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Trading Statement

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


In terms of the JSE Limited Listings Requirements, a listed company is required to publish a trading
statement as soon as it becomes reasonably certain that the financial results for the next period
to be reported on will differ by 20% or more from the financial results for the previous
corresponding period.

Shareholders are hereby advised that a reasonable degree of certainty exists that for the six
months ended 31 August 2020 the basic loss per share will be between 38.36 cents per share and
38.52 cents per share compared to basic earnings per share of 0.83 cents per share for the six
months ended 31 August 2019.

The basic headline loss per share is expected to be between 25.00 cents per share and 25.17 cents
per share compared to basic headline earnings per share of 0.85 cents per share for the six months
ended 31 August 2019.

The performance of the Group for the six months ended 31 August 2020 was affected by the
•   The negative impact of developments with Covid-19 on the Group’s fuel distribution
    operations which resulted in a decrease of the gross margin contribution by R13.8 million;
•   Impairments totalling R438.9 million of financial assets and non-financial assets due to the
    following factors:
         o Expiry of the exploration licence for Block III in the DRC;
         o Impact of the settlement agreement concluded with Transnational Corporation of
         o Impact of the deferred payment plan agreed with Encha Group Limited; and
         o The underperformance of the Mena oil and gas assets.

Excluding the impact of these impairments, the Group generated a loss of R1.2 million (August
2019: profit of R2.7 million).

The financial information on which this trading statement is based has not been reviewed or
reported on by the auditor of the Company. The results for the six months ended 31 August 2020
are expected to be published on or about 6 December 2021.

2 December 2021

PSG Capital

For further information please contact:

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

Date: 02-12-2021 10:20:00

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