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    EEL   ZAE000248258

EFORA ENERGY LIMITED

(EEL)
  Report
End-of-day quote. End-of-day quote Johannesburg Stock Exchange - 10/12
0.12 ZAR   0.00%
04/28EFORA ENERGY  : Appointment of Director
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2020EFORA ENERGY  : and Transcorp Settle Legal Disputes on Opl 281
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2020EFORA ENERGY  : Updated Trading Statement
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Efora Energy : Update on Encha Payment

08/28/2020 | 04:07am EDT

EFORA ENERGY LIMITED

(Formerly SacOil Holdings Limited)

(Incorporated in the Republic of South Africa)

(Registration number 1993/000460/06)

Share Code: EEL

ISIN: ZAE000248258

('Efora' or 'the Company')

Update on Encha Payment

Shareholders are referred to the announcement released on SENS on 22 November 2019 wherein the Company provided an update on Encha Group Limited's ('Encha') indebtedness to the Company (collectively 'the Parties') pursuant to an arbitration appeal award of R75.0 million plus interest and costs ('Judgement Debt'). The Company obtained a court order on 27 July 2020 to make the arbitration appeal award an order of the court.

The Board, together with its advisors, evaluated the financial performance and position of Encha, took into account the current macro-economic realities and considered various alternative legal mechanisms to recover the Judgement Debt which remains outstanding, following which the Board concluded it would be in the best interest of all its stakeholders to reach a compromise with Encha. The Parties have therefore agreed on an amount of R85.75 million, which will be settled over a four year period. Under the terms of the compromise R5 million was paid and R750,000 relating to taxed costs will become due in 30 days. Thereafter, R20 million becomes due and payable on 30 June each year over a four year period.

Efora has reserved its rights to recover the full Judgement Debt in the event that Encha fails to pay any amounts under the compromise as they become due and payable.

Encha will be required to ensure that its auditors provide an audit certificate to Efora reflecting its net asset value by 30 April of each year, whilst any portion of the R85.75 million remains outstanding.

Sponsor

PSG Capital

25 August 2020

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; 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 decade.

Disclaimer

Efora Energy Limited published this content on 25 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 August 2020 08:07:06 UTC


© Publicnow 2020
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Financials
Sales 2020 1 957 M 137 M 137 M
Net income 2020 -20,6 M -1,44 M -1,44 M
Net Debt 2020 138 M 9,64 M 9,64 M
P/E ratio 2020 -7,51x
Yield 2020 -
Capitalization 132 M 9,26 M 9,27 M
EV / Sales 2019 0,17x
EV / Sales 2020 0,15x
Nbr of Employees 113
Free-Float 10,1%
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Income Statement Evolution
Managers and Directors
NameTitle
Darrin G. Arendse Chief Executive Officer
Thabang Monametsi Group Chief Financial Officer & Financial Director
Vuyo Ngonyama Chairman
Jordaan Fouche Vice President-Technical & New Business
Sebenzile Patrick Mngconkola Lead Independent Director
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