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” 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 following the late publication of the consolidated annual financial results for the year ended 28 February 2021 (“2021 Annual Results”). Efora published the 2021 Annual Results on 16 May 2023 and subsequently published the results for the six months ended 31 August 2021 and the year ended 28 February 2022 on 27 November 2023. Trading in the Company’s shares remains suspended due to the resultant late publication of the financial results for the six-month periods ended 31 August 2022 (“2023 Interim Results”) and 31 August 2023 (“2024 Interim Results”), and the consolidated annual financial statements for the year ended 28 February 2023 (“2023 EEL AFS”). 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.

2023 Interim Results and 2023 EEL AFS

The review and audit of the 2023 Interim Results and the 2023 EEL AFS, respectively, commenced on 20 November 2023. The review and audit are still ongoing and Efora anticipates that all review and audit work will be completed by 28 February 2024. Efora will in due course provide further updates regarding the expected timing of the publication of the 2023 Interim Results and 2023 EEL AFS.

2024 Interim Results

The publication of the 2023 Interim Results and 2023 EEL AFS will enable the Company to focus on the finalisation and publication of the 2024 Interim Results. Anticipated review work relating to these results is yet to commence. Efora will in due course provide further updates regarding the expected timing of the publication of these outstanding financial results.

Operational update

The operational update in the announcement issued by the Company on 31 October 2023 on the Stock Exchange News Service (“SENS”) refers, wherein the Company reported that it expected the Alrode Depot, which it rented at the time under a lease agreement with Force Fuels Properties Proprietary Limited (“Lease Agreement”), to become operational in November 2023. The Alrode Depot is now fully operational and the Company’s wholly owned subsidiary, Efora Holdings Proprietary Limited, sells diesel and other fuel products to bulk customers in various industries. In a subsequent announcement issued by the Company on 11 January 2024 on SENS, it reported that it had exercised its right under the Lease Agreement and had concluded agreements for the purchase of the Alrode Depot for a total consideration of R3.8 million. The transfer of ownership of the Alrode Depot is expected to occur on or about 29 February 2024.

The Company will provide further updates on the status of the outstanding financial results and on its operations in due course.

Johannesburg
31 January 2024

Sponsor
PSG Capital

For further information please contact:

Efora Energy Limited
Darrin Arendse
+27 (0)10 591 2260

Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.