Unaudited Interim results for the six months ended 30 June 2018

Unaudited Interim results for the six months ended 30 June 2018

2018-09-24T16:09:59+00:00September 14th, 2018|

Kibo Energy PLC (“Kibo” or the “Company”), the multi-asset, Africa focused, energy company, is pleased to announce its unaudited half year results for the period ended 30 June 2018.Highlights

  • Considerable progress being made on transforming Kibo into a focused diversified energy development company in Africa
  • Expansion of the Company’s energy project footprint outside of Tanzania with the acquisition of the Mabesekwa Coal Independent Power Project (“MCIPP”) in Botswana, and joint venture on the Benga Independent Power Project (“BIPP”) in Mozambique
  • Kibo remains confident in the commitment and support of the Tanzanian Government for the Mbeya Coal to Power Project (“MCPP”)
  • Strengthened international partnership team with Strategic Development Agreement signed with SEPCOIII – represents a major endorsement of Kibo’s ability to source, develop and construct major energy projects globally
  • Placings to raise £2.25 million and shares issued for settlement of outstanding balance on the Sanderson forward payment facility provided stable funding for the on-going work on existing projects and costs associated with the new acquisitions during the first half of 2018
  • Name change to Kibo Energy PLC to more accurately reflect the Company’s new focus on energy development
  • Administrative expense down 46.5% year on year and loss per share down 58% year on year
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