JSE Cautionary Announcement

Shareholders are advised that, in line with SacOil’s strategy to focus on proven resources as a base for growth, the Company has embarked on a process of balancing and rationalising its portfolio of assets.

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Changes to the Board of Directors

SacOil, the African independent upstream Oil & Gas Company, is pleased to announce the appointment of Mr Damain Matroos as the Chief Financial Officer of SacOil with effect from 1 February 2015. Mrs Tariro Mudzimuirema, currently Acting Finance Director, will step down from her position on the same date. Tariro will return to the position of Financial Manager on the same date.

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Joint Development Agreement for Gas Pipeline

Further to the announcement dated 31 March 2014, SacOil, the Public Investment Corporation SOC Limited (“PIC”) and The Instituto de Gestão das Participações do Estado (“IGEPE”) (collectively “the JDA Partners”) have signed a Joint Development Agreement (“JDA”) dated 03 December 2014 to evaluate the technical and commercial feasibility of a transnational terrestrial gas pipeline and distribution facility that will carry natural gas from Mozambique’s Rovuma fields into South Africa, with off-takes to other neighbouring Southern African Development Community (“SADC”) countries (“the Project”).

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Dealing in Securities by a Director

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:

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Dealing in Securities by a Director

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:

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Change in Sponsor

In accordance with paragraph 2.6A of the JSE Listings Requirements, shareholders are advised that Nedbank Capital will no longer be acting in the capacity as Sponsor to SacOil with effect from 1 December 2014. PSG Capital Limited has been appointed as Sponsor with effect from the same date.

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Reviewed Interim Results for the six months ended 31 August 2014

Reviewed Interim Results for the six months ended 31 August 2014

Highlights

• Cementing of Board and executive team
• Transition from development to production initiated
• Acquisition of 20% interest in Nigeria’s OPL 233 completed; seismic survey initiated
• Completion of satellite imagery survey for Botswana assets and ESIA initiation in Malawi
• Strategic entry into Egypt through 100% acquisition of Lagia Oil Field
• Active review of capital structure and funding options

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