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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”) and the consolidated annual financial results for the year ended
28 February 2022 (“2022 Results”). As noted in the last announcement issued by the Company on
the Stock Exchange News Service (“SENS”) on 22 July 2022 (“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”) audit for that financial year, which is
essential to the preparation of the consolidated 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, the Company has now been informed that Derek Arrow and Associates
(“DA&A”) has completed the Afric Oil audit required to finalise the 2021 Results and is now performing
quality control procedures in preparation for the delivery of its report to SizweNtsalubaGobodo Grant
Thornton Inc. (“SNG GT”), the auditor of Efora. The Company has not been informed of the exact
timing of such reporting but anticipates that once DA&A has formally reported to SNG GT, it would
be able to publish the 2021 Results within 6 weeks thereof.
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 as at 28 February 2022 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 audit for the year ended 28 February 2022 as soon as the 2021 Results are published.
The Company will provide a further update regarding the expected timing of the publication of the
2022 Interim Results and 2022 Results, in due course.
Johannesburg
26 October 2022
Sponsor
PSG Capital
For further information please contact:
Efora Energy Limited
Darrin Arendse
+27 (0)10 591 2260
Date: 26-10-2022 12:50:00
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