Interim Court Order Issued Against Material Subsidiary

Interim Court Order Issued Against Material Subsidiary

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


Shareholders are advised that the Unemployment Insurance Fund ("UIF") has obtained an
Interim Court Order against AfricOil Proprietary Limited ("AfricOil"), a material subsidiary of
the Company, the effect of which is to take possession of moveable and immoveable assets
of AfricOil pursuant to the terms of the loan agreement between the parties. Under the terms
of this loan agreement, the UIF advanced R210.0 million to AfricOil in February 2017 of which
R196.1 million remains due and payable as 28 February 2021. AfricOil is in breach of loan
covenants and is also now in arrears on the loan repayments.

AfricOil has been given until 20 April 2021 to file an opposing affidavit and the return date is
26 April 2021. The Board of AfricOil is currently seeking legal advice on the matter.

14 April 2021

PSG Capital

For further information please contact:

Efora Energy Limited
Damain Matroos
+27 (0)10 591 2260

About Efora

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; a 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

Date: 14-04-2021 02:13:00
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.