LONDON - Kibo Energy PLC, the AIM-listed energy company, has reported a significant operating loss for the year ended December 31, 2023. The company’s operating loss was £5,518,089, an improvement from the previous year’s loss of £10,570,952. This comes after a year marked by strategic disposals and a focus on becoming an AIM Rule 15 cash shell.
Total (EPA:TTEF) revenues for the year were £341,207 compared to £1,036,743 in 2022. The loss after tax stood at £5,715,341, which includes losses from equity accounted results of Katoro Gold Plc and the consolidated results of Mast Energy Developments Plc (MED), both separately funded entities.
Kibo’s administrative expenditure decreased to £2,164,670 from £2,579,028 in 2022, while listing and capital raising fees increased to £855,323. The company also reported a reduction in cash outflows from operating activities to £826,268, down from £2,595,108 in the previous year.
The company disposed of its operating assets held by Kibo Mining (Cyprus) Limited and its interest in MED on September 30, 2024. This led to Kibo becoming an AIM Rule 15 cash shell, with six months to complete a Reverse Takeover pursuant to AIM Rule 14, or face suspension from trading on AIM.
Operational highlights for 2023 included an optimisation study into the production of synthetic oil from non-recyclable plastic waste and the establishment of a Joint Technical Committee with the Tanzania Electric Supply Company Limited (TANESCO) for the Mbeya Power Project. Additionally, MED reprofiled its loan balances and entered a new Joint Venture agreement, while Sustineri Energy was granted an integrated Environment Authorisation for its biofuel project.
Post-period highlights include the retirement of directors Ajay Saldanha and Louis Coetzee, the allotment of new ordinary shares, and several extraordinary general meetings where shareholders approved various corporate actions. The company also announced a major restructuring, the appointment of new board members, and the signing of a binding term sheet with ESTI AG for a diverse portfolio of renewable energy projects.
The company’s net debt position increased to (£6,238,964), and its headline loss per share was £0.0004 for December 2023. Despite the losses, Kibo Energy is actively seeking new opportunities to ensure the continuity of its operations and to provide value to its shareholders.
This summary is based on a press release statement from Kibo Energy PLC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.