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. Date: 15/02/2018 04:59:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.