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Sacoil Holdings Limited - Potential Acquisition And Cautionary Announcement

Release Date: 27/07/2017 11:32:00      Code(s): SCL     
SacOil Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1993/000460/06)
JSE Share Code: SCL
SacOil Holdings Limited (?SacOil? or the ?Company?)

POTENTIAL ACQUISITION OF PETROLEUM PRODUCTS WHOLESALER

CAUTIONARY ANNOUNCEMENT PURSUANT TO PARAGRAPH 3.9 OF THE JSE
LISTINGS REQUIREMENTS

SacOil, the South African based independent African oil and
gas company, announces that it is in negotiations on an
exclusive basis to acquire a South African fuels wholesaler
(the ?Proposed Acquisition?), that sells fuel products, namely
diesel, petrol and paraffin, on a bulk basis to its customers
operating within industrial markets. The Proposed Acquisition
owns and operates a substantial fleet of heavy duty tankers.
The Board of SacOil believes that the Proposed Acquisition is
fully in keeping with the Company?s stated strategy of
focussing on cash generating opportunities across the oil and
gas value chain and will also significantly increase the
volumes of petroleum products sold by the SacOil group of
companies, whilst providing the opportunity to achieve
economies of scale with the recently acquired Afric Oil
business. The integration of the Afric Oil business is
progressing well and management will provide further details
as part of an operational update to be issued before 31 August
2017.

If concluded, the Proposed Acquisition would materially impact
SacOil?s turnover and provide the Company with additional
market share in the downstream oil and gas wholesale market
which complements its existing upstream assets such as the
producing Lagia field in Egypt.

Paragraph 3.9 of the JSE Listings Requirement ? Cautionary
Announcement

In terms of paragraph 3.9 of the JSE Listings Requirements,
immediately after an issuer acquires knowledge of any material
price sensitive information and the necessary degree of
confidentiality of such information cannot be maintained, an
issuer must publish a cautionary announcement.

As such, shareholders are advised that the Proposed
Acquisition, if successfully concluded, may have a material
effect on the price of the Company?s securities. There can be
no guarantee however that the Proposed Acquisition will be
concluded and further updates will be provided in due course.

Accordingly, shareholders are advised to exercise caution when
dealing in the Company?s securities until a full announcement
is made.


JSE Sponsor
PSG Capital Proprietary Limited

27 July 2017

For further information please contact:

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

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

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 production in Egypt; exploration and
appraisal in the Democratic Republic of Congo, Malawi and
Botswana; midstream project relating to crude trading in Nigeria
and a majority interest in Afric Oil, the petroleum product
wholesaler. Our focus as a Group is on delivering energy for
the African continent by using Africa?s own resources to meet
the significant growth in demand expected over the next decade.
The Company continues to evaluate industry opportunities
throughout Africa as it seeks to establish itself as a leading,
full-cycle pan-African oil and gas company.

Date: 27/07/2017 11:32:00 Supplied by www.sharenet.co.za                     
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