Update on Mozambique Opportunity & Withdrawal of Cautionary Announcement

Source: www.gulfoilandgas.com 3/31/2014, Location: Africa

Shareholders are referred to the cautionary announcement published on 24 February 2014 and are advised that SacOil and The Public Investment Corporation (SOC) Limited ("PIC") have now entered into a Memorandum of Understanding ("MoU") dated 31 March 2014 with The Instituto De Gestao Das Participaçoes Do Estado ("IGEPE"). IGEPE is an entity that manages investment portfolios and shares on behalf of the Government of the Republic of Mozambique in commercial ventures. SacOil is a South African based independent African oil and gas company listed on the JSE and AIM.

The MoU, which builds on and replaces the relationship outlined in the Expression of Interest between the parties dated 19 February 2014, is intended to regulate the relationship between the parties with regard to:

- assuring the supply of natural gas and energy security, and opening up and growing the industrial and domestic consumer market for natural gas across Mozambique;
- establishing joint venture companies to, inter alia, build an onshore natural gas central processing facility, a pipeline to link the gas fields in Mozambique with potential customers in Southern Africa (referred to as the "African Renaissance Project" or "ARP") and to develop and grow the natural gas consumer market in South Africa and other Southern African Development Community member states for the supply and distribution of natural gas along the pipeline in Mozambique (referred to as "Gas for the People Project" or "GPP"); and
- establishing ancillary projects such as, but not limited to, a gas-to-liquid plant and a combined cycle gas power plant.

Importantly, both the ARP and GPP are long term projects, and are subject to, amongst other matters, feasibility studies, front end engineering design, detail engineering, market analysis, social impact studies, the conclusion of joint venture agreements by 30 July 2014 or such later date as agreed to in writing by the parties, and the raising of the funding required for the projects. The feasibility studies are subject to the approval of the boards of directors of each of the PIC and SacOil and satisfaction of any other applicable approval processes of these parties.

Further updates in this regard will be provided to SacOil shareholders as and when new developments occur.

Withdrawal of Cautionary Announcement
The board of SacOil has provided shareholders with all information relating to the entering of the MoU and accordingly shareholders are advised that they no longer need to exercise caution when dealing in the Company's securities.

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