SACOIL HOLDINGS LIMITED - Resignation of Independent Non-Executive Director

Resignation of Independent Non-Executive 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 INDEPENDENT NON-EXECUTIVE DIRECTOR

In compliance with section 3.59 (b) of the Listings Requirements of the
Johannesburg Stock Exchange (“JSE”), shareholders are advised that Mr
Steve Muller resigned as an independent non-executive director and as
the chairman of the audit and risk committee of the Company on 15
September 2016 in order to pursue other business opportunities.

Accordingly, ordinary resolutions 2.3 and 3.1, as per the AGM notice
distributed to shareholders on 25 July 2016, are hereby withdrawn. The
Board has appointed Mr Ignatius Sehoole, an existing independent non-
executive director, as a member and chairperson of the Audit and Risk
Committee.

Mr Muller was appointed as an independent non-executive director of
SacOil on 10 June 2013 and served as chairperson of the Audit and Risk
Committee and also as a member of the Nomination and Investment
Committees.

Mr Tito Mboweni, Independent Non-Executive Chairman of SacOil said: “The
Board of SacOil would like to thank Steve for his support and
contribution over the last 3 years and wish him well for the future, as
he pursues his other business interests”.

JSE Sponsor

PSG Capital Proprietary Limited

16 September 2016

For further information please contact:

SacOil Holdings Limited

Damain Matroos

+27 (0)10 591 2260

finnCap Limited (Nominated Adviser and Joint 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

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.

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