(Alliance News) - Energy development company Kibo Energy PLC on Friday said 55% subsidiary Mast Energy Developments PLC's Bordesley project has now reached construction-ready status following a rigorous work programme.
This work programme was initiated to review and evaluate the available pipeline of sites to ensure successful and timely delivery of Mast's business strategy.
"I am very satisfied with the progress and pace at which our technical team is working and with the strong commitment to get us to first production on schedule or even ahead of schedule as current projections suggest," said Mast Chief Executive Paul Venter.
"We are particularly pleased with the significant gains we have already made in terms of savings and improved generation capacity as well as earlier than expected first production timeline," added Non-Executive Chair Louis Coetzee.
Kibo Energy shares were trading down 0.1% in London on Friday at 0.28 pence each, while in Johannesburg, the stock was up 7.1% at ZAR0.15 a share. Mast shares were trading 1.8% higher in London at 12.98p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Kibo Energy (KIBO)
Mast Energy. (MAST)