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Fri 12 Dec 2003, 16:28 DISCLOSURE UNDER RULE 7.1 OF THE SECURITIES REGULA
Zarara Energy Limited - 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                               
  12 November 2003      281                   13                                  
  27 November 2003      200                   13                                  
  28 November 2003      4001                  13                                  
  1 December 2003       50 000                13                                  
  9 December 2003       2 618                 13                                  
  9 December 2003       50 775                13                                  
  Following the above purchase of shares Buccoli now owns 2 262 785 Zarara shares 
  (constituting 11.3 % of the issued share capital of Zarara).                    
  12 December 2003                                                                
  Sponsor                                                                         
  Exchange Sponsors                                                               
  Date: 12/12/2003 03:59:02 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
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