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Quarterly update announcement
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
Date: 31-01-2024 04:10:00
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