Trading Statement

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 FOR THE YEAR ENDED 29 FEBRUARY 2016

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.

The Group has continued the process of implementing its focussed strategy driven by the rationalisation and balancing of the Group's existing portfolio of assets to reposition the Group. This process was started in September 2014. The impact of these activities on the financial results for the year ended 29 February 2016 is further explained below.

The Group has completed the reorganisation of its holding in Block III that was announced on 1 March 2016. The reorganisation provides the Group with a direct holding in Block III and also transfers the Semliki subsidiary to our partner in Block III, namely Divine Inspiration Group ("DIG"). DIG now has full ownership of Semliki together with its share of the assets and liabilities. The Group's share of assets and liabilities, including the interest in Block III, are now held through SacOil DRC SARL, a wholly owned subsidiary of SacOil. The impact of this reorganisation resulted in a gain for the Group of R103.6 million.

During the year the Group completed the phase 2 development activities at Lagia. This resulted in a capital investment of R55.4 million that has seen the 2P reserves increasing from 6.2 million barrels to 6.9 million barrels based on the latest competent persons report (CPR). Due to the low oil price outlook existing at 29 February 2016, the net present value in the CPR was below the carrying value of the asset and as a result an impairment of R76.5 million has been provided for in the results for the year ended 29 February 2016.

As previously reported to the market during the interim results, 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 by R26.1 million. The Operator on Block III, Total, has commenced 2D seismic activities, as announced on 17 February 2016, and based on this development, there has not been a further deferral of the expected contingent consideration.

In addition, as announced previously to the market on 8 April 2015, the settlement agreement with Energy Equity Resources Norway Limited ("EERNL") regards the settlement of outstanding loans owed to the Group ("the Agreement") related to the joint participation in Oil Prospecting Licence ("OPL") 233 in Nigeria resulted in an interest free on all outstanding loans. The interest freeze specified in the Agreement has significantly reduced investment income for the Group by the R92 million included in the 2015 results.

The Group has benefited from the depreciation in the South African Rand in relation to the US Dollar which has resulted in foreign exchange gains for the Group of R154.6 million. This has had a positive impact on the profitability of the Group.

As a result of the above, shareholders are advised that the basic earnings per share are expected to be between 1.23 cents and 2.05 cents, representing an increase from the loss per share of 8.54 cents recorded in the year ended 28 February 2015.

Basic headline earnings per share, which exclude the impact of any re-measurements of assets or liabilities, are expected to be between 0.57 cents and 1.51 cents, representing an increase from the headline loss per share of 4.67 cents of the year ended 28 February 2015.

Net asset value per share as at 29 February 2016 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.

The results for the year ended 29 February 2016 will be released on SENS and RNS of the London Stock Exchange on Tuesday, 31 May 2016.

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

30 May 2016

For further information please contact:

SacOil Holdings Limited +27 (0)10 591 2260

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

Buchanan (Financial PR adviser) +44 (0) 20 7466 5000

Ben Romney / Chris Judd / Madeleine Seacombe

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 and downstream projects including a crude trading allocation in Nigeria and an oil 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.