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")

CATEGORY 2 ACQUISITION ANNOUNCEMENT

1.   INTRODUCTION

     Shareholders are advised that on 19 December 2023, the Company entered into
     agreements ("Agreements") with Force Fuel Properties Proprietary Limited ("FFP") and
     Force Fuel Proprietary Limited ("FF") (both in liquidation). The beneficial owner of both
     entities is Labat Africa Limited, in terms of which the Company will purchase the
     immovable property described as Erf 382 Alrode Extension 5 Township ("the Property")
     from FFP and certain movable assets ("Movable Assets") from FF ("the Sellers") for a
     total purchase consideration of R3 800 000 ("Purchase Consideration") ("the
     Acquisition"). The Purchase Consideration reflects the fair value of both the Property
     and the Movable Assets ("the Assets") and there is no profit associated with the Assets.

2.   DESCRIPTION OF THE ACQUSITION

     The Property is situated in the province of Gauteng, measuring 3 600 square metres with
     the physical address at 34 Flamink Road, Alrode Extension 5, Alberton, Gauteng. The
     Movable Assets comprise of office furniture, fuel pumps and other assets which are
     detailed in an annexure of the Agreements.

3.   RATIONALE FOR THE ACQUISITION

     The Acquisition will serve to support the wholesale pillar of the Company's overall
     business strategy and will provide storage in a key industrial node, close to major oil
     companies, which supports the Company's supply chain either directly or indirectly.

4.   PURCHASE CONSIDERATION

     The Purchase Consideration payable by the Company to the Sellers in terms of the
     Agreements is R3 800 000 (three million eight hundred thousand Rand) of which the
     consideration for the acquisition of the Property is R3 600 000 (three million six hundred
     thousand Rand) and the consideration for the acquisition of the Moveable Assets is
     R200 000 (two hundred thousand Rand). The Purchase Consideration will be paid by the
     Company on the date of the transfer of ownership of the Property from the Sellers to the
     Company in the applicable deeds registry.

     The Purchase Consideration will be funded by the Company from available cash
     resources.

5.   CONDITIONS PRECEDENT

     At the date of this SENS announcement, the Board of Directors of the Company has
     approved the Acquisition and there are no conditions precedent.

6.   EFFECTIVE DATE OF THE ACQUISITION

     The effective date of the Acquisition is anticipated to be the date of transfer of the
     ownership of the Property from the Sellers to the Company which is expected to occur on
     or about 29 February 2024.

7.   OTHER SIGNIFICANT TERMS OF THE AGREEMENTS

     The Property is sold voetstoots and as it stands, and subject to all title deed conditions
     contained in the title deed in respect of the Property. The Seller gives no warranties and
     undertakings and makes no representations of any nature in respect of the Property.

8.   CLASSIFICATION OF THE ACQUISITION

     The Acquisition constitutes a category 2 transaction in terms of the JSE Limited Listings
     Requirements.

Johannesburg
11 January 2024

Sponsor
Corporate Adviser

PSG Capital

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