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Quarterly update announcement
EFORA ENERGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: EEL
ISIN: ZAE000248258
(“Efora” or “the Company” or together with its subsidiaries “the Group”)
QUARTERLY UPDATE ANNOUNCEMENT
Shareholders of the Company (“Shareholders”) are referred to the ongoing suspension in trading of
the Company’s shares on the Johannesburg Stock Exchange (“JSE”) which came into effect on
9 October 2020. Trading in the Company’s shares remains suspended due to the delay in publication
of the consolidated annual financial results for the year ended 28 February 2021 (“2021 Results”),
and the resultant late publication of the financial results for the six months ended 31 August 2021
(“2022 Interim Results”), the consolidated annual financial results for the year ended
28 February 2022 (“2022 Results”) and the financial results for the six months ended 31 August 2022
(“2023 Interim Results”). As noted in the last announcement issued by the Company on the Stock
Exchange News Service (“SENS”) on 31 January 2023 (“Last Update”), the main challenge which
the Company faced in relation to the finalisation of the 2021 Results, was the delay in the completion
of the Afric Oil Proprietary Limited (“Afric Oil”) annual financial statements for that financial year
(“2021 Afric Oil AFS”), which were essential to the preparation of the 2021 Results. Afric Oil was a
material subsidiary of the Company prior to its disposal to Royale Energy Proprietary Limited
(“Royale”) on 1 March 2022. The purpose of this announcement is to provide an update on the current
state of affairs of the Company and the progress made to date in working towards achieving the
reinstatement of trading in the Company’s shares.
2021 Results
Further to the Last Update, in March 2023 Efora received the audited 2021 Afric Oil AFS from Royale.
The 2021 Results have therefore been prepared after consolidating the 2021 Afric Oil AFS and are
undergoing final review by SizweNtsalubaGobodo Grant Thornton Inc. (“SNG GT”), auditor of the
Company. The Company anticipates publishing the 2021 Results on or about 15 May 2023.
2022 Interim Results
The publication of the 2021 Results will enable the Company to focus on the 2022 Interim Results.
2022 Results
Various audits of the Group companies for the year ended 28 February 2022 (“2022 Audits”) are yet
to commence and have been impacted by the delay in the finalisation of the 2021 Results. The
Company plans to commence with the 2022 Audits as soon as the 2021 Results are published.
2023 Interim Results
The Company will be able to focus on the 2023 Interim Results once the 2022 Results have been
published.
The Company will in due course provide a further update on the expected timing of the publication of
the results for the annual and half-year periods thereafter – 2022 Interim Results, 2022 Results and
2023 Interim Results.
Johannesburg
26 April 2023
Sponsor
PSG Capital
For further information please contact:
Efora Energy Limited
Darrin Arendse
+27 (0)10 591 2260
Date: 26-04-2023 09:00:00
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