EEL 201802150071A
Resignation of Auditor
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”)
RESIGNATION OF AUDITOR
In terms of the JSE Limited Listings Requirements, a listed
company is required to advise shareholders once it receives
notice from its external auditors of their resignation.
Efora hereby advises shareholders that the Company’s external
auditors, Ernst & Young Incorporated (“EY”) have resigned as
auditors of Efora with immediate effect.
EY’s reasons for resigning is the history of going concern
emphasis for Efora, breakdown in internal financial processes
at the Company’s subsidiary Afric Oil Group (“Afric Oil”) as
well as various reportable irregularities issued on Afric Oil
related to certain activities prior to the acquisition date.
Efora believes that since concluding the Afric Oil acquisition
it has introduced adequate financial controls to ensure accurate
and timely reporting. The Board of Directors of Afric Oil, which
have been notified by EY of the existence of these irregularities
in July 2017, have taken the necessary steps and introduced
additional internal controls to ensure that these irregularities
do not continue. In addition, EY advised the Audit Committee of
Afric Oil in October 2017 that all reportable irregularities
were resolved.
The board of Efora has commenced the process of appointing new
auditors and will advise shareholders once new auditors have
been appointed.
Sponsor
PSG Capital Proprietary Limited
15 February 2018
For further information please contact:
Efora Energy Limited
Damain Matroos
+27 (0)10 591 2260
Buchanan (Financial PR adviser)
Ben Romney / Chris Judd
+44 (0)20 7466 5000
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.
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