19 Jul - 2 min read

Clarification of Change Statement

Clarification of Change Statement

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


Shareholders of the Company (“Shareholders”) are referred to the Change Statement
announcement issued on 1 July 2021 (“Change Statement”) wherein the Company provided
details pertaining to the modification to the reviewed results for the year ended 29 February
2020, previously issued on 31 August 2020 (“Reviewed Results”), following the publication
of the audited results for the year then ended (“Audited Results”) on 1 July 2021.

This announcement serves to clarify that in addition to the change highlighted in the Change
Statement, the Audited Results also include an adverse opinion issued by the auditors of the
Group, SizweNtsalubaGobodo Grant Thornton Inc. (“Auditors”) on the consolidated Audited
Results of the Company, which is a change from the unmodified review conclusion which
highlighted material uncertainties relating to going concern issued in the Reviewed Results.
The Auditors expressed an unmodified opinion, with a material uncertainty relating to going
concern, on the results of the Company which also form part of the Audited Results. The
basis for the adverse opinion is that the consolidated Audited Results are prepared on a going
concern basis which in the Auditors’ judgement is inappropriate. This Auditors’ opinion is
available, along with the full set of annual financial statements, on the Company’s website at

19 July 2021

PSG Capital

For further information please contact:

Efora Energy Limited
Darrin Arendse

+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: 19-07-2021 02:37:00
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