Quarterly Update Announcement
EFORA ENERGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: EEL
(“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 results for the year ended 28 February 2021 (“2021 YE Results”), and the resultant late publication of the results for the six months ended 31 August 2021 (“2021 Interims”) and the year ended 28 February 2022 (“2022 YE Results”). As referred to in our last announcement issued on the Stock Exchange News Service on 12 April 2022, the main challenge which the Company faces is the finalisation of the consolidated 2021 YE Results which is dependent on the completion of the Afric Oil Proprietary Limited (“Afric Oil”) audit for that financial year. 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 trade in the Company’s shares.
2021 YE Results
The announcement dated 12 April 2022 refers. The Afric Oil audit for the year ended 28 February 2021 which we 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 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 our expectation of when we can publish the outstanding 2021 YE Results. Overall, all audits of the other Group companies for the year ended 28 February 2021 have been finalised.
The publication of the 2021 YE Results will enable us to focus on the 2021 Interims which we anticipate can be published within 8 weeks from the publication of the 2021 YE Results. We have arrived at this conclusion after taking into account that we do not anticipate that the 2021 Interims will require a review.
2022 YE Results
Various audits of the Group companies at 28 February 2022 are yet to commence and have been impacted by the delay in the finalisation of the 2021 YE Results. We plan to commence the audits for the year ended 28 February 2022 as soon as the 2021 YE Results are published. Management will provide further updates regarding our expectation of when we can publish the outstanding 2022 YE Results.
22 July 2022
For further information please contact:
Efora Energy Limited
+27 (0)10 591 2260
Efora Energy Limited is a South African based independent African oil and gas company, listed on the JSE. 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.
Date: 22-07-2022 03:30:00
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IMPORTANT NOTICE TO SHAREHOLDERS REGARDING THEIR SHARES
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