- Kibo Energy reported a narrower annual loss as higher revenues and lower exploration spend bolstered performance.

For the year ended 31 December, pre-tax losses narrowed to £4.04m from £4.52m a year earlier and revenues increased to £2.04m from £1.9m.

Exploration expenditure fell by 55% to £0.78m as the company continued its strategy to sell its non-energy assets.

The company sold its remaining exploration project, the Haneti Nickel project, to Katoro Gold for consideration of 15,384,615 newly issued shares in Katoro at a price per share of 1.3p valuing the project at £200,000. That followed the divestment of its gold assets, the Imweru & Lubando projects to Katoro during 2017.

The company also said it was well positioned to complete its transition into a dedicated energy development company.

'With our long-established international relationships, including the project financing agreement announced post period end with Wimmer Financial, we are well positioned to rapidly move onto the construction phases once we have, amongst other things, completed our already advanced PPA discussions,' the company said.

At 9:40am: [LON:KIBO] Kibo Mining share price was 0p at 1.03p

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