Update on Potential Acquisition and Renewal of Cautionary Announcement SacOil Holdings Limited (Incorporated in the Republic of South Africa) (Registration number: 1993/000460/06) JSE Share Code: SCL AIM TIDM: SAC ISIN: ZAE000127460 UPDATE ON POTENTIAL ACQUISITION AND RENEWAL OF CAUTIONARY ANNOUNCEMENT Further to the cautionary announcement issued on 1 December 2016, SacOil’s shareholders ("Shareholders") are advised that the Company remains in advanced negotiations on an exclusive basis with respect to the potential acquisition of a Southern African focussed petroleum product related wholesaler (the Proposed Acquisition”). Accordingly, Shareholders are advised to continue to exercise caution when dealing in the Company's securities until a further announcement is made in this regard. The Company’s shares remain suspended from trading on the AIM Market of the London Stock Exchange until such time as either an admission document setting out details of the Proposed Acquisition is published or confirmation is given that the Proposed Acquisition is not proceeding. The Company’s share will however continue to trade on the JSE. Market Abuse Regulation This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 17 January 2017 Contacts SacOil Holdings Limited Damain Matroos +27 (0)10 591 2260 JSE Sponsor PSG Capital Proprietary Limited Nominated Adviser and Broker finnCap Ltd +44 (0)20 7220 0500 Christopher Raggett James Thompson Financial PR Adviser Buchanan +44 (0)20 7466 5000 Ben Romney Chris Judd 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: 17/01/2017 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.