Efora Energy (EEL), established in 1993 and listed on the JSE in October 1994, is an African oil and gas company engaged in a range of projects spanning oil production, and midstream to downstream distribution. The company's operations extend across Egypt, Nigeria, the DRC, Zimbabwe, and South Africa. Its subsidiary, Africoil, distributes 45 million liters of oil products monthly and operates two depots in Boland and Beitbridge, with the majority of its sales occurring in South Africa.
In Egypt, Efora owns the Mena International Petroleum Company, which is currently developing the Lagia oil field in the Sinai Peninsula. In the DRC, Efora holds a 68% stake in Semliki, which in turn owns 18.3% of Block III, located in the northeastern part of the country bordering Uganda. This project is still in the exploratory phase. In Nigeria, the company maintains a 50% joint venture with Energy Equity Resources (EER) for lifting and trading Nigerian oil.
For the six months ending on 31st August 2021, as reported on 27th November 2023, Efora experienced a significant downturn with revenue decreasing by 95%, and a headline loss of 0.32 cents per share, improving slightly from a previous loss of 25.08 cents. For the subsequent six months ending on 31st August 2022, the company anticipated an improvement in headline earnings per share, projecting a range between 0.68 cents and 0.74 cents, up from a loss of 0.32 cents in the earlier period.
However, Efora has faced operational challenges, evidenced by the suspension of its shares since 9th October 2020 due to delays in producing financial statements. Despite announcements made on 31st January that interim and final accounts for 2023 were expected by 28th February 2024, these documents have not been forthcoming, casting further uncertainty on the company’s financial health and operational stability.
In Egypt, Efora owns the Mena International Petroleum Company, which is currently developing the Lagia oil field in the Sinai Peninsula. In the DRC, Efora holds a 68% stake in Semliki, which in turn owns 18.3% of Block III, located in the northeastern part of the country bordering Uganda. This project is still in the exploratory phase. In Nigeria, the company maintains a 50% joint venture with Energy Equity Resources (EER) for lifting and trading Nigerian oil.
For the six months ending on 31st August 2021, as reported on 27th November 2023, Efora experienced a significant downturn with revenue decreasing by 95%, and a headline loss of 0.32 cents per share, improving slightly from a previous loss of 25.08 cents. For the subsequent six months ending on 31st August 2022, the company anticipated an improvement in headline earnings per share, projecting a range between 0.68 cents and 0.74 cents, up from a loss of 0.32 cents in the earlier period.
However, Efora has faced operational challenges, evidenced by the suspension of its shares since 9th October 2020 due to delays in producing financial statements. Despite announcements made on 31st January that interim and final accounts for 2023 were expected by 28th February 2024, these documents have not been forthcoming, casting further uncertainty on the company’s financial health and operational stability.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.