OAKBAY RESOURCES AND ENERGY LIMITED - Trading Statement

Trading Statement

Oakbay Resources and Energy Limited
(Incorporated in the Republic of South Africa)
Registration number: 2009/021537/06
Share code: ORL
ISIN: ZAE000196085
(“the Company”)


                                TRADING STATEMENT


In accordance with paragraph 3.4(b) of the JSE Limited (“JSE”) Listings Requirements,
companies are required to inform shareholders as soon as there is a reasonable
degree of certainty that the results to be reported on next, are likely to vary by at least
20% in comparison to those of the previous corresponding period.

Further to the above, shareholders are advised that the Company expects to report
the following trading results for the six months ended 31 August 2016:

*   A loss for the six months ended 31 August 2016 of R65.174 million being a
     deterioration of 49.8% in comparison to the previously reported loss for the six
     months ended 31 August 2015 of R43.510 million (as restated);
*   a loss attributable to equity holders of the parent for the six months ended 31
     August 2016 of R42.411 million being a deterioration of 26.3% in comparison to
     the loss attributable to equity holders of the parent of R33.589 million as reported
     for six months ended 31 August 2015 (as restated);
*    a headline loss attributable to the equity holders of the parent ordinary
     shareholders for the six months ended 31 August 2016 of R42.411 million being
     a deterioration of 26.3% in comparison to the headline loss attributable to
     ordinary shareholders of R33.589 million as reported for the six months ended
     31 August 2015 (as restated);
*   a basic loss per share for the six months ended 31 August 2016 of 5.30 cents
     being a deterioration of 26.2% in comparison to the basic loss per share as
     reported of 4.20 cents as reported for the six months ended 31 August 2015 (as
     restated); and
*   a headline loss per share for the six months ended 31 August 2016 of 5.30 cents
     being a deterioration of 26.2% in comparison to the headline loss per share of
     4.20 cents as reported for the six months ended 31 August 2015 (as restated).

The increased loss incurred during the six months under review was mainly due to the
effect of an additional R61 million in depreciation and amortisation charges.

The above information has not been reviewed or reported on by the Company’s
auditors.

The Company’s interim results for the six months ended 31 August 2016 are expected
to be released on SENS on or about 30 November 2016.

Johannesburg
28 November 2016
Sponsor and Corporate Advisor
River Group

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