Minority shareholders in oil and gas exploration junior Efora Energy are spooked. About two months after an arbitration appeal decision in its favour, the company has been silent on its ability to recover funds from its former partner.Efora — in its previous corporate guise as SacOil — has in the past been a controversial investment that has generated unflattering headlines for its main shareholder, the Public Investment Corp.In late November 2019 Efora announced that its appeal of an earlier arbitration judgment in a R115m dispute involving Encha — a former major shareholder and partner — had been successful.The original judgment had gone against Efora, but the arbitration appeal tribunal reversed this and ordered Encha to pay R75m (plus interest from March 2016) to Efora. The total amount — probably closer to R120m with accrued interest — is significant for a small exploration company like Efora, which has a market capitalisation of around R700m.Encha was also ordered to pay the ...

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