Dealing in Securities by a Director

In terms of paragraph 3.63 – 3.65 of the JSE Limited Listings Requirements, the following information, relating to the dealings in the securities by a director, is disclosed:

Steve Muller

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SacOil swings to H1 profit on investment income, cost reductions

After posting a loss of R11.8-million for the first six months of 2012, dual-listed SacOil has swung to a profit of R27-million for the six months ended August 31, 2013, attributed chiefly to an increase in investment income and decreases infinance and operating costs.

The Africa-focused oil and gas company’s balance sheet was further boosted by income of R43.7-million in foreign exchange gains, which arose on the remeasurement of dollar balances.

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Reviewed interim results for the six months ended 31 August 2013

SacOil is an independent African oil and gas company, dual-listed on the JSE and AIM, and has business operations that are focused across the African continent. Currently, the Group operates in the following jurisdictions: the Democratic Republic of Congo (“DRC”); the Republic of Malawi; the Republic of Botswana; and the Federal Republic of Nigeria. Further, the Company continues to evaluate opportunities to secure high-impact acreage in other established and prolific hydrocarbon basins in Africa.

SacOil Holdings Limited is pleased to announce its results for the six months ended 31 August 2013.

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Reviewed interim results for the six months ended 31 August 2013

Shareholders are referred to the announcement issued on SENS and RNS on 8 November 2013, in which the Company communicated a detailed update on its asset-level operations. The operational highlights for the period under review include:

– DRC, Block III: 2D seismic data acquisition currently being planned and expected to commence within the next dry season in Q1 2014;

– Nigeria, OPL 233: Execution of 2013 work programme and 3D seismic data acquisition currently underway;

– Nigeria, OPL 281: Re-interpretation of seismic and well data;

– Malawi, Block 1: Planning of environmental and social impact assessment; and

– Botswana: Granting of licences 123, 124 and 125.

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Trading Statement

As part of the JSE Limited Listings Requirements, companies are required to publish a financial trading statement as soon as they are reasonably certain that the financial results for the current reporting period will be more than 20% different to that of the prior corresponding period. SacOil’s financial results are significantly impacted by foreign exchange fluctuations, imputed interest arising from financial assets carried at amortised cost, and fluctuations in finance costs. It is therefore not unusual for there to be significant changes in the financial results from one period to another. As such SacOil expects:

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SacOil hopes for increased stability in the Congo

OIL exploration company SacOil says it hopes the defeat of the rebellion in the eastern Democratic Republic of Congo will bring stability as it sends teams to gather oil exploration data close to the Ugandan border.

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SacOil upbeat about Nigerian assets

SACOIL says its Nigerian assets are 18 to 24 months away from producing revenue.

The group, a South Africa-based, independent African oil and gas company listed on the JSE and London’s Alternative Investment Market, has operations in the Democratic Republic of Congo (DRC), Malawi, Botswana and Nigeria.

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SacOil Quarterly Operations Update

SacOil, the South African based, independent African oil and gas company listed on the JSE and AIM (JSE: SCL / AIM: SAC) is pleased to provide the following update on the Company’s on-going operational activities in the Democratic Republic of Congo (“DRC”), Nigeria, Malawi, and Botswana.

SacOil, under the guidance of its new board of directors, remains focussed on delivering its vision to build a balanced portfolio of assets from exploration to established production and cash flow in Africa.

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Publishing of General Meeting Circular

Further to the announcement released on the Stock Exchange News Service of the JSE Limited (“JSE”) and on the Regulatory News Service of the London Stock Exchange on 12 September 2013 (the “Announcement”), shareholders are advised that the circular relating to:

  • the Specific Issue (as defined in the Announcement);
  • the Rights Offer (as defined in the Announcement);
  • the proposed Whitewash Resolution (as defined in the Announcement); and
  • the proposed appointment of Gairloch Limited nominated directors,

(the “General Meeting Circular”)

has today, 7 November 2013, been posted to SacOil shareholders and has been made available on SacOil’s website, www.sacoilholdings.com.

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SacOil Circular to Shareholders

A general meeting of SacOil shareholders will be held at 2 Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston, Johannesburg on Friday, 6 December 2013 (the “General Meeting”), commencing at 10:00, or at any adjournment thereof, to consider and, if deemed appropriate, to approve the resolutions as more fully set out in the notice of general meeting attached to the General Meeting Circular.

The record date to determine shareholders who will be eligible to participate and vote at the General Meeting is Friday, 29 November 2013.

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