Sacoil : Appointment of Non-Executive Directors

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' or 'the Group')

APPOINTMENT OF NON-EXECUTIVE DIRECTORS

Further to the announcement of 22 March 2017, SacOil are pleased to announce that the Board has confirmed the appointments of Ms Thuto Masasa, Mr Patrick Mngconkola and Mr Boas Seruwe as Non-Executive Directors with immediate effect following the completion of satisfactory due diligence as required by the AIM Rules for Companies.

The following information is disclosed under Schedule 2(g) of the AIM Rules for Companies:

Ms Thuto Margaret Masasa, aged 37, does not currently hold any ordinary shares in the Company.

Mr Sebenzile Patrick Mngconkola, aged 54, does not currently hold any ordinary shares in the Company.

Mr Take Boas Seruwe, aged 51, does not currently hold any ordinary shares in the Company.

Save as disclosed above there are no additional disclosures to be made in accordance with Rule 17 or Schedule Two paragraph (g) of the AIM rules regarding Ms Thuto Masasa, Mr Patrick Mngconkola and Mr Boas Seruwe.

JSE Sponsor

PSG Capital Proprietary Limited

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

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, 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.