AWARD OF CRUDE ALLOCATION BY THE NNPC

SacOil Holdings Limited 4 January 2017

(Incorporated in the Republic of South Africa)

(Registration number: 1993/000460/06)

JSE Share Code: SCL AIM TIDM: SAC

ISIN: ZAE000127460

SacOil Holdings Limited

("SacOil" or the "Company")

AWARD OF CRUDE ALLOCATION BY THE NNPC

SacOil, the South African based oil and gas company, is pleased to announce that its Joint Venture company SacOil Energy Equity Resources Limited ("SEER"), has received notification from the Nigerian National Petroleum Corporation ("NNPC") of the award of a crude term contract. The terms of the crude contract and the amount and regularity of offtake by SEER is dependent on the aggregate crude production in Nigeria. Information on the crude term contracts for 2017/18 awarded by NNPC can be found on NNPC's website: www.nnpcgroup.com

These crude trading operations represent an important part of SacOil's diverse portfolio of assets and operations, and are in line with the Company's strategy to focus on cash generative, income producing activities across the full industry value chain.

Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

4 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 - UK

Buchanan  +44 (0)20 7466 5000

Ben Romney

Chris Judd

Madeleine Seacombe

ABOUT SACOIL

SacOil is a South African based 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. The Public Investment Corporation (SOC) Limited ("PIC"), wholly owned by the South African Government, acting on behalf of the Government Employees Pension Fund ("GEPF"), is the largest shareholder with 68.65% of the total issued share capital of the Company.