Resignation of Auditor
EFORA ENERGY LIMITED
Formerly SacOil Holdings Limited)
Incorporated in the Republic of South Africa)
Registration number 1993/000460/06)
JSE Share Code: EEL
“Efora” or “the Company”)
RESIGNATION OF AUDITOR
In terms of the JSE Limited Listings Requirements, a listed company is required to advise shareholders once it receives notice from its external auditors of their resignation.
Efora hereby advises shareholders that the Company’s external auditors, Ernst & Young Incorporated (“EY”) have resigned as auditors of Efora with immediate effect.
EY’s reasons for resigning is the history of going concern emphasis for Efora, breakdown in internal financial processes at the Company’s subsidiary Afric Oil Group (“Afric Oil”) as well as various reportable irregularities issued on Afric Oil related to certain activities prior to the acquisition date.
Efora believes that since concluding the Afric Oil acquisition it has introduced adequate financial controls to ensure accurate and timely reporting. The Board of Directors of Afric Oil, which have been notified by EY of the existence of these irregularities in July 2017, have taken the necessary steps and introduced additional internal controls to ensure that these irregularities do not continue. In addition, EY advised the Audit Committee of Afric Oil in October 2017 that all reportable irregularities were resolved.
The board of Efora has commenced the process of appointing new auditors and will advise shareholders once new auditors have been appointed.
PSG Capital Proprietary Limited
15 February 2018
For further information please contact:
Efora Energy Limited
+27 (0)10 591 2260
Buchanan (Financial PR adviser)
Ben Romney / Chris Judd
+44 (0)20 7466 5000
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; 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.
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