CIRCULAR TO SACOIL SHAREHOLDERS

Regarding

• the approval of the proposed change of name to Efora Energy Limited;
• the restructuring of SacOil’s stated capital by consolidating its authorised and issued stated capital on the basis of 10 to 1 by the consolidation of every 10 Ordinary Shares of no par value into 1 Ordinary Share of no par value;
• relevant amendments to the Memorandum of Incorporation (“MOI”);

and incorporating

• a form of surrender (yellow) with regards to the proposed Name Change and Share Consolidation (to be used by Certificated SacOil Shareholders only).

Please note that the:

• notice convening the Annual General Meeting; and
• form of proxy to vote at the Annual General Meeting (for use only by Certificated SacOil Shareholders and Own Name Dematerialised SacOil Shareholders), are attached to, and forms part of the SacOil Integrated Annual Report, together with which this Circular is being distributed to SacOil Shareholders.