SAC.L Regulatory News (SAC)

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")

TRADING STATEMENT

In compliance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists, that the financial results for the next period to be reported on are likely to vary by more than 20% from the previous corresponding period.

As previously reported, the Group has embarked on a turnaround strategy driven by the rationalisation and balancing of the Group's existing portfolio of assets to reposition the Group. The impact of these activities on the financial results for the six months ended 31 August 2015 is further explained below.

As announced previously to the market on 8 April 2014, the Group concluded an agreement with Energy Equity Resources Norway Limited ("EERNL") regards the settlement of outstanding loans owed to the Group ("the Agreement"). The loans originated from the joint participation in Oil Prospecting Licence ("OPL") 233 in Nigeria, whereby the Group advanced funds on behalf of EERNL to secure the participation interest in OPL 233. One of the salient terms of the Agreement is an interest freeze from 30 November 2014 on the outstanding loan balance. This has had the effect of significantly reducing investment income as a significant portion of the Group's investment income was attributable to the interest on the loans advanced to EERNL.

Furthermore, the operational delays affecting Block III in the Democratic Republic of Congo due to civil unrest in the area have resulted in the deferral of the expected receipt of the contingent consideration by a year. The consequence of this deferral is the impairment of the contingent consideration receivable.

As a result of the above, shareholders are advised that the basic earnings per share are expected to be between 0.31 cents and 0.34 cents, representing a decrease of between 53% and 57% when compared to the earnings per share of 0.72 cents recorded in the corresponding period ended 31 August 2014.

Basic headline earnings per share, which exclude the impact of any re-measurements of assets or liabilities, are expected to be between 0.24 cents and 0.27 cents, representing a decrease of between 63% and 67% when compared to the basic headline earnings per share of 0.72 cents of the corresponding period ended 31 August 2014.

Net asset value per share as at 31 August 2015 is expected to be between 24.23 cents and 25.67 cents, an increase of between 1% and 7% when compared to the net asset value per share of 24.10 cents at 28 February 2015.

SacOil is currently finalising its results for the six months ended 31 August 2015, which will be released on SENS and RNS of the London Stock Exchange on or about Monday, 23 November 2015.

The financial information on which this trading statement is based has not been reviewed, audited or reported on by the Company's external auditors. This statement is issued in compliance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited.

JSE Sponsor

PSG Capital Proprietary Limited

11 November 2015

For further information please contact:

SacOil Holdings Limited +27 (0)11 463 6884

Damain Matroos

finnCap Limited (Nominated Adviser and +44 (0) 20 7220 0500

broker)

Christopher Raggett and James Thompson

FirstEnergy Capital (Joint broker) +44 (0) 20 7448 0200

Hugh Sanderson / David van Erp

About SacOil

SacOil is a South African based independent African oil and gas company and its shares are dual listed on the JSE and AIM. 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 Group is committed to investing in the potential of Africa's indigenous assets and presents an excellent investment vehicle for both private and institutional investors whose interests are aligned with the Group's vision and mission. The Group has therefore expanded its focus to include development and production activities, energy infrastructure and selected downstream opportunities that will meet the demand for products to support the proliferating needs of the continent.