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Botswana CBM company announces loss

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World Coal,

Botswana-focused unconventional gas exploration company, Karoo Energy, has announced a loss of £81 006 for the six months to 31 October 2015. The largest hydrocarbon license-holder in Botswana, Karoo owns a portfolio of exploration licenses for coalbed methane (CBM) and shale gas in the Kalahari Karoo Basin of Botswana.

The company also announced the completion of its acquisition of the remaining 15% of Tamboran Botswana that its subsidiary, Equatorial Oil & Gas, did not already own for a total consideration of £400 000.

“We are pleased to have completed the acquisitions of the outstanding shares in Tamboran Botswana and to take full ownership of the licenses, which are highly prospective for hosting shale gas,” said Karoo’s CEO, Noel Lyons.

At the corporate level, the company appointed Alan Golding as a Non-Executive Director. Golding has been involved in multiple coal and CBM projects in Botswana and had worked with Karoo for some time before his appointment to the board.

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