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Resignation of Director

(Formerly SacOil Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: EEL
ISIN: ZAE000248258
(“Efora” or “the Company”)


In accordance with paragraph 3.59(b) of the JSE Limited Listings Requirements, the board of directors of the Company (“the Board”) wishes to advise that Dr Thabo Kgogo has resigned as CEO of the Company with effect from 30 January 2019 in order to pursue other interests.

The Board has commenced a process of identifying a suitable replacement and shareholders will be advised as soon as such appointment has been made.

Commenting on the news, Efora’s Chairman said:

“We thank Dr Kgogo for his considerable contribution to the company’s development in the past few years. We respect his decision to step down from the role and feel that he leaves the company in a strong position to grow by leveraging the platform that he has helped develop. We wish him well with his future endeavours and appreciate his help in ensuring a smooth handover of responsibilities.”

Dr Kgogo added:

“I am very honoured to have served at the helm of Efora over the past couple of years. When I first took over the position of CEO, Efora, or SacOil as it was then, the company operated a much riskier portfolio of assets, focussed more heavily on upstream exploration.

Following a considered and thorough review of our corporate strategy with our Board, it was agreed that we should derisk the business and develop a portfolio focused on cash generation that would support future growth in line with our strategy of becoming a fully integrated operator, and I feel that we have been wholly successful in delivering that strategy.

The transformational acquisition of Afric Oil formed a pivotal event in our diversification, significantly increasing our exposure to the downstream market, and has formed a robust platform from which the business can continue to grow.

I will assist the Board in an orderly handover of duties and am confident in the Board’s ability to leverage the current portfolio to deliver long term growth for all our shareholders.”

25 October 2018

PSG Capital


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