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”) JSE 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, in line with SacOil’s strategy to focus on proven resources as a base for growth, the Company has embarked on a process of balancing and rationalising its portfolio of assets. The objective of the rationalisation is to restructure the company’s capital needs and focus on cash generative assets. If successful the portfolio rationalisation may have a material effect on the price of the Company’s securities. In particular, SacOil is considering the cancellation of an agreement to participate in an appraisal asset in Nigeria. As yet, no transaction has been formalized and there can be no guarantee as to the terms or conditions attached to any cancellation of this asset. Further updates will be made 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 18 December 2014 For further information please contact: SacOil Holdings Limited +27 (0)11 575 7232 Tariro Mudzimuirema finnCap Limited (Nominated Adviser and +44 (0) 20 7220 0500 Broker) Matthew Robinson / Christopher Raggett FirstEnergy Capital (Financial Adviser +44 (0) 20 7448 0200 and Joint Broker UK) Travis Inlow Instinctif Partners London (UK Investor +44 (0)20 7457 2020 Relations) David Simonson / Anca Spiridon Instinctif Partners Johannesburg (SA +27 (0)11 447 3030 Investor Relations) Nicholas Williams / Fred Cornet Date: 18/12/2014 11:00:00 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.