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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 12 April 2022, the main challenge which the Company faces in relation to the
finalisation of the 2021 Results, is 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. 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
The announcement released on SENS, dated 12 April 2022, refers. The Afric Oil audit for the
year ended 28 February 2021, which the Company had anticipated would be completed by
31 May 2022, is still ongoing. The audit has been impacted by additional work required
pursuant to the appointment of the new auditor and the move of Afric Oil employees,
previously responsible for this audit, over to Royale Energy Limited. Afric Oil was a key
subsidiary of the Group as at 28 February 2021, and as such, its results for the year then
ended are critical for the completion of the outstanding Group results. Management is
prioritising the completion of the audit and will provide further updates regarding its
expectation of when the outstanding 2021 Results will be published. Overall, all audits of the
other Group companies for the year ended 28 February 2021 have been finalised.
2021 Interim Results
The publication of the 2021 Results will enable management to focus on the 2021 Interim
Results which management anticipates publishing within 8 weeks from the publication of the
2021 Results. The Company has arrived at this conclusion after taking into account that it
does not anticipate that the 2021 Interim Results will require a review.
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. Management 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 further updates regarding its expectation of when
the outstanding 2022 Results can be published.
Johannesburg
22 July 2022
Sponsor
PSG Capital
For further information please contact:
Efora Energy Limited
Darrin Arendse
+27 (0)10 591 2260
Date: 22-07-2022 03:30:00
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