on Mac OS X Sierra (10.12.5) with eXult 1.5.0git just follow the documenttion rules that i quote below:
"When you run Exult it will automatically recognize that BG and SI are installed. You do not need to edit exult.cfg"
basically just create a directory blackgate :
mkdir /Library/Application\ Support/Exult/blackgate/
or use the finder to do it (you will need to have activated the display of Library directory in finder view options)
get your original version of Ultima VII Black Gate (i used the french version La Porte Noire and it works in french speech...) and copy the directory GAMEDAT and STATIC in blackgate directory, that's all ! (or almost perheaps you should remove the exult.cfg file as quoted "If you followed all the instructions and Exult still won't recognize the games, you can try deleting exult.cfg in ~/Library/Preferences and then start Exult.")
before starting exult you should have this:
ls /Library/Application\ Support/Exult/blackgate/
GAMEDAT STATIC
ls /Library/Application\ Support/Exult/blackgate/GAMEDAT/
ACTION.DAT OPTIONS.CFG U7IREG11 U7IREG27 U7IREG3D U7IREG53 U7IREG68 U7IREG7D
AV_FLAGS.DAT PARTY U7IREG12 U7IREG28 U7IREG3E U7IREG54 U7IREG69 U7IREG7E
FLAGINIT PATH.DAT U7IREG13 U7IREG29 U7IREG3F U7IREG55 U7IREG6A U7IREG7F
FRAMES.FLG RANDSEED.DAT U7IREG14 U7IREG2A U7IREG40 U7IREG56 U7IREG6B U7IREG80
GAMETIMA.DAT U7IBUF.DAT U7IREG15 U7IREG2B U7IREG41 U7IREG57 U7IREG6C U7IREG81
GAMETIMB.DAT U7IREG00 U7IREG16 U7IREG2C U7IREG42 U7IREG58 U7IREG6D U7IREG82
GAMETIMC.DAT U7IREG01 U7IREG17 U7IREG2D U7IREG43 U7IREG59 U7IREG6E U7IREG83
GAMETIMD.DAT U7IREG02 U7IREG18 U7IREG2E U7IREG44 U7IREG5A U7IREG6F U7IREG84
GAMETIME.DAT U7IREG03 U7IREG19 U7IREG2F U7IREG45 U7IREG5B U7IREG70 U7IREG85
GAMETIMF.DAT U7IREG04 U7IREG1A U7IREG30 U7IREG46 U7IREG5C U7IREG71 U7IREG86
GAMETIMG.DAT U7IREG05 U7IREG1B U7IREG31 U7IREG47 U7IREG5D U7IREG71.$$$ U7IREG87
GAMETIMH.DAT U7IREG06 U7IREG1C U7IREG32 U7IREG48 U7IREG5E U7IREG72 U7IREG88
GAMETIMI.DAT U7IREG07 U7IREG1D U7IREG33 U7IREG49 U7IREG5F U7IREG73 U7IREG89
GAMETIMJ.DAT U7IREG08 U7IREG1E U7IREG34 U7IREG4A U7IREG60 U7IREG74 U7IREG8A
GAMETIMK.DAT U7IREG09 U7IREG1F U7IREG35 U7IREG4B U7IREG61 U7IREG75 U7IREG8B
GAMETIML.DAT U7IREG0A U7IREG20 U7IREG36 U7IREG4C U7IREG62 U7IREG76 U7IREG8C
GAMETIMM.DAT U7IREG0B U7IREG21 U7IREG37 U7IREG4D U7IREG63 U7IREG77 U7IREG8D
GUMPMGR.DAT U7IREG0C U7IREG22 U7IREG38 U7IREG4E U7IREG64 U7IREG78 U7IREG8E
IDENTITY U7IREG0D U7IREG23 U7IREG39 U7IREG4F U7IREG65 U7IREG79 U7IREG8F
ITEMNODE.DAT U7IREG0E U7IREG24 U7IREG3A U7IREG50 U7IREG65.$$$ U7IREG7A U7NBUF.DAT
MAPCOORD.DAT U7IREG0F U7IREG25 U7IREG3B U7IREG51 U7IREG66 U7IREG7B U7_OSTIA.DAT
MISSTRAC.DAT U7IREG10 U7IREG26 U7IREG3C U7IREG52 U7IREG67 U7IREG7C WEATHER.DAT
ls /Library/Application\ Support/Exult/blackgate/STATIC/
ADLIB.ADV NPCFLAG.DAT U7IFIX0C U7IFIX25 U7IFIX3E U7IFIX57 U7IFIX70 U7IFIX89
ADLIBMUS.DAT OCCLUDE.DAT U7IFIX0D U7IFIX26 U7IFIX3F U7IFIX58 U7IFIX71 U7IFIX8A
ADLIBSFX.DAT PALETTES.FLX U7IFIX0E U7IFIX27 U7IFIX40 U7IFIX59 U7IFIX72 U7IFIX8B
AMMO.DAT POINTERS.SHP U7IFIX0F U7IFIX28 U7IFIX41 U7IFIX5A U7IFIX73 U7IFIX8C
ARMOR.DAT READY.DAT U7IFIX10 U7IFIX29 U7IFIX42 U7IFIX5B U7IFIX74 U7IFIX8D
CHKLIST.CPS SBDIG.ADV U7IFIX11 U7IFIX2A U7IFIX43 U7IFIX5C U7IFIX75 U7IFIX8E
ENDGAME.DAT SCHEDULE.DAT U7IFIX12 U7IFIX2B U7IFIX44 U7IFIX5D U7IFIX76 U7IFIX8F
ENDSCORE.XMI SHAPES.VGA U7IFIX13 U7IFIX2C U7IFIX45 U7IFIX5E U7IFIX77 U7INTRO.TIM
ENDSHAPE.FLX SHPDIMS.DAT U7IFIX14 U7IFIX2D U7IFIX46 U7IFIX5F U7IFIX78 U7MAP
EQUIP.DAT SPRITES.VGA U7IFIX15 U7IFIX2E U7IFIX47 U7IFIX60 U7IFIX79 U7SPEECH.SPC
FACES.VGA TEXT.FLX U7IFIX16 U7IFIX2F U7IFIX48 U7IFIX61 U7IFIX7A U7STRAX.DRV
FONTS.VGA TFA.DAT U7IFIX17 U7IFIX30 U7IFIX49 U7IFIX62 U7IFIX7B U7VOICE.FLX
GUMPS.VGA U7CHUNKS U7IFIX18 U7IFIX31 U7IFIX4A U7IFIX63 U7IFIX7C USECODE
INITGAME.DAT U7IFIX00 U7IFIX19 U7IFIX32 U7IFIX4B U7IFIX64 U7IFIX7D WEAPONS.DAT
INTROADM.DAT U7IFIX01 U7IFIX1A U7IFIX33 U7IFIX4C U7IFIX65 U7IFIX7E WGTVOL.DAT
INTROPAL.DAT U7IFIX02 U7IFIX1B U7IFIX34 U7IFIX4D U7IFIX66 U7IFIX7F WIHH.DAT
INTRORDM.DAT U7IFIX03 U7IFIX1C U7IFIX35 U7IFIX4E U7IFIX67 U7IFIX80 XFORM.TBL
INTROSND.DAT U7IFIX04 U7IFIX1D U7IFIX36 U7IFIX4F U7IFIX68 U7IFIX81 XMIDI.AD
LINKDEP1 U7IFIX05 U7IFIX1E U7IFIX37 U7IFIX50 U7IFIX69 U7IFIX82 XMIDI.MT
LINKDEP2 U7IFIX06 U7IFIX1F U7IFIX38 U7IFIX51 U7IFIX6A U7IFIX83
MAINSHP.FLX U7IFIX07 U7IFIX20 U7IFIX39 U7IFIX52 U7IFIX6B U7IFIX84
MONSTERS.DAT U7IFIX08 U7IFIX21 U7IFIX3A U7IFIX53 U7IFIX6C U7IFIX85
MT32MPU.ADV U7IFIX09 U7IFIX22 U7IFIX3B U7IFIX54 U7IFIX6D U7IFIX86
MT32MUS.DAT U7IFIX0A U7IFIX23 U7IFIX3C U7IFIX55 U7IFIX6E U7IFIX87
MT32SFX.DAT U7IFIX0B U7IFIX24 U7IFIX3D U7IFIX56 U7IFIX6F U7IFIX88
you do not need to do all is written in:
http://exult.info/docs.php#path_config_osx