Kibo Energy shares doubled on the unusual announcement that it has scrapped a fundraising worth £500,0000 and associated boardroom changes and is going back to the drawing board.
In a statement, the micro-cap said: “currently unlikely to proceed with all the board changes as announced and is working to agree the management team aligned with the Kibo recovery strategy and plan in terms of their relevant experience and expertise to transition Kibo to a broader-based energy company, including looking at opportunities in the Oil & Gas Sector”.
An update on the board composition and funding structure would be announced shortly, it added.
Shares rose 0.01 to 0.02p.