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Mon 20 Jan 2003, 15:59 Zarara Energy Limited - Dealing In Securities By A
ZARARA ENERGY LIMITED                                                           
(Registration number 1895/001078/06)                                            
(Incorporated in the Republic of South Africa)                                  
Share code: ZRR         ISIN ZAE000033080                                       
Dealing In Securities By A Director                                             
In compliance with section 3.72 to 3.75 of the JSE Securities Exchange South    
Africa Listing Requirements, the following information is disclosed:-           
Name of Director              :  Mr Louis Carroll                               
Date of Transaction           :  16 January 2003                                
Number of Shares (Ordinary)   :  19 586                                         
Class of security             :  Ordinary shares                                
Price of  Shares              :  R2.50 per share                                
Date of Transaction           :  16 January 2003                                
Number of Shares (Ordinary)   :  114 222                                        
Class of security             :  Ordinary shares                                
Price of  Shares              :  R2.25 per share                                
Nature of Transaction         :  Sale                                           
Nature and extent of Director`s                                                 
Interest in the Transaction   :  Direct, Beneficial                             
Sponsor                                                                         
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 20/01/2003 03:50:00 PM Produced by the JSE SENS Department                
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