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(Alliance News) - Kibo Energy PLC said Friday its interim pretax loss widened on higher costs as the company continued to advance its portfolio of energy assets.
For the six months to the end of June, the Africa-focused energy company reported a pretax loss of GBP1.8 million, widened from GBP1.3 million the year before. This was mainly as administrative expenses rose to GBP1.4 million from GBP924,829 the prior year.
During the period, Kibo said several advances within its portfolio. This includes at Benga in Mozambique where the company has completed the project's financial model and its environmental impact statement is at an advanced stage.
Concerning its 60%-owned subsidiary MAST Energy Developments Ltd, Kibo has acquired its first reserve power plant site in the UK, and has appointed technical contractors as well as a power purchase off-taker.
Finally, there was more disappointing news in Tanzania, as the government said in February that the Mbeya coal to power project did not qualify under a tender to be considered further for the delivery of coal fired electricity to the domestic market.
However, in April Kibo was formally invited to develop the Mbeya project for the export market.
"Of today's eight billion world population, there are at least three billion with no or only erratic access to power. Given that the world population is expected to increase by a further three billion in the next 50 years, in tandem with our thirst for new technologies, average power consumption is likely to escalate," said Chair Christian Schaffalitzky.
"Africa already suffers from serious energy shortages, while recently in August the UK suffered major power cuts resulting from a storm. Looking ahead, we remain focused on advancing our projects towards commercialisation and helping to alleviate these bottlenecks. Accordingly, we anticipate a steady flow of news during the remainder of the year," Schaffalitzky added.
Shars in Kibo Energy were down 7.8% at 0.60 pence in London, while its Johannesburg shares were untraded on Friday, last quoted at ZAR0.17.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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