial assets                            -              -        428 682       428 682 
                                                
    At 29 February 2016                                        
    Other financial assets                            -              -        540 851       540 851 
                                                
    There were no transfers between any levels during the year.

                                                                                 2017          2016
                                                                                R'000         R'000
16  COMMITMENTS AND CONTINGENT LIABILITIES                
    Commitments                
    Exploration and evaluation assets 
    - work programme commitments - due within 12 months                           313           830 
    - work programme commitments - due within 13 to 48 months                  40 008        51 282 
                                                                               40 321        52 112 
                        
    Exploration and evaluation commitments will be funded through a 
    combination of cash, debt and equity funding.                
                        
    Contingent liabilities                   
    Cost carry arrangement with TOTAL (footnote 1)                            114 003        95 773 
    Total                                                                     114 003        95 773 
                        
    1  Cost carry arrangement                
       The Farm-in Agreement between Semliki and Total provides for a carry of costs by Total on 
       behalf of Semliki on Block III. Semliki's rights under the contract were subsequently 
       assigned to SacOil DRC as part of the reorganisation concluded on 29 February 2016. Total 
       will be entitled to recover these costs, being SacOil DRC's share of the production costs on 
       Block III, plus interest, from future oil revenues. The contingency becomes probable when 
       production of oil commences and will be raised in full at that point. At 28 February 2017, 
       Total has incurred R114.0 million (29 February 2016: R95.8 million) of costs on behalf of 
       Semliki. Should this liability be recognised, a corresponding increase in assets will be 
       recognised, which, together with existing exploration and evaluation assets, will be 
       recognised as development infrastructure assets.                 

                                                                                 2017          2016
                                                                                R'000         R'000
17  RELATED PARTIES                
    Key management compensation                
                        
    Non-executive directors:                
    Fees                                                                        3 975         3 242
                        
    Executive directors:                
    Salaries                                                                    8 676        10 610
                        
    Other key management:                
    Salaries                                                                    7 575         7 436

18  DIVIDENDS
    The Board has resolved not to declare any dividends to shareholders for the period under review.

19  GOING CONCERN
    The Company incurred a net loss for the year ended 28 February 2017 of R211.8 million 
    (2016: net profit: R39.6 million). The results of the Group continue to be affected by 
    developments in the global markets with respect to oil prices and exchange rates as well as 
    lower than expected performance of the Lagia asset for the reasons highlighted in the operations 
    and finance reviews. Consequently, the Group's operations have not delivered expected cash flows 
    which has resulted in a net cash outflow of R88.1 million for the year ended 28 February 2017 
    (2016: R128.5 million) from operations, business development activities and overhead costs. 
    The Group's cash resources at 28 February 2017 total R18.7 million and are presently not adequate 
    to meet the Group's obligations for the foreseeable future. The following uncertainties therefore 
    exist with respect to the Group's ability to remain a going concern.

    Availability of funding for the Group's activities 
    A deficit of R164.4 million exists in the Group's cash flow forecast to February 2020 
    ("the Forecast") for reasons highlighted above. The Forecast does not take into account the 
    possible cash inflow which could arise from the recovery of funds owed to the Group as disclosed 
    in note 8. In order to address the shortfall, the Group secured an equity bridge of US$12.5 million 
    from Gemcorp Africa Fund I Limited on 31 May 2017 as disclosed in note 20 which became available to 
    the Group to utilise as of that date. This loan will be repaid from the proceeds of a rights 
    issue which the Board of Directors ("the Board") has committed to undertake within the next 
    twelve months. The Board is confident of obtaining the required support from its key shareholders 
    for the future rights issue, however, it is difficult to establish with certainty the extent to 
    which shareholders will follow their rights in order to raise adequate funds to repay the loan. 

    Operational performance of the Group
    Should Lagia production increase significantly as forecasted based on the planned development 
    activities, it is expected that this should have a material impact on the financial performance 
    of the Group as a whole, subject to the impact of the prevailing exchange rates and oil prices 
    during the foreseeable future. Further, the Group is still in the exploration phase for certain 
    of the rights that it holds. Should these explorations prove successful, there is significant 
    upside available in the forecasted financial position and performance in the long term. 
    It remains to be seen whether the planned development and exploration activities yield the 
    expected results.

    Acquisition of material subsidiary
    SacOil has completed the acquisition of Phembani Oil and this acquisition is expected to 
    contribute positively to the cash flow position of the Group. Management is confident that 
    Afric Oil's underlying financial performance will further improve the sustainability of the 
    Group. The attainment of Afric Oil's forecast after the acquisition remains an uncertainty 
    given the extensive integration that will be required. 

    The above conditions give rise to material uncertainties which may cast doubt about the Group's 
    ability to continue as a going concern and, therefore, that it may be unable to realise its 
    assets and discharge its liabilities in the normal course of business.

    The Board remains reasonably confident that it will manage the material uncertainties that exist, 
    accordingly the financial statements have been prepared on the basis of accounting policies 
    applicable to a going concern. This basis presumes that funds will be available to finance 
    future operations and that the realisation of assets and settlement of liabilities will occur 
    in the ordinary course of business.
        
20  EVENTS AFTER THE REPORTING PERIOD
    The following events occurred after the reporting period:

    Acquisition of Phembani Oil Proprietary Limited
    On 3 March 2017, SacOil signed agreements to acquire 100% of Phembani Oil Proprietary Limited 
    ("Phembani Oil") from Gentacure Proprietary Limited ("Gentacure") and its holding company, 
    Moopong Investments Holdings Proprietary Limited ("Moopong") ("the Acquisition"). Phembani Oil's 
    only asset is a 71% direct interest in Afric Oil Group ("Afric Oil"), one of the largest 
    independent fuel distributors in South Africa, distributing over 30 million litres of fuel 
    product (diesel, petrol and paraffin) monthly to a diversified client base that include local 
    and national government, mining, construction, transport, manufacturing, parastatals, resellers 
    and agricultural clients. Following completion of the Acquisition, SacOil will hold a 71% 
    indirect interest in Afric Oil, with the remaining 29% interest held by The Compensation Fund, 
    a fund managed by the Public Investment Corporation SOC Limited ("PIC"), the largest fund manager 
    on the African continent. The detailed announcement regarding this acquisition is available on 
    the Company's website at www.sacoilholdings.com.

    Cancellation of AIM admission
    On 6 March 2017, following careful consideration, the Company decided to seek shareholders' 
    approval to cancel the admission of its ordinary shares to trading on AIM ("Cancellation"). 
    The decision was made on the basis that the Company's shareholder base is predominantly 
    South African and its shares trade sporadically in London. Accordingly, the board of directors 
    felt it could not justify the costs of retaining two listings and the burden of complying with 
    two regulatory regimes. An explanatory circular was posted to shareholders on 24 April 2017 to 
    call a general meeting to approve the Cancellation, setting out the background to and reasons 
    for the Cancellation and the reasons why the Board believes that this is in the best interests 
    of the Company and its shareholders as a whole and their recommendation to shareholders to vote 
    in favour of the resolution on the Cancellation. The circular is also available on the Company's 
    website at www.sacoilholdings.com. The general meeting was held on 22 May 2017 and shareholders 
    voted in favour of the Cancellation. The Cancellation became effective at 07:00 (UK time) on 
    31 May 2017.

    Equity bridge loan
    On 31 May 2017, SacOil secured an equity bridge loan of R162.2 million (US$12.5 million) from 
    Gemcorp Africa Fund I Limited, a company based in Mauritius. The loan is repayable in 12 months 
    from the proceeds of a rights issue which the Board has committed to undertake within the next 
    12 months. The loan is secured by a cession in security of the rights offer proceeds, bears 
    interest at 8.5% per annum and was arranged at a fee of 2%. The loan will be utilised to fund 
    the acquisition of Phembani Oil and for working capital for general corporate purposes of the Group.

21  BUSINESS COMBINATION
    On 31 May 2017, the Group acquired 100% of the share capital of Phembani Oil Proprietary Limited 
    ("Phembani"), an investment holding company whose only asset is a 71% equity interest in Afric Oil 
    Proprietary Limited which owns a fuel distribution business. Phembani has been acquired to enable 
    the Group to enter the downstream segment of the oil and gas value chain and have a footprint in 
    South Africa. The acquisition is also expected to contribute significant revenues and cash flows 
    as a basis for establishing overall sustainability of the Group.

    The provisional fair values of the identifiable assets and liabilities of Phembani as at the 
    date of acquisition were:                        
                                
                                                                                        Provisional 
                                                                                         fair value
                                                                                              R'000
    Property, plant and equipment                                                           230 573  
    Intangible assets                                                                           500 
    Other financial assets                                                                    3 500 
    Deferred tax assets                                                                      11 915 
    Inventories                                                                              32 612 
    Loans to Group companies                                                                    459 
    Other financial assets                                                                      368 
    Current tax receivable                                                                      342 
    Trade and other receivables                                                             234 657 
    Cash and cash equivalents                                                                26 969 
                                                                                            541 896 
                                
    Financial liabilities                                                                  (239 677)
    Finance lease obligations                                                                (4 677)
    Deferred tax                                                                             (1 333)
    Other financial liabilities                                                             (11 523)
    Current tax payable                                                                         (26)
    Deferred consideration                                                                  (45 812)
    Trade and other payables                                                               (128 996)
    Provisions                                                                               (3 420)
    Bank overdraft                                                                           (9 205)
                                                                                           (444 669)
                                
    Total identifiable net assets at fair value                                              97 227 
    Non-controlling interest                                                                (28 196)
    Goodwill arising on acquisition                                                         114 413 
    Consideration at fair value                                                             183 444
    Cash                                                                                     38 997
    Equity instruments                                                                       89 487 
    Contingent consideration (equity instruments)                                            54 960
                                
    The cash outflow on acquisition is as follows:                        
    Cash paid                                                                                38 997
    Net cash acquired with the subsidiary                                                   (17 764)
    Net consolidated cash outflow                                                            21 233
                                
    The fair value of the 690 million SacOil ordinary shares issued or to be issued as part of the 
    consideration paid for the acquisition of Phembani was based on the 90-day volume weighted 
    average price on 31 May 2017, at a discount of 10%.

    The contingent consideration will be settled in SacOil ordinary shares if Phembani achieves 
    EBITDA of between R68 million and R100 million for the year ending 31 December 2017 and if it 
    recovers specified accounts receivable within 12 months. 

    The fair value of trade and other receivables is R234.7 million and includes trade receivables 
    with a fair value of R204.4 million. The gross contractual amount for trade receivables due is 
    R224.3 million, of which R19.9 million is expected to be uncollectible.

    The fair values disclosed are provisional due to the complexity of the acquisition and the fact 
    that the assessment of the underlying intangible assets acquired (brand and customer and supplier 
    relationships), and the allocation of value to these assets is still being finalised. In addition, 
    these fair values are based on the balance sheet as at 31 March 2017, being the latest available 
    financial information close to the acquisition date. As a result the final fair values and final 
    goodwill acquired may differ once the intangible asset valuation process has been completed. 
    The review of the fair value of the assets and liabilities acquired will be completed within 
    12 months of the acquisition at the latest. 

    The goodwill arising on acquisition is attributable to expected synergies from the intergration 
    of the Afric Oil and Big Red businesses and the value of the brand, customer relationships and 
    supplier relationships.                        

On behalf of the Board


Tito Mboweni         Dr Thabo Kgogo                  Marius Damain Matroos
Chairman             Chief Executive Officer         Chief Financial Officer

Johannesburg
31 May 2017


CORPORATE INFORMATION
Registered office and physical address: 1st Floor, 12 Culross Road, Bryanston, 2021
Postal address: PostNet Suite 211, Private Bag X75, Bryanston, 2021
Contact details: Tel: +27 (0) 10 591 2260; Fax: +27 (0) 10 591 2268
E-mail: info@sacoilholdings.com
Website: www.sacoilholdings.com

Directors:
Dr Thabo Kgogo (Chief Executive Officer), Marius Damain Matroos (Chief Financial Officer), 
Tito Mboweni (Chairman)*, Mzuvukile Maqetuka*, Vusi Pikoli*, 
Ignatius Sehoole*, Titilola Akinleye**, Thuto Masasa*, Boas Seruwe*, Patrick Mngconkola**
* Independent non-executive directors  ** Non-executive directors 

Advisers:
Company Secretary: Fusion Corporate Secretarial Services Proprietary Limited
Transfer Secretaries (South Africa): Link Market Services South Africa Proprietary Limited
Corporate Legal Advisers: Norton Rose Fullbright South Africa 
Auditors: Ernst & Young Inc.
JSE Sponsor: PSG Capital Proprietary Limited
Investor Relations (United Kingdom): Buchanan Communications Limited

Date: 31/05/2017 05:00:00 Supplied by www.sharenet.co.za                     
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