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Wed 12 Nov 2003, 8:30 DISCLOSURE UNDER RULE 7.1 OF THE SECURITIES REGULA
ZARARA - DISCLOSURE UNDER RULE 7.1 OF THE SECURITIES REGULATION PANEL CODE ON   
  TAKEOVERS AND MERGERS ("SRP CODE")                                              
  Zarara Energy Limited                                                           
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1895/001078/06)                                            
  Share code: ZRR ISIN Number: ZAE 000033080                                      
  ("Zarara" or "the company")                                                     
  DISCLOSURE UNDER RULE 7.1 OF THE SECURITIES REGULATION PANEL CODE ON TAKEOVERS  
  AND MERGERS ("SRP CODE")                                                        
  Buccoli Investments CC ("Buccoli") discloses that it has made the following     
  acquisitions of shares in Zarara:                                               
  Date                  Number of shares      Price                               
  4 November 2003       168                   12                                  
  10 November 2003      2 094 742             13                                  
  Following the above purchase of shares Buccoli now owns 2 154 910 Zarara shares 
  (constituting 10.7 % of the issued share capital of Zarara).                    
  12 November 2003                                                                
  Sponsor                                                                         
  Exchange Sponsors                                                               
  Date: 12/11/2003 07:50:01 AM Produced by the JSE SENS Department                
                                                                                  
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