Efora Energy : Declaration Announcement in Respect of Proposed Rights Offer to Efora Shareholders

EFORA ENERGY LIMITED

(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')

DECLARATION ANNOUNCEMENT IN RESPECT OF PROPOSED RIGHTS OFFER TO EFORA SHAREHOLDERS

1. INTRODUCTION

Shareholders are hereby advised that the Efora board has resolved to undertake a renounceable rights offer to Efora shareholders ('Rights Offer'). While the Rights Offer has not been underwritten, the Public Investment Corporation (SOC) Limited ('PIC'), a 60.72% shareholder, has provided Efora with a commitment that it will follow its rights in full.

TERMS OF THE RIGHTS OFFER

In terms of the Rights Offer, the Company will offer 1.2 billion ordinary shares to Efora shareholders at a subscription price equal to R0.50 per share ('Rights Shares'), to raise an amount of R600 million, before expenses, in the ratio of 324.56012 Rights Shares for every 100 ordinary shares held ('Entitlement') on the record date of the Rights Offer, being Friday, 27 July 2018.

The implementation of the Rights Offer is conditional upon the approval thereof by the JSE Limited ('the JSE').

The Rights Shares will, upon allotment and issue, rank pari passu with all other existing Efora shares.

2. SALIENT DATES AND TIMES

The salient dates and times of the Rights Offer are as follows, which dates are subject to approval by the JSE:

	2018
Declaration announcement released on SENS and in the press	Tuesday, 17 July
Finalisation announcement released on SENS	Thursday, 19 July
Publication of the Rights Offer Circular on the website of Efora	Thursday, 19 July
Last day to trade in Ordinary Shares in order to participate in the Rights Offer (cum entitlement)	Tuesday, 24 July
Listing of and trading in the Letters of Allocation under the JSE Code EELN and ISIN ZAE000260188 on the JSE commences at 09:00 on	Wednesday, 25 July
Ordinary Shares commence trading ex-Rights on the JSE at 09:00 on	Wednesday, 25 July
Rights Offer Circular and Form of Instruction distributed to Certificated Shareholders	Wednesday, 25 July
Record Date for determination of Shareholders entitled to participate in the Rights Offer (Initial Record Date)	Friday, 27 July
Rights Offer opens at 09:00 on	Monday, 30 July
Certificated Shareholders will have their Letters of Allocation credited to an electronic account held at the Transfer Secretaries at 9;00	Monday, 30 July
Dematerialised Shareholders will have their accounts at their CSDP or Broker credited with their entitlement at 9;00	Monday, 30 July
Circular, where applicable, posted to Qualifying Dematerialised Shareholders	Monday, 30 July
Last day for trading Letters of Allocation on the JSE	Monday,6 August
Form of Instruction lodged by Certificated Shareholders wishing to sell all or part of their entitlement at the Transfer Secretaries by 12:00	Monday, 6 August
Listing of Rights Offer Shares and trading therein on the JSE commences	Tuesday, 7 August
Rights Offer closes at 12:00. Payment to be made and Form of Instruction lodged by Certificated Shareholders wishing to renounce or subscribe for all or part of the entitlement at the Transfer Secretaries* on	Friday, 10 August
Record Date for the Letters of Allocation (Final Record Date)	Friday, 10 August
Rights Offer Shares issued and posted to Shareholders in certificated form (where applicable) on or about	Monday, 13 August
CSDP or Broker accounts in respect of Dematerialised Shareholders will be updated with Rights Offer shares and debited with any payments due on	Monday, 13 August
Results of Rights Offer announced on SENS	Monday, 13 August
In respect of successful excess applications (if applicable), Rights issue Shares issued to Qualifying Dematerialised Shareholders and/or Share certificates posted to Qualifying Certificated Shareholders on or about	Wednesday, 15 August
In respect of unsuccessful excess applications (if any), Refund payments made to Certificated Shareholders on or about	Wednesday, 15 August

Notes:

1. Unless otherwise indicated, all times indicated above are South African times.
2. Shareholders may not dematerialise or rematerialise their shares between Wednesday 25 July 2018 and Friday 27 July 2018, both dates inclusive.
3. Any amendments to the above dates and times will be announced on SENS.

3. RIGHTS OFFER CIRCULAR

A circular containing full details of the Rights Offer and incorporating a form of instruction in respect of a letter of allocation reflecting the Entitlement of Efora shareholders to the Rights Shares ('Letter of Allocation'), will be posted to shareholders in due course ('Circular').

The Letters of Allocation are negotiable and will be listed on the JSE under the share code EELN and ISIN ZAE000260188. The Rights Shares cannot be traded before such shares are listed on the JSE.

Shareholders are referred to the Circular for the procedures for acceptance, sale or renunciation of their Entitlement to the Rights Shares.

4. JURISDICTION

All transactions arising from the provisions of the Circular shall be governed by and be subject to the laws of South Africa. The Rights Offer may be affected by the laws of the relevant jurisdictions of foreign Efora shareholders. Such foreign shareholders should inform themselves about and observe any applicable legal requirements of such jurisdictions in relation to all aspects of the Circular that may affect them, including the Rights Offer. It is the responsibility of any foreign Efora shareholder to satisfy himself/herself as to the full observation of the laws and regulatory requirements of the relevant jurisdiction in connection with the Rights Offer, including the obtaining of any governmental, exchange control or other consent or the making of any filings which may be required, the compliance with other necessary formalities, the payment of any issue, transfer or other taxes or requisite payments due in such jurisdiction. The Rights Offer is further subject to any other applicable laws and regulations, including the Exchange Control Regulations. Any foreign Efora shareholder who is in doubt as to his/her position, including, without limitation, his/her tax status, should consult an appropriate independent professional advisor in the relevant jurisdiction without delay.

Corporate Advisor and Sponsor

PSG Capital

17 July 2018

For further information please contact:

Efora Energy Limited

Damain Matroos

[phone]

Buchanan (Financial PR adviser)

Ben Romney / Chris Judd

[phone]

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 in the Democratic Republic of Congo; midstream project relating to crude trading in Nigeria and material downstream distribution operations throughout South Africa and Zimbabwe. 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 decade.