Cautionary Announcement SACOIL HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1993/000460/06) JSE share code: SCL AIM share code: SAC ISIN: ZAE000127460 (“SacOil” or the "Company”) CAUTIONARY ANNOUNCEMENT Shareholders are hereby advised that the Company has entered into an expression of interest (“EoI”) dated 19 February 2014 with The Instituto De Gestão Das Participações Do Estado, an entity that manages investment portfolios and shares on behalf of the Government of the Republic of Mozambique, and The Public Investment Corporation (SOC) Limited to investigate gas opportunities relating to the future distribution of gas in Southern Africa. The purpose of the EoI is purely to govern the preliminary discussions, and formalise the relationship, between the parties. These discussions are at a very early stage, with the intention of concluding a formal memorandum of understanding by the end of March 2014. The above-mentioned may have a material effect on the price of SacOil’s shares and accordingly shareholders are advised to exercise caution when dealing in the Company’s shares until a further announcement is made. Johannesburg 24 February 2014 JSE Sponsor Nedbank Capital For further information please contact: SacOil Holdings Limited Roger Rees / Tariro Mudzimuirema +27 (0)11 575 7232 Nedbank Capital, a division of Nedbank Limited (Sponsor) +27 (0) 11 294 3524 Michelle Benade finnCap Limited (Nominated Adviser and Broker) +44 (0) 20 7220 0500 Matthew Robinson / Christopher Raggett FirstEnergy Capital (Joint Broker UK) +44 (0) 20 7448 0200 Majid Shafiq Travis Inlow Pelham Bell Pottinger (UK) Philip Dennis +44 (0) 20 7861 3919 Nick Lambert +44 (0) 20 7861 3936 Rollo Crichton-Stuart +44 (0) 20 7861 3918 Date: 24/02/2014 01:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.