Efora Energy (EEL) is an African oil and gas company with a rich history, having been incorporated in 1993 and subsequently listed on the JSE in October 1994. The company operates across a wide spectrum of projects within the oil and gas industry, encompassing activities ranging from oil production to midstream and downstream distribution. Efora Energy conducts its operations in several African countries, including Egypt, Nigeria, the Democratic Republic of Congo (DRC), Zimbabwe, and South Africa.
One of its notable subsidiaries is Africoil, which is engaged in the distribution of approximately 45 million liters of oil products each month. Africoil operates two depots, one located in Boland and the other in Beitbridge, primarily serving customers in South Africa.
In Egypt, Efora Energy owns Mena International Petroleum Company, which is actively involved in the development of the Lagia oil field situated in the Sinai Peninsula. In the DRC, the company holds a 68% stake in Semliki, which, in turn, possesses an 18.3% interest in block III in the North-East region of the DRC, adjacent to Uganda. This particular venture is currently in the exploratory phase.
In Nigeria, Efora Energy has established a 50% joint venture partnership with Energy Equity Resources (EER). This joint venture is engaged in the lifting and trading of Nigerian oil.
However, it's worth noting that the company has faced challenges with its financial reporting. In its results for the six months ending on August 31, 2021 (published on November 27, 2023), Efora Energy reported a significant decline in revenue, down by 95%. The company also reported a headline loss of 0.32c per share, which represents an improvement compared to the previous period's loss of 25.08c per share.
Efora Energy's share trading has been suspended since October 9, 2020, primarily due to delays in producing its financial statements. The company announced on January 31 that it anticipated delivering interim and final accounts for the year 2023 by February 28, 2024.
One of its notable subsidiaries is Africoil, which is engaged in the distribution of approximately 45 million liters of oil products each month. Africoil operates two depots, one located in Boland and the other in Beitbridge, primarily serving customers in South Africa.
In Egypt, Efora Energy owns Mena International Petroleum Company, which is actively involved in the development of the Lagia oil field situated in the Sinai Peninsula. In the DRC, the company holds a 68% stake in Semliki, which, in turn, possesses an 18.3% interest in block III in the North-East region of the DRC, adjacent to Uganda. This particular venture is currently in the exploratory phase.
In Nigeria, Efora Energy has established a 50% joint venture partnership with Energy Equity Resources (EER). This joint venture is engaged in the lifting and trading of Nigerian oil.
However, it's worth noting that the company has faced challenges with its financial reporting. In its results for the six months ending on August 31, 2021 (published on November 27, 2023), Efora Energy reported a significant decline in revenue, down by 95%. The company also reported a headline loss of 0.32c per share, which represents an improvement compared to the previous period's loss of 25.08c per share.
Efora Energy's share trading has been suspended since October 9, 2020, primarily due to delays in producing its financial statements. The company announced on January 31 that it anticipated delivering interim and final accounts for the year 2023 by February 28, 2024.
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Snapshot: 4/2024
#3 - MIXTEL- MIX- Added 2023-12-28 - 86.44% Gain since added
#4 - HARMONY - HAR- Added 2023-11-16 - 70.15% Gain since added
Full list available to PDSnet subscribers only.