Settlement Agreement Relating to OPL 233 Legal Disputes 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”) SETTLEMENT AGREEMENT RELATING TO OPL 233 LEGAL DISPUTES SacOil, a South African based independent African oil and gas company, announces the following update with regards to the legal dispute with Nigdel United Oil Company Ltd (“Nigdel”) relating to the Company’s legacy involvement in Oil Prospecting Licence (“OPL”) 233 in Nigeria. After careful consideration of the independent legal and financial opinion provided to date, SacOil has entered into a settlement agreement (the “Settlement Agreement”) with Nigdel whereupon both parties have withdrawn their respective litigation and arbitration claims. Dr Thabo Kgogo, CEO of SacOil, commented, “This settlement removes any distraction in relation to our previous participation in OPL 233. The board of SacOil is confident that this is in the best interests of all our stakeholders, based on the sound legal and financial advice we have received. Furthermore, the decision to settle this case is not expected to have an impact on SacOil’s financial results for the current year.” Further details of the case can be found in SacOil’s Integrated Annual Report 2015 available on the website: www.sacoilholdings.com JSE Sponsor PSG Capital Proprietary Limited 11 October 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 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: 11/10/2016 04:30:00 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.