Efora Energy : Finalisation 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')

FINALISATION ANNOUNCEMENT IN RESPECT OF PROPOSED RIGHTS OFFER TO EFORA SHAREHOLDERS

Shareholders are referred to the announcement released by the Company on SENS and in the press on 17 July 2017 advising shareholders that the Company intends to undertake a renounceable rights offer to raise R600 million, before expenses ('Rights Offer'). In terms of the Rights Offer, the Company will offer 1.2 billion ordinary shares ('Offer Shares') to Efora shareholders at a subscription price of R0.50 per Offer Share, in the ratio of 324.56012 Offer Shares for every 100 ordinary shares held ('Entitlement') on the record date of the Rights Offer, being Friday, 27 July 2018.

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.

Shareholders are further advised that the Company has received formal approval for the Rights Offer circular ('Circular') from the Issuer Regulation Division of the JSE Limited and, accordingly, the Rights Offer will be implemented in accordance with the salient dates and times set out below, which are the same as those published on 17 July 2018.

	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.

RIGHTS OFFER CIRCULAR

The Circular containing full details of the Rights Offer and a Form of Instruction in respect of a letter of allocation reflecting the Entitlement of Efora shareholders to the Offer Shares, will be posted to certificated shareholders on Wednesday, 25 July 2018.

The Circular will be posted to dematerialised shareholders on Monday, 30 July 2018.

The Circular will be available for viewing on Efora's website at www.eforaenergy.com/investor-centre/circulars/?id=18 from Thursday, 19 July 2018.

Corporate Advisor and Sponsor

PSG Capital

19 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.