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Updating Trading Statement for the six month period ended 31 August 2017

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30 Nov 2017

EFORA ENERGY LIMITED

(Formerly SacOil Holdings Limited)

(Incorporated in the Republic of South Africa)

(Registration number 1993/000460/06)

Share Code: EEL

ISIN: ZAE000248258

(“Efora” or “the Company”)

UPDATED TRADING STATEMENT FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2017

Shareholders are referred to the announcement released on the Johannesburg Stock Exchange News Service (“SENS”) on 17 November 2017 in which the Company advised that earnings per share and headline earnings per share for the six months ended 31 August 2017 are expected to be at least 20% higher relative to the prior comparative period (“the Announcement”). The Announcement indicated that the Company would provide a more detailed trading statement which would highlight reasons for this deviation as set out below.

AfricOil

The transformational acquisition of a controlling interest in AfricOil was completed on 31 May 2017 and 3 months results were included in the current period. The total volume sold during the period was 100 million litres (33.3 million per month) and was impacted due to changes in the competitive market. The company also suspended its Zimbabwean operations for the period to refocus the business model in the country, with operations resuming on 1 October 2017. We have also incurred additional costs for the provision of doubtful debt and write downs, coupled with integration related costs. The overall loss for the period is forecast to be around R20 million.

The integration activities are well underway and further information will be provided in the results announcement.

Lagia

Performance at Lagia to date has been impacted due to the delay in the pilot well, but we are pleased to announce that it was spudded on 28 November 2017. The results of this well will be pivotal in establishing a more effective development plan for the overall field, and will also result in increased near-term production from Lagia. Prior to the drilling of the well our strategy was focussed on continuing our detailed analysis of the field, with limited thermal stimulation on existing wells on the field. Despite reduced output and lower than expected revenue of R1.74 million, our efforts to improve cost control at the field delivered a significantly reduced loss of R7.7 million (2016:R20.7 million).

Impairment of financial assets

As previously reported in the period to 31 August 2016, the impact of ongoing litigation, as disclosed in the Directors Report of our 28 February 2017 Annual Report, contributed to a provision for impairment of R164 million. No significant impairments were recorded in the current period.

Foreign exchange gain

The weakening of the Rand against the US$ during the period resulted in foreign exchanges gain of R0.5 million (2016: Loss of R62 million). Future developments within the currency markets will continue to impact the Group’s operations and assets.

As a result of the above, shareholders are advised that the basic loss per share is expected to be between 1.06 cents and 1.66 cents, representing a decrease of between 70% and 80% from the basic loss per share of 6.77 cents recorded for the six months ended 31 August 2016.

The basic headline loss per share, which excludes the impact of any re-measurements of assets or liabilities, is also expected to be between 1.06 cents and 1.66 cents, representing a decrease of between 75% and 84% from the basic headline loss per share of 6.77 cents recorded for the six months ended 31 August 2016.

The net asset value per share as at 31 August 2017 is expected to be between 19.14 cents and 21.24 cents, a decrease of between 20% and 30% when compared to the net asset value per share of 20.99 cents at 31 August 2016.

The results for the six months ended 31 August 2017 will be released on SENS on Thursday, 30 November 2017.

The financial information on which this trading statement is based has not been reviewed, audited or reported on by the Company's external auditors. This statement is issued in compliance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited.

JSE Sponsor

PSG Capital Proprietary Limited

30 November 2017

For further information please contact:

Efora Energy Limited

Damain Matroos

+27 (0)10 591 2260

Buchanan (Financial PR adviser)

Ben Romney / Chris Judd

+44 (0)20 7466 5000

About Efora

Efora Energy Limited is a South African based independent African oil and gas company, listed on the JSE. The Company has a diverse portfolio of assets spanning production in Egypt; exploration and appraisal in the Democratic Republic of Congo; midstream project relating to crude trading in Nigeria and material downstream distribution operations throughout Southern Africa. Our focus as a Group is on delivering energy for the African continent by using Africa’s own resources to meet the significant growth in demand expected over the next decade.