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 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 22 July 2022 (“Last Update”), the main challenge which the Company faced in relation to the finalisation of the 2021 Results, was 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. Afric Oil was a material subsidiary of the Company prior to its disposal to Royale Energy Proprietary Limited (“Royale”) on 1 March 2022. 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.
Further to the Last Update, the Company has now been informed that Derek Arrow and Associates (“DA&A”) has completed the Afric Oil audit required to finalise the 2021 Results and is now performing quality control procedures in preparation for the delivery of its report to SizweNtsalubaGobodo Grant Thornton Inc. (“SNG GT”), the auditor of Efora. The Company has not been informed of the exact timing of such reporting but anticipates that once DA&A has formally reported to SNG GT, it would be able to publish the 2021 Results within 6 weeks thereof.
2022 Interim Results
The publication of the 2021 Results will enable the Company to focus on the 2022 Interim 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. The Company 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 a further update regarding the expected timing of the publication of the 2022 Interim Results and 2022 Results, in due course.
26 October 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: 26-10-2022 13:30:00
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