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DJ Karoo Energy Plc Audited Financial Results to 30 April 2016

                       ("Karoo Energy" or the "Company") 
I am pleased to announce that the company has made significant operational 
progress on its shale gas and CBM licenses in Botswana's Kalahari-Karoo basin 
and we expect to make an announcement in the near future with the initial 
results of our drilling program to-date. 
At a corporate level we were delighted to welcome Dr Allen Zimbler to the Board 
of Karoo Energy Plc as our new Non-Executive Chairman. 
Dr Zimbler retired from Investec Bank plc at the end of March 2016, having held 
the positions of Chief Integration Officer of the group, member of the group 
executive, and executive director of Investec Bank plc. Allen first started at 
Investec Bank plc in September 2001. 
Prior to 2001, Dr Zimbler ran his own strategic management and organisation 
development consultancy over a twenty-year period. During this time he 
consulted to numerous organisations internationally, including Investec Bank 
plc, in the fields of culture, strategy formulation and implementation and 
organisation development. He specialised in the retail, financial services and 
information technology sectors. 
The financial results for the year ended 30 April 2016 show a loss after 
taxation of GBP357,691 (2015: GBP159,302). 
 The directors do not recommend payment of a dividend (2015: GBPNil). 
I am pleased at the progress made since my last report to shareholders and look 
forward to providing investors with detail on further progress over the coming 
Noel Lyons 
Chief Executive Officer, 
5 October 2016 
The Directors of Karoo Energy accept responsibility for the content of this 
Noel Lyons 
020 3130 0674 
Corporate Adviser 
Peterhouse Corporate Finance Limited 
Guy Miller / Mark Anwyl 
Telephone: 020 7220 9796 
Consolidated Income Statement for the year ended 30 April 
                                                                  2016          2015 
                                                                     GBP             GBP 
Revenue                                                              -             - 
Cost of sales                                                        -             - 
Gross profit                                                         -             - 
Administrative expenses                                      (356,285)     (159,257) 
Operating loss                                               (356,285)     (159,257) 
Finance costs                                                  (3,260)         (523) 
Loss before taxation                                         (359,545)     (159,780) 
Taxation                                                             -             - 
  Non-controlling interest                                       1,854           478 
Loss for the financial year attributable to the              (357,691)     (159,302) 
Company's equity shareholders 
Loss per share from operations 
Basic and diluted loss per share (pence)                      (0.2341)      (0.1124) 
Consolidated Statement of Comprehensive Income for the year ended 30 April 
                                                                  2016         2015 
                                                                     GBP            GBP 
Loss for the financial year                                  (357,691)    (159,302) 
Total comprehensive income for the financial year            (357,691)    (159,302) 
attributable to the Company's equity shareholders 
All amounts relate to continuing operations. 
Consolidated Balance Sheet as at 30 April 
                                                                   2016             2015 
Assets                                                                GBP                GBP 
Non-current assets 
Intangible assets                                               362,252          214,396 
Current assets 
Trade and other receivables                                      19,011           42,253 
Investments                                                           -              226 
Cash and cash equivalents                                       294,546           29,152 
                                                                313,557           71,631 
Total Assets                                                    675,809          286,027 
Equity and liabilities 
Capital and reserves 
Share capital                                                   450,449          362,264 
Share premium                                                 1,576,659          431,572 
Retained earnings                                           (1,696,734)        (638,635) 
Shareholders' funds                                             330,374          155,201 
Non-controlling Interests                                         5,303            6,922 
                                                                335,667          162,123 
Current liabilities: 
Trade and other payables                                        340,132          123,904 
Total equity and liabilities                                    675,809          286,027 
The financial statements were approved by the Board of Directors on 5 October 
2016 and were signed on its behalf by: 
Noel Lyons 
Consolidated Statement of Changes in Equity 
                              Share       Share     Retained  Non-controlling      Total 
                            capital     premium     earnings        interests 
                                  GBP           GBP            GBP                GBP          GBP 
For the year ended 30 
April 2016 
Balance at 1 May 2015       362,264     431,572    (638,635)            6,922    162,123 
Loss for the                      -           -    (357,691)          (1,854)  (359,545) 
financial year 
Total comprehensive               -           -    (357,691)          (1,854)  (359,545) 
Issue of shares              88,185   1,145,087            -                -  1,233,272 
Acquisition of                    -           -    (700,408)              235  (700,173) 
Balance at 30 April         450,449   1,576,659  (1,696,734)            5,303    335,677 
For the year ended 30 
April 2015 
Balance at 1 May 2014       344,764     309,072    (520,317)            1,863    135,382 
Loss for the                      -           -    (159,302)            (478)  (159,780) 
financial year 
Total comprehensive               -           -    (159,302)            (478)  (159,780) 
Issue of shares              17,500     122,500            -                -    140,000 
Non-controlling                   -           -            -            5,537      5,537 
interest on 
Share based payments              -           -       40,984                -     40,984 
Balance at 30 April         362,264     431,572    (638,635)            6,922    162,123 
Consolidated Statement of Cash Flows for the year ended 30 April 
                                                                  2016         2015 
                                                                     GBP            GBP 
Cash flow from operating activities 
Loss for the financial year before tax                       (359,545)    (159,780) 
Finance costs                                                    3,260          523 
Revaluation loss on investments                                    226            - 
Share based payments                                                 -       40,984 
                                                             (356,059)    (118,273) 
Changes in working capital 
Decrease / (increase) in trade and other                        23,242     (11,029) 
Increase in trade and other payables                           142,968       57,990 
Cash outflow from operating activities                       (189,849)     (71,312) 
Cash flow from investing activities 
Cash spend on exploration activities                         (147,856)            - 
Acquisition of business                                              -     (42,827) 
Net cash used in investing activities                        (147,856)     (42,827) 
Cash flow from financing activities 
Issue of shares                                                533,099      140,000 
Proceeds from related party loan                                70,000            - 
Net cash from in financing activities                          603,099      140,000 
Net increase in cash and cash equivalents                      265,394       25,861 
Cash and cash equivalents at beginning of                       29,152        3,291 
financial year 
Cash and cash equivalents at end of financial                  294,546       29,152 
Going concern 
During the year ended 30 April 2016 the Group made a loss of GBP357,691 (2015: a 
loss of GBP159,780).  Whilst the Group had net assets of GBP335,667 (2015: net 
assets of GBP162,123) as at 30 April 2016 it had net current liabilities of GBP 
26,575 (2015: net current liabilities of GBP52,273) at that date. The operations 
of the Group are primarily financed from funds which the Parent Company raises 
from share placings. 
The Group's capital management policy is to raise sufficient funding to finance 
the Group's near term exploration and development objectives. 
The Company successfully raised GBP533,100 through share placings (excluding 
those shares issued to acquire the 15% of Tamboran Botswana (Pty) Limited and 
7.5% of Equatorial Oil & Gas plc (see note 21) during the year and had raised a 
further GBP200,000 subsequent to the year end. The Group had a cash balance of GBP 

(MORE TO FOLLOW) Dow Jones Newswires

October 05, 2016 08:52 ET (12:52 GMT)

DJ Karoo Energy Plc Audited Financial Results to 30 -2-

180,488 at 4 October 2016. The Group will need to raise additional cash funding 
to support both working capital requirements and its obligations under the 
exploration licences, as set out in note 23 regarding the Group financial 
commitments. Should such funding not be obtained, the Group would fail to meet 
the required annual spend on the exploration licences which in turn may lead to 
exploration assets being impaired and potentially even revoked by the Ministry 
of Mines in Botswana. 
The Directors believe that the Group will be able to raise as required, 
sufficient cash to enable it to continue its operations, and continue to meet, 
as and when they fall due, its planned and committed exploration and 
development activities and liabilities for at least the next twelve months from 
the date of approval of these financial statements. For this reason, the 
Directors continue to adopt the going concern basis in preparing the accounts. 
However, there can be no guarantee that the required funds we be raised within 
the necessary timeframe. 
Consequently, a material uncertainty exists that may cast doubt on the Group's 
ability to continue to operate as planned and to be able to meet its 
commitments and discharge its liabilities in the normal course of business for 
a period not less than twelve months from the date of this report. The 
financial statements do not include the adjustments that would result if the 
Group was unable to continue in operation. 

(END) Dow Jones Newswires

October 05, 2016 08:52 ET (12:52 GMT)