January 29, 2016 - 8:45 AM EST
Print Email Article Font Down Font Up
KAROO ENERGY PLC - Interim Results For The Six Months Ended 31 October 2015

29 January 2016

Karoo Energy Plc
(“Karoo Energy”, the “Group” or the “Company")

Interim Results For The Six Months Ended 31 October 2015


I am pleased to report that the Company has made continued progress over recent months both at a corporate and operational level.

Earlier this month we were delighted to announce the acquisition of the remaining 15% of Tamboran Botswana (Pty) Ltd (“Tamboran Botswana”) that our 86.95% owned subsidiary, Equatorial Oil & Gas plc, did not already own. The consideration for the remaining holding was £400,000, settled through the issue of 10,000,000 new ordinary shares of 0.25p each in the Company to Tamboran Resources Ltd at 4p per share. Tamboran Resources Ltd has agreed not to dispose of any of the consideration shares for 18 months following completion of the acquisition, except with the prior approval of the Company, or in certain limited circumstances.

Tamboran Botswana currently has a 100% interest in three prospective shale gas licences: EL001/2012 (covering c.53,544 km2), EL161/2015 (covering c.23,980 km2), and EL162/2015 (covering c. 34,435 km2). Discussions are progressing with the Botswana Government with regard to obtaining a four-year extension to licence EL001/2012 which, if granted, would see the relinquishment of approximately 50% of the original licence acreage.

We are pleased to have completed the acquisition of the outstanding shares in Tamboran Botswana, and to take full ownership of the licences, which are highly prospective for hosting shale gas.

At a corporate level the Company name was changed to Karoo Energy to better reflect the focus of the Group’s operations in Botswana’s Kalahari-Karoo basin. Meanwhile, we were delighted to welcome Alan Golding as a Non-Executive Director of the Company. Alan has extensive experience in coal, coal bed methane and underground coal gasification in Botswana, as well as other African regions and has been involved in multiple coal and coal bed methane projects in Botswana. We have worked with Alan for some time and he has already made a significant contribution to the Company’s development in Botswana and thus we are delighted to welcome him as a director.


The financial results for the six months to 31 October 2015 show a loss after taxation of £81,006 (2014: £46,907)


I am pleased at the progress made since my last report to shareholders and believe we are on the cusp of unlocking value from our vast portfolio of licences in Botswana. We look forward to providing investors with detail on further progress over the coming weeks.

Noel Lyons
29 January 2016

The Directors of the Company accept responsibility for the content of this announcement.


Karoo Energy plc
Noel Lyons
Telephone: 020 3130 0674

Corporate Adviser
Peterhouse Corporate Finance Limited
Guy Miller / Mark Anwyl
Telephone: 020 7220 9795

Consolidated Profit and Loss Account for the 6 months ended 31 October

Notes 2015
£ £
Cost of sales - 6,324
Gross profit - 6,324
Administrative expenses (83,980) (55,051)
Loss on ordinary activities before taxation (83,980) (48,727)
Taxation - -
  Minority interests 2,974 1,820
Loss for the financial year attributable to the Company’s equity shareholders (81,006) (46,907)
Earnings per share from operations
Basic and diluted earnings per share (£) 2 (0.055) (0.034)

Consolidated Balance Sheet as at 31 October

£ £
Fixed Assets
Intangible assets 324,594 201,896
Current assets
Debtors 26,679 28,886
Investments - 749
Cash at bank 14,482 44,864
41,161 74,499
Creditors: amounts falling due within one year (185,237) (84,203)
Net current liabilities (144,076) (9,704)
Total Assets 180,518 192,192
Equity and liabilities
Capital and reserves
Called up share capital 3 370,814 357,264
Share premium 525,622 396,572
Revaluation reserve - 749
Profit and loss account (719,866) (567,973)
Shareholders’ funds 176,570 186,612
Minority Interests 3,948 5,580
180,518 192,192

*The 2014 interim balance sheet has been restated for the effect of accrued additions to intangible assets of £25,000.

Consolidated Statement of Cash Flows for the 6 months ended 31 October

Notes 2015
£ £
Net cash outflow from operating activities (19,574) (58,427)
Cash flow from investing activities
Purchase of intangible exploration assets (97,697) -
Net cash used in investing activities (97,697) -
Cash flow from financing activities
Issue of shares 102,600 100,000
Net cash from financing activities 102,600 100,000
Net increase / (decrease) in cash and cash equivalents (14,671) 41,574

Notes to the interim results

1.   Basis of preparation

The interim results are unaudited and do not constitute statutory accounts and have not been reviewed by the Company’s auditors.

2.   Earnings per share

Basic earnings per share is calculated by dividing the earnings attributable to Ordinary Shareholders by the weighted average number of Ordinary Shares outstanding during the period.

The Group does not have any potentially dilutive shares in any of the periods presented, therefore the basic and diluted earnings per share are the same.

Basic earnings per share

Total basic loss per share (0.055) (0.034)

The weighted average number of Ordinary Shares used in the calculation of basic earnings per share are as follows:

Number of shares
Weighted average number of Ordinary Shares for the purposes of basic earnings per share 146,272,243 139,894,634

3.   Dividends

The directors do not propose to pay a dividend for the period.

Source: PR Newswire (January 29, 2016 - 8:45 AM EST)

News by QuoteMedia

Legal Notice