Interim Court Order Issued Against Material Subsidiary
EFORA ENERGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: EEL
(“Efora” or “the Company”)
INTERIM COURT ORDER ISSUED AGAINST MATERIAL SUBSIDIARY
Shareholders are advised that the Unemployment Insurance Fund (“UIF”) has obtained an Interim Court Order against Afric Oil Proprietary Limited (“Afric Oil”), a material subsidiary of the Company, the effect of which is to take possession of moveable and immoveable assets of Afric Oil pursuant to the terms of the loan agreement between the parties. Under the terms of this loan agreement, the UIF advanced R210.0 million to Afric Oil in February 2017 of which R196.1 million remains due and payable as 28 February 2021. Afric Oil is in breach of loan covenants and is also now in arrears on the loan repayments.
Afric Oil has been given until 20 April 2021 to file an opposing affidavit and the return date is 26 April 2021. The Board of Afric Oil is currently seeking legal advice on the matter.
14 April 2021
For further information please contact:
Efora Energy Limited
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; a 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.
IMPORTANT NOTICE TO SHAREHOLDERS REGARDING THEIR SHARES
If you are in any doubt as to what action you should take, consult your CSDP, Broker, Banker, Legal Adviser, Accountant or other professional advisers immediately.
Or visit our Shareholder Information page for more information regarding your shareholding and share certificate.