Sacoil : ACQUISITION AND DISPOSAL OF SECURITIES

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')

DISCLOSURE OF THE ACQUISITION AND DISPOSAL OF SECURITIES

In accordance with section 122(3)(b) of the Companies Act No. 71 of 2008, as amended, and section 3.83(b) of the Listings Requirements of the JSE Limited, shareholders are hereby advised that the Company has been notified of the following movements in securities of the Company:

The Public Investment Corporation (SOC) Limited ('PIC'), acting on behalf of the Government Employees Pension Fund ('GEPF') has, in aggregate, acquired the total interests in the securities of the Company held by Westglamry Limited ('Westglamry') and Newdel Holdings Limited ('Newdel'), such that the resulting total interest in the securities of the Company held by the PIC, on behalf of the GEPF, amounts to 68.65% of the total issued share capital of the Company.

Newdel and Westglamry no longer have notifiable interests in the Company.

JSE Sponsor

PSG Capital Proprietary Limited

17 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.