Kibo Energy PLC Reports Interim Results and Strategic Developments

LONDON – Kibo Energy PLC (AIM: KIBO; JSE: KBO), an energy company based in Ireland, has released its unaudited interim results for the six months ending June 30, 2024. Recently classified as an AIM Rule 15 cash shell, the company is diligently pursuing a reverse takeover to prevent suspension from trading on the AIM market.

Focus on Sustainable Energy Assets

Throughout this interim period, Kibo has concentrated on acquiring and developing sustainable, renewable energy assets. Notably, the company is undertaking research on synthetic oil production from non-recyclable plastic waste and is collaborating with a multinational food and beverage producer on bio-coal development testing.

Contractual Agreements and Loss of Control

Kibo’s subsidiary, Mast Energy Developments plc (MED), has secured contracts in the capacity market auctions, alongside a project financing agreement with RiverFort Global Opportunities PCC Limited. However, due to considerable share disposals and the cession of a loan receivable from MED to RiverFort, Kibo lost control over MED as of June 7, 2024.

Corporate Restructuring Initiatives

The company has undergone significant corporate restructuring, initiating board changes and obtaining shareholder approvals for share issuance and updates to its articles of association. This restructuring has led to the divestment of interests in Kibo Energy Botswana Limited and Kibo (Cyprus) Limited.

Financial Highlights

During this interim reporting period, Kibo recorded a pre-tax loss of £636,228, with a total comprehensive loss amounting to £377,192. The company anticipates the resumption of trading on AIM following the publication of these interim results.

Post-Reporting Developments

Subsequent to the reporting period, notable events included the retirement of Louis Coetzee as CEO, the appointment of Cobus van der Merwe as Interim CEO, and the selection of Clive Roberts as non-executive chairman. Additionally, Kibo has terminated a term sheet with ESTGI AG concerning a reverse takeover and secured a loan facility from Aria Capital Management Limited to bolster working capital.

Long-term Recovery Strategy

Kibo’s interim results and corporate maneuvers are integral components of a broader recovery strategy aimed at transitioning into a diversified energy company. The organization is actively assessing project acquisition opportunities as it strives to finalize a reverse takeover transaction.

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