Results of Annual General Meeting (“the AGM”) and Changes to the Board SACOIL HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1993/000460/06) JSE Share Code: SCL ISIN: ZAE000127460 (“SacOil” or “the Company”) RESULTS OF ANNUAL GENERAL MEETING (“the AGM”) AND CHANGES TO THE BOARD CHANGES TO THE BOARD In compliance with rule 3.59(b) of the Listings Requirements of the JSE Limited, shareholders of the Company are hereby advised that Mr T Mboweni has not made himself available for re-election at the AGM and consequently resigns with immediate effect. In addition, due to shareholders not voting in favour of ordinary resolutions 5 and 6.4 below, Mr M Maqetuka is no longer a director of the Company with immediate effect. Mr Boas Seruwe was appointed as Chairman of the Company effective 2 October 2017. RESULTS OF AGM Shareholders are referred to the AGM which was held at 1st Floor, 12 Culross Road, Bryanston, 2 October 2017 at 10h00 and are advised that in terms of paragraph 3.91 of the JSE Listings Requirements, the results of the meeting as set out below. The resolutions proposed, and the details of results are set out below: Votes Shares abstained Votes for against as a percentage resolution resolution (%) of shares in (%) * (%) * issue Ordinary resolution 100 - 0.09 number 1: Reappointment of external auditors Ordinary resolution 98.71 1.29 0.09 number 2: Confirmation of appointment of B Seruwe Ordinary resolution 98.71 1.29 0.09 number 3: Confirmation of appointment of T Masasa Ordinary resolution 98.71 1.29 0.09 number 4: Confirmation of appointment of P Mngconkola Ordinary resolution 9.54 90.46 0.09 number 5: Re-election of M Maqetuka Ordinary resolution 98.71 1.29 0.09 number 6.1: Election of member of the audit and risk committee – T Masasa Ordinary resolution 98.71 1.29 0.09 number 6.2: Election of members of the audit and risk committee Ordinary resolution WITHDRAWN number 6.3: Election of members of the audit and risk committee – V Pikoli Ordinary resolution 9.54 90.46 0.09 number 6.4: Election of members of the audit and risk committee – M Maqetuka Ordinary resolution 98.71 1.29 0.09 number 6.5: Election of members of the audit and risk committee – B Seruwe Ordinary resolution 4.47 95.53 0.15 number 7: Endorsement of remuneration policy Ordinary resolution 96.93 3.07 0.09 number 8: General authority to issue shares Ordinary resolution 99.93 0.07 0.09 number 9: General authority to issue shares for cash Ordinary resolution 100 - 0.09 number 10: Authority to sign documentation Special resolution 98.23 1.77 0.09 number 1: General authority to repurchase shares Special resolution 95.50 4.50 0.11 number 2: Remuneration of non- executive directors Special resolution 98.71 1.29 0.09 number 3: Intercompany financial assistance Special resolution 98.70 1.30 0.09 number 4: Financial assistance for acquisition of shares in a related or inter- related company Special resolution 99.99 0.01 0.08 number 5: Name Change Special resolution 95.46 4.45 0.08 number 6: Share consolidation Note * - In relation to the total number of shares voted at the AGM Total shares voted in person or by proxy amounted to 68.15% of total issued share capital, being 2 519 708 826 voted shares. 3 October 2017 Sponsor PSG Capital Proprietary Limited For further information please contact: SacOil Holdings Limited Damain Matroos +27 (0)10 591 2260 Buchanan (Financial PR adviser) Ben Romney / Chris Judd +44 (0)20 7466 5000 ABOUT SACOIL SacOil is a South African based independent African oil and gas company, listed on the JSE. The Company has a diverse portfolio of assets spanning production in Egypt; exploration and appraisal in the Democratic Republic of Congo; midstream project relating to crude trading in Nigeria and a majority interest in Afric Oil, the petroleum product wholesaler. 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: 03/10/2017 08:23:00 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.