TIDMKIBO

RNS Number : 8799M

Kibo Energy PLC

24 September 2021

Kibo Energy plc (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

Share code on the JSE: KBO

Share code on the AIM: KIBO

ISIN: IE00B97C0C31

("Kibo" or "the Group" or "the Company")

Unaudited Interim results for the six months ended 30 June 2021

Dated 24 September 2021

Kibo Energy plc, the multi-asset, Africa focused, Energy Company , is pleased to announce its unaudited interim results for the 6 month period ended 30 June 2021.

Highlights

-- Refocused strategy centred around renewable energy opportunities and capitalising on the global clean energy revolution.

-- Proceeding with the agreement to jointly develop a portfolio of Waste to Energy projects in South Africa with Industrial Green Energy Solutions (Pty) Ltd , which will initially develop a phased c. 8MW project for an industrial client, to be followed by six other projects at different sites, to a total generation of up to 50MW. This aims to address the country's insecure energy supply environment as well as the renewable energy portfolio in the UK, currently the subject of a due diligence investigation.

-- Intention to dispose of coal assets in accordance with a disposal strategy that will realise value for shareholders.

-- Successful technical and business workshop with Mozambique Utility Electricidade De Moçambique("EDM") to negotiate and agree next steps in the process towards the agreement and finalization of a PPA for the Benga Power Project, and a formal submission of an advanced technical and commercial information pack to EDM, as part of the ongoing development workstreams provided for under the existing MoU with EDM and emanating from the Definitive Feasibility Study previously submitted to EDM.

-- Successful listing in April 2021 of Mast Energy Developments which raised GBP5.54 million to support the company's aggressive expansion plans following the listing.

-- Moreover, the market value of Kibo's 55.42% interest in MAST is valued at c. GBP12 million as of 23 September 2021, which is approximately twice the current valuation of Kibo.

   --    Post reporting period: 

o All conditions have been satisfied and the agreement completed with South Africa-based Industrial Green Energy Solutions (Pty) Ltd to jointly develop a portfolio of Waste to Energy projects in South Africa. Kibo and IGES have entered into an amendment (the "Amendment") to fast track the implementation of the first project. Completion of the agreement and Amendment follows the positive findings of an extensive due diligence process.

o Completed a Heads of Terms (the "Agreement") with EQTEC plc (AIM: EQT) ("EQTEC"), a world-leading gasification solutions company, to acquire a 54.54% interest in the proposed 25 MWe Billingham waste gasification and power plant (the "Project") at Haverton Hill, Teesside, UK. The Project is at advanced stages of development with a concept design for the full plant produced, planning permission approved, grid connection offer secured. Furthermore, the Project is expected to annually process 200,000 metric tonnes of non-recyclable everyday Municipal Solid Waste into 25 Mwe of green electricity, enough to power 50,000 homes.

Chairman's Statement

Following a shift in international climate policies we recently announced a significant pivot in our strategy. We have decided to focus on the acquisition and development of a portfolio of sustainable, renewable energy assets and dispose of, or reposition, our fossil fuel utility projects. Set against this, and in following our adjusted strategy, we are currently undertaking due diligence on a portfolio comprising mostly of waste to energy projects in the UK and have signed an agreement with Industrial Green Energy Solutions (Pty) Ltd ("IGES") to jointly develop a portfolio of waste-to-energy projects in South Africa.

It has become increasingly apparent that the development and funding of large-scale coal - fired utility projects such as our MCPP, Benga and Mabesekwa Projects, is becoming increasingly challenging and especially for small companies like Kibo. This does not change our view that our focus should remain on the development of sustainable energy opportunities. It is in this context that Kibo has decided to refocus on smaller scale renewable energy projects, initially in countries such as the UK and South Africa, where the market opportunities, government support and technical innovation are rapidly evolving.

Kibo has developed much experience in the renewable energy sector in recent years primarily through its work in developing renewable energy and storage solutions for integration with its large utility coal projects in Africa. The Company was also a key driver behind Mast Energy Developments plc (Kibo holds a 55% equity stake) which has an ambitious reserve energy site portfolio and recently completed a successful IPO on the London Stock Exchange. While Mast's focus is on the niche reserve energy/peaking power site development in the UK, Kibo's will rather concentrate on Renewable Energy and Waste to Energy Opportunities.

I would also like to remind shareholders that we have developed significant inherent value in our large-scale utility projects over the last few years supported by our ownership interests in two large coal deposits (MCPP and Mabesekwa). We are committed to structuring our disposal plans for these projects to ensure that our shareholders retain the benefit of any future upside potential from the development of these projects. Advisers have been engaged in order to retain maximum value in the projects for Kibo whilst making them attractive for acquisition, funding and construction by potential purchasers.

Operations

Industrial Green Energy Solutions (IGES) Projects

The agreement in May 2021 with IGES for the joint development of a portfolio of waste to energy projects in South Africa (with an initial aggregate target of 50 MW generating capacity) is our first investment as part of the new strategy. Though subject to the completion of certain conditions, it will give Kibo a 65% interest (IGES will hold the balance) in a South African company holding seven projects at different sites. The intention is to convert specified grades of non-recyclable waste plastic to syngas for the generation of electricity and heat for industrial clients. Kibo's initial investment in the project will comprise R11.1 million (c. GBP0.55m) as an equity loan.

One of these sites, based South of Pretoria, will have a phased generation capacity of up to 8 MW, with the first stage of development of 4 MW expected to be completed within 14 months.

I believe the IGES business opportunity is timely as it coincides with intensified legal restrictions pertaining to disposal of plastics and increased demand for private electricity generation in South Africa where the state utility ESKOM are finding it difficult to meet this demand.

UK Energy Portfolio

Earlier this year we announced that an extensive due diligence process by an independent specialist was in progress on a portfolio of several attractive standalone waste-to-energy projects in the UK. Based on exclusivity, and subject to the findings, successful acquisition(s) from this portfolio will further enhance Kibo's new strategy adjustment, and in the process support the UK's Renewable Energy Strategy.

Other Projects

Our large-scale coal utility projects, Benga, MCIPP and Mabesekwa remain in good standing, and we will determine how these can be disposed of while realising a significant portion of their value.

Investment Holdings

Mast Energy Development Projects ("MED")

During the current year to date, Kibo had diluted its equity interest in MAST Energy Developments plc, previously a wholly owned subsidiary, as MAST raised in excess of GBP5m through Clear Capital Markets Ltd from its IPO on the Official List of the London Stock Exchange plc by way of a Standard Listing. On the date of listing the market capitalisation for MAST Energy Developments plc was c. GBP23 million.

Furthermore, initially Kibo's equity holding measured at cost pre-IPO in MAST was GBP2,615,929 which increased substantially to GBP6,580,050 post-IPO when calculated as a portion of the net assets of MAST. Moreover, the current market value of Kibo's 55.42% interest in MAST is valued at c. GBP12 million, which is approximately twice the current valuation of Kibo.

In addition, the recent IPO has enabled MED to expedite the addition of further reserve power sites to its portfolio to increase its generating capacity while preparing its first site for production. MED's target is to assemble a portfolio of well-located flexible power sites in the UK, commencing with c. 50 MW in the first year and building up to a portfolio of up to 300 MW of flexible power generating capacity.

Katoro Gold plc ("Katoro")

Our commitment to supporting our 25.37% investment in Katoro Gold plc (AIM: KAT) remains strong as Katoro actively progresses its projects in Tanzania (nickel sulphides & battery metals) and gold development in South Africa. The Katoro board is currently receiving and evaluating comprehensive funding proposals from several interested parties for the construction and commissioning of the Blyvoor Gold Tailings Project. A drilling programme at the Nickel-PGM Haneti project in Tanzania has also been designed and will be implemented before the end of 2021.

Corporate

During the period, we continued exploring funding options for the Company and benefited from warrant exercises resulting in the issue of 188,431,556 new shares at prices ranging from 0.2p to 0.4p yielding total proceeds of GBP697,726. We also settled the total outstanding amount of GBP339,437 pursuant to the Forward Payment Facility signed between Sanderson Capital Partners Ltd and the Company in December 2016 in cash and shares. The share component comprised GBP169,718 (50% of the total) for which we issued 65,276,346 new shares at a deemed value of 0.26p per share.

At an EGM held on 22 February 2021 the shareholders of Kibo approved resolutions to permit the migration of the Company's dematerialised shares held through CREST to Euroclear Nominees Ltd (the "Eurobank Migration") The Eurobank Migration was required to allow shareholders to continue to hold the Company shares in dematerialised form following the UK's exit from the EU and this successfully completed on the 12 March 2021.

Conclusion

I am pleased to report that the Covid-19 pandemic has not unduly impacted our business operations so far this year and would like to place on record my sincere thanks to all our employees and shareholders.

We are now well positioned to focus primarily on the acquisition and development of sustainable renewable energy projects, on which we have made significant progress while concurrently exploring the optimum disposal route for our large-scale utility projects.

The pace at which renewable energy technologies are evolving and the fragmentation of the electricity generation and supply markets including the increasing popularity of small bespoke renewable energy solutions for industry provides an attractive opportunity for Kibo to participate in these evolving energy markets.

Christian Schaffalitzky

Chairman

Unaudited Interim Results for the six months ended 30 June 2021

Unaudited Condensed Consolidated Interim Statement of Comprehensive Income

For the six months ended 30 June 2021

 
                                         6 months      6 months    12 months to 
                                               to            to 
                                          30 June       30 June     31 December 
                               Note          2021          2020            2020 
                                      (Unaudited)   (Unaudited)       (Audited) 
                                              GBP           GBP             GBP 
 
 Revenue                                        -             -               - 
 Administrative expenses              (1,052,448)   (1,136,966)     (3,393,687) 
 Exploration Expenditure                (432,678)     (181,283)     (2,052,202) 
 Capital raising fees                   (417,315)             -     (1,027,658) 
 Operating Loss                       (1,902,441)   (1,318,249)     (6,473,547) 
 Other Income                              56,565        62,621          78,945 
 Loss from equity accounted 
  investment                                    -         (336)           (332) 
 Finance income                            11,945             -               - 
 Finance costs                           (12,363)             -        (22,303) 
                                     ------------  ------------  -------------- 
 Loss before Tax                      (1,846,294)   (1,255,964)     (6,417,237) 
 Tax                                            -             -               - 
                                     ------------  ------------  -------------- 
 Loss for the period                  (1,846,294)   (1,255,964)     (6,417,237) 
 
 Other comprehensive 
  income: 
 Exchange differences 
  on translating of 
  foreign operations, 
  net of taxes                            579,500       673,457         152,635 
 Exchange differences 
  reclassified on disposal 
  of foreign operation                          -             -         121,670 
 Total Comprehensive 
  Loss for the Period                 (1,266,794)     (582,507)     (6,142,932) 
                                     ------------  ------------  -------------- 
 
 Loss for the period 
  attributable to                     (1,846,294)   (1,255,964)     (6,417,237) 
                                     ------------  ------------  -------------- 
 Owners of the parent                 (1,011,565)   (1,426,128)     (4,726,286) 
 Non-controlling interest               (834,729)       170,164     (1,690,951) 
                                     ------------  ------------  -------------- 
 
 
 Total comprehensive 
  loss attributable 
  to                                  (1,266,794)     (582,507)     (6,142,932) 
                                     ------------  ------------  -------------- 
 Owners of the parent                   (432,065)     (752,671)     (4,451,981) 
 Non-controlling interest               (834,729)       170,164     (1,690,951) 
                                     ------------  ------------  -------------- 
 
 
 Basic loss per share           4        (0.0004)       (0.001)         (0.003) 
 Diluted loss per share         4        (0.0004)       (0.001)         (0.003) 
 
 

Unaudited Condensed Consolidated Interim Statement of Financial Position

As at 30 June 2021

 
 
                                  Note     30 June        30 June      31 December 
                                             2021           2020           2020 
                                         (Unaudited)    (Unaudited)     (Audited) 
                                             GBP            GBP            GBP 
 Assets 
 Non-current assets 
 Property, plant and equipment                  2,050         10,103          2,118 
 Intangible assets                 7       18,491,105     18,491,105     18,491,105 
 Investment in associates          8        9,696,351      9,696,347      9,696,351 
 Other financial assets            9                -        443,362              - 
 Goodwill                                     300,000        300,000        300,000 
 Right of use asset                11         295,860              -              - 
 Total non-current assets                  28,785,366     28,940,917     28,489,574 
                                        -------------  -------------  ------------- 
 
 Current assets 
 Other financial assets            9                -      1,159,200              - 
 Other receivables                             45,455        237,371        115,886 
 Cash and cash equivalents                  4,882,121         68,612        256,760 
                                        -------------  -------------  ------------- 
 Total current assets                       4,927,576      1,465,183        372,646 
                                        -------------  -------------  ------------- 
 
 Total assets                              33,712,942     30,406,100     28,862,220 
                                        -------------  -------------  ------------- 
 
 Equity 
 Called up share capital           5       20,631,196     19,564,383     20,411,493 
 Share premium                     5       44,960,112     43,214,322     44,312,371 
 Common control reserve                      (18,329)       (18,329)       (18,329) 
 Translation reserve                         (19,137)      (199,485)      (598,637) 
 Share based payment reserve                1,952,969      1,118,630      1,728,487 
 Retained deficit                        (38,001,194)   (36,052,082)   (39,019,856) 
                                        -------------  -------------  ------------- 
 Attributable to equity 
  holders of the parent                    29,505,617     27,627,439     26,815,529 
                                        -------------  -------------  ------------- 
 Non-controlling interest                   2,242,907        441,173      (256,841) 
 Total Equity                              31,748,524     28,068,612     26,558,688 
 
 Liabilities 
 Non-current liabilities 
 Lease liability                   11         296,435              -              - 
                                        -------------  -------------  ------------- 
 Total non-current liabilities                296,435              -              - 
                                        -------------  -------------  ------------- 
 Current liabilities 
 Trade and other payables                   1,166,160      1,730,873      1,444,986 
 Borrowings                        10         499,401        606,615        858,546 
 Lease liability                   11           2,422              -              - 
 Total current liabilities                  1,667,983      2,337,488      2,303,532 
                                        -------------  -------------  ------------- 
 Total liabilities                          1,964,418      2,337,488      2,303,532 
                                        -------------  -------------  ------------- 
 
 Total equity and liabilities              33,712,942     30,406,100     28,862,220 
                                        -------------  -------------  ------------- 
 
 

Unaudited Condensed Interim Consolidated Statement of Changes in Equity

 
                      Share        Share        Share     Control      Foreign       Retained     Non-controlling      Total 
                      Capital      Premium      based     Reserve     currency       deficit         interest 
                                               payment               translation 
                                               reserve                 reserve 
                       GBP          GBP          GBP        GBP          GBP           GBP                              GBP 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Balance at 31 
  December 2020 
  (audited)         20,411,493   44,312,371   1,728,487   (18,329)     (598,637)   (39,019,856)         (256,841)    26,558,688 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Loss for the 
  year allocated 
  to equity 
  owners                     -            -           -          -             -    (1,011,565)                 -   (1,011,565) 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Loss for the 
  period 
  allocated to 
  non-controlling 
  interest                   -            -           -          -             -              -         (834,729)     (834,729) 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Other 
  comprehensive 
  income- 
  translation of 
  foreign 
  operations                 -            -           -          -       579,500              -                 -       579,500 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Issue of share 
  capital              219,703      647,741           -          -             -              -                 -       867,444 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Acquisition of 
  the 
  Non-Controlling 
  Interest 
  without gaining 
  control                    -            -           -          -             -      (300,029)           300,029             - 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Disposal of 
  equity to 
  Non-Controlling 
  Interest 
  without losing 
  control                    -            -           -          -             -    (3,034,448)         3,034,448             - 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Changes in 
  ownership 
  interest in 
  subsidiaries 
  without a 
  change in 
  control                    -            -           -          -             -      5,354,486                 -     5,354,486 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Warrants and 
  Share Options 
  issued by 
  Katoro Gold plc            -            -     234,700          -             -              -                 -       234,700 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Expirations of 
  share warrants             -            -    (10,218)          -             -         10,218                 -             - 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Balance as at 30 
  June 
  2021(unaudited)   20,631,196   44,960,112   1,952,969   (18,329)      (19,137)   (38,001,194)         2,242,907    31,748,524 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Balance at 1 
  January 2020 
  (audited)         19,532,350   42,750,436   1,504,513   (18,329)     (872,942)   (34,625,954)            27,073    28,297,147 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Loss for the 
  year                       -            -           -          -             -    (1,426,128)           170,164   (1,255,964) 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Other 
  comprehensive 
  income- 
  translation of 
  foreign 
  operations                 -            -           -          -       673,457              -                 -       673,457 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Issue of share 
  capital               32,033      463,886   (421,471)          -             -              -                 -        74,448 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Equity 
  contribution of 
  minorities                 -            -           -          -             -              -           243,936       243,936 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Issue of share 
  options or 
  share warrants             -            -      35,588          -             -              -                 -        35,588 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Balance at 30 
  June 2020         19,564,383   43,214,322   1,118,630   (18,329)     (199,485)   (36,052,082)           441,173    28,068,612 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Balance at 1 
  January 2020 
  (audited)         19,532,350   42,750,436   1,504,513   (18,329)     (872,942)   (34,625,954)            27,073    28,297,147 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Loss for the 
  year                       -            -           -          -             -    (4,726,286)       (1,690,951)   (6,417,237) 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Other 
  comprehensive 
  income - 
  exchange 
  differences                -            -           -          -       152,635              -                 -       152,635 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Shares issued         871,984    1,149,095           -          -             -              -                 -     2,021,079 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Shares issued to 
  pay deferred 
  vendor 
  liability              7,159      412,840   (421,471)          -             -              -                 -       (1,472) 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Warrants issued 
  by Katoro Gold 
  plc                        -            -     419,667          -             -              -                 -       419,667 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Share Options 
  issued by 
  Katoro Gold plc            -            -     225,778          -             -              -                 -       225,778 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Change in 
  shareholding 
  without a loss 
  of control                 -            -           -          -             -        332,384         1,407,037     1,739,421 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Disposal of 
  subsidiary                 -            -           -          -       121,670              -                 -       121,670 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 Balance at 31 
  December 2020 
  (audited)         20,411,493   44,312,371   1,728,487   (18,329)     (598,637)   (39,019,856)         (256,841)    26,558,688 
                   -----------  -----------  ----------  ---------  ------------  -------------  ----------------  ------------ 
 

Unaudited Condensed Consolidated Interim Statement of Cash Flow

For the six months ended 30 June 2021

 
                                               6 months      6 months      12 months 
                                                   to            to            to 
                                                30 June       30 June     31 December 
                                                 2021          2020          2020 
                                              (Unaudited)   (Unaudited)    (Audited) 
                                                  GBP           GBP           GBP 
 
 Loss for the period before taxation          (1,846,294)   (1,255,964)   (6,417,237) 
 Adjusted for: 
 Other income                                    (56,565)             -             - 
 Warrants and options issued                            -        35,588       697,006 
 Exploration and development expenditure 
  on a Joint Operation                             83,532             -     1,122,676 
 Expenses settled through share issues            310,369             -       436,076 
 Profit on sale of property, plant 
  and equipment                                         -             -      (53,574) 
 (Profit)/Loss from the disposal 
  of subsidiary                                         -      (28,400)       102,414 
 Impairment of other financial asset                    -             -       640,821 
 Loss from equity accounting                            -           336           332 
 Depreciation on property, plant 
  and equipment                                     1,733             -         5,686 
 Operating income before working 
  capital changes                             (1,507,225)   (1,248,440)   (3,465,800) 
 Decrease in trade and other receivables           70,431       143,322       108,872 
 Increase/(Decrease) in trade and 
  other payables                                (278,826)       706,747       982,244 
 Net cash outflows from operating 
  activities                                  (1,715,620)     (398,371)   (2,374,684) 
 
 Cash flows from financing activities 
 Proceeds from borrowings                               -       792,800     1,370,000 
 Repayment of borrowings                         (25,000)             -             - 
 Proceeds from issue of share capital           6,449,513       243,936     2,277,000 
                                             ------------  ------------  ------------ 
 Net cash proceeds from financing 
  activities                                    6,424,513     1,036,736     3,647,000 
                                             ------------  ------------  ------------ 
 
 Cash flows from investing activities 
 Cash received/(forfeited) on disposal 
  of subsidiary                                         -      (23,022)        76,716 
 Cash advanced to Joint Venture                  (83,532)     (753,500)   (1,122,676) 
 Cash received on sale of plant and 
  equipment                                             -        54,303        58,628 
 Net cash used in(out) from investing 
  activities                                     (83,532)     (722,219)     (987,332) 
 
 
 Net movement in cash and cash equivalents      4,625,361      (83,854)       284,984 
 Cash and cash equivalents at beginning 
  of period                                       256,760        91,634        91,634 
 Exchange movements                                     -      (60,832)     (119,858) 
                                             ------------  ------------  ------------ 
 Cash and cash equivalents at end 
  of period                                     4,882,121        68,612       256,760 
                                             ------------  ------------  ------------ 
 

Notes to the unaudited condensed consolidated interim financial statements

For the six months ended 30 June 2021

1. General information

Kibo Energy plc is a public company incorporated in Ireland. The condensed consolidated interim financial results consolidate those of the Company and its subsidiaries (together referred to as the "Group"). The Company's shares are listed on the AIM Market ("AIM") of the London Stock Exchange and the Alternative Exchange ("AltX") of the Johannesburg Stock Exchange ("JSE") Ltd. The principal activities of the Company and its subsidiaries are related to the development of energy projects in Mozambique, Botswana, Tanzania, South Africa and the United Kingdom.

2. Statement of Compliance and Basis of Preparation

The unaudited condensed consolidated interim financial results are for the six months ended 30 June 2021, and have been prepared using the same accounting policies as those applied by the Group in its December 2020 consolidated annual financial statements, which are in accordance with the framework concepts and the recognition and measurement criteria of the International Financial Reporting Standards and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council issued by the International Accounting Standards Board ("IASB"), including the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, IAS 34 - Interim Financial Reporting, the Listings Requirements of the JSE Ltd, the AIM rules of the London Stock Exchange and the Irish Companies Act 2014.

These condensed consolidated interim financial statements do not include all the notes presented in a complete set of consolidated annual financial statements, as only selected explanatory notes are included to explain key events and transactions that are significant to obtaining an understanding of the changes throughout the financial period, accordingly the report must be read in conjunction with the annual report for the year ended 31 December 2020.

The comparative amounts in the consolidated financial results include extracts from the consolidated annual financial statements for the period ended 31 December 2020.

These extracts do not constitute statutory accounts in accordance with the Irish Companies Act 2014. All monetary information is presented in the presentation currency of the Company being Pound Sterling. The Group's principal accounting policies and assumptions have been applied consistently over the current and prior comparative financial period.

3. Use of estimates and judgements

Preparing the condensed consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

In preparing these condensed consolidated interim financial statements, significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements as at and for the year ended 31 December 2020.

 
 
 

4. Loss per share

Basic, dilutive and headline loss per share for the six months ended 30 June 2021 are as follows:

 
                                          6 months to        6 months       12 months 
                                                                   to              to 
                                              30 June         30 June     31 December 
                                                 2021            2020            2020 
                                                  GBP             GBP             GBP 
 
 Loss for the year attributable 
  to equity holders of the parent         (1,011,565)     (1,426,128)     (4,726,286) 
 
 Weighted average number of ordinary 
  shares for the purposes of basic 
  and dilutive loss per share           2,339,072,536   1,261,786,374   1,546,853,959 
 
 Basic loss per share                        (0.0004)         (0.001)         (0.003) 
 Dilutive loss per share                     (0.0004)         (0.001)         (0.003) 
 
 
 
                                                   6 months     6 months to         12 months 
                                                         to                                to 
 Reconciliation of Headline loss                    30 June         30 June       31 December 
  per share 
                                                       2021            2020              2020 
                                                        GBP             GBP               GBP 
 
 Loss for the year attributable 
  to equity holders of the parent               (1,011,565)     (1,426,128)     (4,726,286) 
 Adjusted for: 
 (Profit)/Loss on disposal of subsidiaries                -          28,400         102,414 
 Profit on disposal of motor vehicle                      -               -        (53,574) 
 Headline loss per share                        (1,011,565)     (1,397,728)     (4,677,446) 
                                             --------------  --------------  -------------- 
 
 Weighted average number of ordinary 
  shares for the purposes of headline 
  loss per share                              2,339,072,536   1,261,786,374   1,546,853,959 
 
 Headline loss per share                           (0.0004)         (0.001)         (0.003) 
 

Headline earnings per share (HEPS) is calculated using the weighted average number of ordinary shares in issue during the period and is based on the earnings attributable to ordinary shareholders, after excluding those items as required by Circular 1/2021 issued by the South African Institute of Chartered Accountants (SAICA).

5. Called up share capital and share premium

Ordinary share capital of the company is 5,000,000,000 ordinary shares of EUR0.001 each.

Deferred shares of the company is 1,000,000,000 of EUR0.014 and 3,000,000,000 of EUR0.009 respectively.

Authorised share capital of the company is 9,000,000 shares.

Details of issued share capital is as follows:

 
                                    Number of 
                                     Ordinary       Share     Deferred        Share 
                                                                 Share 
                                       shares     Capital      Capital      Premium 
                                                      GBP          GBP          GBP 
 
 Balance at 31 December 
  2019                          1,257,276,078     326,468   19,205,882   42,750,436 
 
 Shares issued in period 
  (net of expensed for cash)      964,364,757     879,143            -    1,561,935 
 Balance at 31 December 
  2020                          2,221,640,835   1,205,611   19,205,882   44,312,371 
                               --------------  ----------  -----------  ----------- 
 
 Warrants exercised               188,431,556     163,278            -      534,447 
 Shares issued to convert 
  debt                             65,276,346      56,425            -      113,294 
                               --------------  ----------  -----------  ----------- 
 Balance at 30 June 2021        2,475,348,737   1,425,314   19,205,882   44,960,112 
                               --------------  ----------  -----------  ----------- 
 
 

The company issued the following ordinary shares during the period, with regard to key transactions:

- 65,276,346 new Kibo Shares were issued on 27 May 2021 of EUR0.001 each at a deemed issue price of GBP0.0026 per share to Sanderson Capital Partners Ltd ("Sanderson") in settlement of GBP169,718.50 of the total outstanding amount of GBP339,437 pursuant to the Forward Payment Facility signed between Sanderson and the Company in December 2016 ;

- 74,569,556 Company warrants to subscribe for 74,569,556 new Kibo shares under the terms of warrants announced on the 17 September 2020 were exercised on 3 March 2021 at a price of GBP 0.004 (0.4p) per warrant; and

- 50,000,889 Company warrants to subscribe for 50,000,889 new Kibo shares under the terms of warrants announced on the 17 September 2020 were exercised on 4 May 2021 at a price of GBP 0.004 (0.4p) per warrant.

- 24,000,000 and 7,500,000 Company warrants to subscribe for an aggregate 31,500,000 new Kibo shares under the terms of warrants announced on the 17 September 2020 were exercised on 19 February 2021 at a price of GBP 0.0025 (0.25p) and GBP 0.004 (0.4p) per warrant respectively.

As the remainder of the shares issued were in relation to smaller equity tranches these have not been disclosed.

6. Segment analysis

IFRS 8 requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specific criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision-maker.

The Chief Executive Officer is the chief operating decision maker of the Group.

Management currently identifies two divisions as operating segments - mining and corporate. These operating segments are monitored, and strategic decisions are made based upon them together with other non-financial data collated from exploration activities. Principal activities for these operating segments are as follows:

 
 30 June 2021 
                        Benga     Mabesekwa       Mbeya   Mast Energy      Haneti    Blyvoor   Corporate       30 June 
                        Power   Independent        Coal         (GBP)                                             2021 
                                      Power    to Power   Development                                      (GBP) Group 
 Revenue                    -             -           -             -           -          -           -             - 
 Administrative 
  cost                      -         (806)     (4,968)     (275,445)     (5,084)    (4,228)   (761,917)   (1,052,448) 
 Exploration 
  expenditure               -             -    (33,254)     (120,333)   (119,802)   (35,021)   (124,268)     (432,678) 
 Investment 
  and other 
  income                    -             -       1,821             -           -          -      54,744        56,565 
 Capital raising 
  fees                      -             -           -     (260,878)           -          -   (156,437)     (417,315) 
 Loss from                  -             -           -             -           -          -           -             - 
 equity 
 accounted 
 investment 
 Finance income             -             -           -             -           -          -      11,945        11,945 
 Finance costs              -             -           -      (12,363)           -          -           -      (12,363) 
 Loss after 
  tax                       -         (806)    (36,401)     (669,019)   (124,886)   (39,249)   (975,933)   (1,846,294) 
                  -----------  ------------  ----------  ------------  ----------  ---------  ----------  ------------ 
 
 
 30 June 2020 
                   Benga Power     Mabesekwa   Mbeya Coal   Mast Energy   Haneti        Lake   Corporate       30 June 
                                 Independent     to Power   Development             Victoria                      2020 
                                       Power                                            Gold               (GBP) Group 
 Revenue                     -             -            -             -        -           -           -             - 
 Administrative 
  cost                       -     (223,177)            -      (15,687)    (292)           -   (897,810)   (1,136,966) 
 Exploration 
  expenditure                -             -            -     (123,000)     (26)           -    (58,257)     (181,283) 
 Investment 
  and other 
  income                     -            54            -             -        -           -      62,567        62,621 
 Capital raising             -             -            -             -        -           -           -             - 
  fees 
 Loss from 
  equity 
  accounted 
  investment                 -             -            -             -        -           -       (336)         (336) 
 Finance costs               -             -            -             -        -           -           -             - 
                  ------------  ------------  -----------  ------------  -------  ----------  ----------  ------------ 
 Loss after 
  tax                        -     (223,123)            -     (138,687)    (318)           -    (893,836   (1,255,964) 
                  ------------  ------------  -----------  ------------  -------  ----------  ----------  ------------ 
 
 
 
   30 June 2021 
                                       Mabesekwa     Mbeya 
                             Benga    Independent     Coal      Mast Energy                           Corporate     30 June 
                             Power       Power      to Power    Development     Haneti     Blyvoor      Group        2021 
                                                                                                                     (GBP) 
                                                                                                                     Group 
                           --------  ------------  ---------  -------------  ----------  ---------  -----------  ----------- 
 Assets 
 Segment assets                   -             -      9,822      4,590,930       5,536      1,818   29,104,836   33,712,942 
 
 Liabilities 
 Segment liabilities              -         8,464     98,090        686,205      90,527      1,499    1,079,633    1,964,418 
 
 Depreciation                     -             -          -        (1,733)   -                  -            -            - 
 
 
 
 30 June 2020 
 
                               Mabesekwa       Mbeya                                  Lake 
                    Benga    Independent        Coal    Mast Energy               Victoria    Corporate        30 June 
                    Power          Power    to Power    Development     Haneti        Gold        Group     2020 (GBP) 
                                                                                                                 Group 
                ---------  -------------  ----------  -------------  ---------  ----------  -----------  ------------- 
 Assets 
 Segment 
  assets                -        218,912           -              -      2,244           -   30,184,944     30,406,100 
 
 Liabilities 
 Segment 
  liabilities       2,150        622,301      69,876        372,694      6,223           -    1,264,244      2,337,488 
 
 Depreciation           -              -           -              -          -           -            -              - 
 

7. Intangible assets

 
 
 Composition of Intangible assets               30 June      30 June     31 December 
                                                   2021         2020            2020 
                                                    GBP          GBP             GBP 
 
 Mbeya Coal to Power Project                 15,896,105   15,896,105    15,896,105 
 Mabesekwa Coal Independent Power Project             -            -             - 
 Bordersley Power Project                     2,595,000    2,595,000     2,595,000 
                                             18,491,105   18,491,105    18,491,105 
                                            -----------  -----------  ------------ 
 
 

Intangible assets are not amortised, due to the indefinite useful life which is attached to the underlying prospecting rights, until such time that active mining operations commence, which will result in the intangible asset being amortised over the useful life of the relevant mining licences.

Intangible assets with an indefinite useful life are assessed for impairment on an annual basis, against the prospective fair value of the intangible asset. The valuation of intangible assets with an indefinite useful life is reassessed on an annual basis through valuation techniques applicable to the nature of the intangible assets.

As at reporting period end, taking into account the various applicable aspects, the Group concluded that none of the impairment indicators had been met in relation to the Mbeya Coal to Power Project or the Bordersley Power Project.

8. Investment in associate

 
 
                                             30 June     30 June     31 December 
                                                2021        2020            2020 
                                                 GBP         GBP             GBP 
 
 Mabesekwa Coal Independent Power Plant    9,696,351   9,696,347     9,696,683 
 Share of loss for the year                        -           -         (332) 
                                           9,696,351   9,696,347     9,696,351 
                                          ----------  ----------  ------------ 
 
 

The value of the equity interest in Kibo Energy Botswana (Pty) Ltd was determined based on the fair value of the proportionate equity interest retained in the in the enlarged resource following the restructuring in 2019.

As at reporting period end, taking into account the various applicable aspects, the Group concluded that none of the impairment indicators had been met in relation to the Mabesekwa Coal Independent Power Plant project.

9. Other financial assets

 
                                          30 June   30 June   31 December 
                                            2021      2020        2020 
                                            GBP       GBP         GBP 
Other financial assets consists of: 
At Amortised Cost: 
Lake Victoria Gold Ltd                          -    811,400      640,821 
Blyvoor Joint Venture - Loans Advanced          -    753,501            - 
At Fair value through profit or loss            -                       - 
Lake Victoria Gold Ltd                          -     37,661            - 
Impairment                                      -          -    (640,821) 
                                                -  1,602,562            - 
                                          =======  =========  =========== 
 
 
            Spilt of other financial assets between current 
             and non-current portions 
 
            Current                                                      -                443,362              - 
            Non-current                                                  -              1,159,200              - 
                                                             -------------  ---------------------  ------------- 
                                                                         -              1,602,562              - 
                                                             =============  =====================  ============= 
 

On 30 June 2020, the last condition precedent related to the disposal of Reef Miners Ltd ("Reef") as per the SPA, comprising the Imweru gold project and the Lubando gold project in northern Tanzania, was met resulting in the effective disposal of the subsidiary to Lake Victoria Gold Ltd ("LVG").

The following profit on disposal of the subsidiary was recognised in the audited annual report at 31 December 2020:

 
 
                                                         Group (GBP) 
Intangible assets                                            787,108 
Cash and cash equivalents                                      (336) 
Trade and other payables                                       9,136 
Net liability value disposed of at 31 December 
 2020                                                      (778,308) 
Foreign currency translation reserve reclassified 
 through profit or loss                                    (121,670) 
Proceeds from disposal                                       797,564 
                                                     --------------- 
Profit on disposal for group                                 102,414 
                                                     --------------- 
Impairment                                                 (640,821) 
                                                     --------------- 
Net loss on disposal for group at 31 December 
 2020                                                        743,235 
                                                     --------------- 
 

The amount receivable from Lake Victoria Gold will be due and payable on the following dates:

   1.         US$100,000 upon the satisfaction of the Condition Precedent; 
   2.         US$100,000 upon registration of Reef in the name of LVG; 
   3.         US$100,000 four months from the date of the SPA; 
   4.         US$200,000 nine months from the date of the SPA; and 

5. US$500,000 upon the earlier of the commissioning of the first producing mine of LVG in the Tanzania or the date 24 months from the date of the SPA.

As at 31 December 2020, funds of $100,000 have been received from Lake Victoria Gold in respect of the sale of Reef Miners Ltd ("Reef")

The receivable in Lake Victoria Gold has been fully impaired at 31 December 2020 due to the significant increase in credit risk, which is as a result of payments 1, 3 and 4 not being received as they became due and are still outstanding at the date of this interim report.

Blyvoor Joint Venture

On 30 January 2020, the Group entered into a Joint Venture Agreement with Blyvoor Gold Mines (Pty) Ltd, whereby Katoro Gold plc and Blyvoor Gold Mines (Pty) Ltd would become 50/50 participants in an unincorporated Joint Venture.

In accordance with the requirements of the Joint Venture Agreement, the Katoro Group was to provide a ZAR15.0 million loan (approximately GBP790,000) to the JV ("the Katoro Loan Facility"), which will fund ongoing development work on the Project.

As at 31 December 2020, the Group has advanced funding in the amount of GBP1,122,676 of which 100% relate to expenditure allocated to the Joint Venture operations, carried by the Katoro Gold plc Group.

Furthermore, the Group has continued to advance funding in the amount of GBP83,532 of which 100% relate to expenditure allocated to the Joint Venture operations, carried out by the Katoro Gold plc Group.

The Katoro Loan Facility shall form part of the development capital project financing that Katoro shall procure in accordance with its obligations contained in the Agreement, as detailed below, provided that:

-- the balance of the Katoro Loan Facility then outstanding shall be subordinated to third party creditors participating in the development capital project financing;

-- the Katoro Loan Facility will bear interest at the 12-month London Inter Bank Offered Rate, or its successor; and

   --    the Katoro Loan Facility will be repayable within 12 months after: 

- the last third-party creditor participating in the project financing shall have been paid; or

- any earlier date on which the Parties may agree.

10. Borrowings

 
 
 Amounts falling due within one year    30 June   30 June     31 December 
                                           2021      2020            2020 
                                            GBP       GBP             GBP 
 
 Short term borrowings                  499,401   606,615       858,546 
                                        499,401   606,615       858,546 
                                       --------  --------  ------------ 
 
 

The borrowings relate to the unsecured interest free loan facility from Sanderson Capital Partners Ltd ("Sanderson") and St Anderton on the Vaal ("St Anderton") which is repayable either through the issue of cash or ordinary shares in the Company. Furthermore, the Sanderson loan balance has been partially settled in the current year through the issue of shares and a cash payment.

11. Right of use asset and Lease liability

 
 
   The Group has one lease contract for land it shall utilise to construct 
   a 5MW gas-fuelled power generation plant. The land is located at Bordersley, 
   Liverpool Street, Birmingham. The lease of the land has a lease term 
   of 20 years, with an option to extend for 10 years which the Group has 
   opted to include due to the highly likely nature of extension as at 
   the time of the original assessment. The Group's obligations under its 
   leases are secured by the lessor's title to the leased assets. The Group's 
   incremental borrowing rate implicit to the lease is 8.44%. 
               Right of use                                                                   31 
               asset                       30 June                30 June               December 
                                         2021(GBP)              2020(GBP)              2020(GBP) 
               Set out 
               below are 
               the carrying 
               amounts 
               of 
               right-of-use 
               assets 
               recognised 
               and 
               the 
               movements 
               during the 
               period: 
               Opening                           -                      -                      - 
               balance 
               Additions                   297,593                      -                      - 
               Depreciation                (1,733)                      -                      - 
               Closing                     295,860                      -                      - 
               balance 
                             ---------------------  ---------------------  --------------------- 
 
                                                                                             31 
               Lease                      30 June                30 June               December 
               liability                2021(GBP)              2020(GBP)              2020(GBP) 
    Set out below are the 
    carrying amounts 
    of lease liabilities 
    and the movements 
    during the period: 
               Opening                          -                      -                      - 
               balance 
               Additions                  297,594                      -                      - 
               Interest                    12,363                      -                      - 
               Payments                  (11,100)                      -                      - 
                            ---------------------  ---------------------  --------------------- 
               Closing                    298,857                      -                      - 
               balance 
                            ---------------------  ---------------------  --------------------- 
               Spilt of 
               lease 
               liability 
               between 
               current 
               and 
               non-current 
               portions 
 
               Current                      2,422                      -                      - 
               Non-current                296,435                      -                      - 
                            ---------------------  ---------------------  --------------------- 
                                          298,857                      -                      - 
                            ---------------------  ---------------------  --------------------- 
 

12. Financial instruments

 
 
                                                30 June     30 June     31 December 
                                                   2021        2020            2020 
                                                    GBP         GBP             GBP 
 
 Financial assets - carrying amount 
 At fair value through other comprehensive 
  income 
 Other financial assets                               -      37,661             - 
 Loans and receivables held at amortised 
  cost 
 Other financial assets                               -   1,564,901             - 
 Trade and other receivables                     45,455     237,371        86,719 
 Cash and cash equivalents                    4,882,121      68,612       256,760 
                                             ----------  ----------  ------------ 
                                              4,927,576   1,908,545       343,479 
                                             ----------  ----------  ------------ 
 
 Financial liabilities - carrying amount 
  Financial liabilities held at amortised 
  cost 
 Trade and other payables                     1,166,160   1,730,873     1,444,986 
 Borrowings                                     499,401     606,615       858,546 
                                              1,665,561   2,337,488     2,303,532 
                                             ----------  ----------  ------------ 
 
 

The Board of Directors considers that the fair values of financial assets and liabilities approximate their carrying values at each reporting date due to the short-term nature thereof, and market related interest rate applied.

13. Corporate transactions

During the current year to date, Kibo had diluted its equity interest in MAST Energy Developments plc, previously a wholly owned subsidiary, as MAST raised in excess of GBP5m through Clear Capital Markets Ltd from its IPO on the Official List of the London Stock Exchange plc by way of a Standard Listing. On the date of listing the market capitalisation for MAST Energy Developments plc was c. GBP23 million .

Furthermore, initially Kibo's equity holding measured at cost pre-IPO in MAST was GBP2,615,929 which increased substantially to GBP6,580,050 post-IPO when calculated as a portion of the net assets of MAST. Moreover, the current market value of Kibo's 55.42% interest in MAST is valued at c. GBP12 million, which is approximately twice the current valuation of Kibo.

14. Unaudited results

These condensed consolidated interim financial results have not been audited or reviewed by the Group's auditors.

15. Dividends

No dividends were declared during the interim period.

16. Board of Directors

There were no changes to the board of directors during the interim period, or any other committee's composition.

17. Subsequent events

The following subsequent events have been noted:

-- MAST entered into a Sale and Purchase Agreement to acquire Pyebridge Power Ltd, a Special Purpose Vehicle comprising an installed and commissioned synchronous gas-powered standby generation facility with 9 MW export capacity.

-- MAST entered into a definitive Sale and Purchase Agreement to acquire a 100% interest in Rochdale Power Ltd, a Special Purpose Vehicle from Balance Power Projects Ltd, for the installation of a 4.4 MW flexible gas power project.

-- A period of limited political unrest in South Africa temporarily delayed the funding process for the Blyvoor Joint Venture Project when some of the short-listed parties requested additional time to re-assess the country risk profile as a result of the unrest. However, the Company is pleased to announce that discussions with these potential funders have since resumed and the joint venture partners hope to conclude a final funding arrangement for Blyvoor during the latter part of 2021.

-- All conditions have been satisfied and an agreement completed with South Africa-based Industrial Green Energy Solutions (Pty) Ltd to jointly develop a portfolio of Waste to Energy projects in South Africa. Kibo and IGES have entered into an amendment (the "Amendment") to fast track the implementation of the first project. Completion of the Agreement and Amendment follows the positive findings of an extensive due diligence process.

-- Completed a Heads of Terms (the "Agreement") with EQTEC plc (AIM: EQT) ("EQTEC"), a world-leading gasification solutions company, to acquire a 54.54% interest in the proposed 25 MWe Billingham waste gasification and power plant (the "Project") at Haverton Hill, Teesside, UK. The Project is at advanced stages of development with a concept design for the full plant produced, planning permission approved, grid connection offer secured.

18. Going concern

The Group currently generates no revenue and had net assets of GBP31,748,524 as at 30 June 2021 (31 December 2020: net assets of GBP26,558,688).

Following multiple warrant exercising and successful cash placings for the subscription of new ordinary shares, where the Group raised in cash an aggregate amount of GBP6,449,513 , the Group has adequate cash and cash equivalents (financial resources) to ensure the Group is able to continue as a going concern for the foreseeable future.

Furthermore, after reviewing the Group's financial projections, the directors of the Company (the "Directors") have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future.

For this reason, they adopted the going concern basis in preparing the Group Financial Information.

The effective implementation of COVID-19 vaccination protocol within the key areas the Group operations has led to an increase in operational activity for the Group. As at the time of preparing these results, the Group does not anticipate any further significant foreseeable disruption from the COVID-19 pandemic and expects operational activities to normalise in the coming months.

Post period end there has been a period of limited political unrest in South Africa, however the impact on the Group's operations have been temporary and limited in this regard.

19. Commitments and contingencies

There are no material commitments, contingent assets or contingent liabilities as at 30 June 2021.

20. Seasonality of operations

The company's operations are not considered to be seasonal or cyclical. These interim results were therefore not impacted by seasonality or cyclicality.

24 September 2021

**ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

For further information please visit www.kibo.energy or contact:

 
  Louis Coetzee      info@kibo.energy    Kibo Energy         Chief Executive 
                                          plc                 Officer 
  Andreas Lianos     +27 (0) 83 4408365  River Group         Corporate and Designated 
                                                              Adviser on JSE 
                                         ------------------  ------------------------ 
  Claire Noyce       +44 (0) 20 3764     Hybridan LLP        AIM Broker 
                      2341 
                   --------------------  ------------------  ------------------------ 
  Bhavesh Patel      +44 20 3440 6800    RFC Ambrian         NOMAD on AIM 
   /                                      Ltd 
   Stephen Allen 
                   --------------------  ------------------  ------------------------ 
  Isabel de Salis    +44 (0) 20 7236     St Brides Partners  Investor and Media 
   /                  1177                Ltd                 Relations Adviser 
   Beth Melluish 
                   --------------------  ------------------  ------------------------ 
 

Notes

Kibo Energy plc is a multi-asset, Africa and UK focused, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company's objective to become a leading independent power producer in the region.

Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project ("MCPP") in Tanzania; the Mabesekwa Coal Independent Power Project ("MCIPP") in Botswana; and the Benga Independent Power Project ("BIPP") in Mozambique. By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance.

Additionally, the Company has a 55% interest in MAST Energy Developments Limited ("MED"), a private UK registered company targeting the development and operation of flexible power plants to service the UK Reserve Power generation market.

Johannesburg

24 September 2021

Corporate and Designated Adviser River Group

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR USVSRAOUKURR

(END) Dow Jones Newswires

September 24, 2021 02:59 ET (06:59 GMT)

Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Sep 2021 to Oct 2021 Click Here for more Kibo Energy Charts.
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Oct 2020 to Oct 2021 Click Here for more Kibo Energy Charts.