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Edenville losses widen

By BFN News | 07:38 AM | Tuesday 10 May, 2016


Edenville Energy posts operating losses of GBP4.5m for the year to the end of December - up from GBP2.3m last time. It said that as a result of a decision to relinquish it interest in three early-stage exploration licences, an impairment charge of approximately GBP3.6 million has been made. At 31 December 2015, after making provision for this impairment, the group's Net Book Value of its Exploration and Evaluation assets, including goodwill, is £5,361,277. The impairment of these licences is a non-cash impairment having been originally acquired for shares. Chairman and chief executive Rufus Short said: "2015 was a year of significant progress for Edenville. The Company has significantly advanced its Rukwa Coal to Power project, with government support for our project evidenced by the recent granting of the Mining Licence. We have a clear framework for project development and the team at Edenville remain focused on achieving all milestones in parallel with the Tanzanian government's stated aim to roll out supporting power distribution infrastructure in south western Tanzania." Story provided by StockMarketWire.com

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