Resignation of Director 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”) RESIGNATION OF DIRECTOR In compliance with section 3.59 of the Listings Requirements of the Johannesburg Stock Exchange (“JSE”), shareholders are advised that Mr Bradley Cerff has resigned as an executive director of the Company effective immediately in order to pursue other opportunities. Mr Cerff has agreed to work a three month notice period in order to ensure an orderly handover of responsibilities and will formally leave the Company in October. Mr Cerff’s responsibilities for the Company’s oil and gas operations will be assumed on an interim basis by SacOil’s Strategy and Business Development Executive, Willem de Meyer. Willem has extensive experience in the exploration and production sector, in particular with PetroSA where he spent 26 years in various senior operational roles including General Manager of E&P, Vice President of New Business and Chief Economist. Tito Titus Mboweni, Non-Executive Chairman of SacOil said: “The Board of SacOil would like to thank Bradley for his contribution to the growth of the Company and wish him well for the future. We also appreciate his willingness to oversee an orderly transition of duties in the coming months as we seek to ensure there is little or no impact to our operations. We are fortunate to have such a strong operational and technical team in place, who can build upon the good progress we have made to date across our portfolio under the considerable experience of Willem. Willem will assume these responsibilities until a permanent solution can be identified”. JSE Sponsor PSG Capital Proprietary Limited 25 July 2016 For further information please contact: SacOil Holdings Limited Damain Matroos +27 (0)10 591 2260 finnCap Limited (Nominated Adviser and broker) Christopher Raggett and James Thompson +44 (0) 20 7220 0500 FirstEnergy Capital (Joint broker) Hugh Sanderson / David van Erp +44 (0) 20 7448 0200 Buchanan (Financial PR adviser) - UK Ben Romney / Chris Judd / Madeleine Seacombe +44 (0)20 7466 5000 Hill + Knowlton Strategies (Financial PR adviser) - SA Craig Atherfold / Eva Khosa +27 11 463 2198 ABOUT SACOIL SacOil is a South African based independent African oil and gas company, dual-listed on the JSE and AIM. The Company has a diverse portfolio of assets spanning production in Egypt; exploration and appraisal in the Democratic Republic of Congo, Malawi and Botswana; and midstream projects including crude trading in Nigeria and a terminal project in Equatorial Guinea. Our focus as a Group is on delivering energy for the African continent by using Africa’s own resources to meet the significant growth in demand expected over the next decade. The Company continues to evaluate industry opportunities throughout Africa as it seeks to establish itself as a leading, full- cycle pan-African oil and gas company. Date: 25/07/2016 04:45:00 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.