EQUATORIAL PALM OIL PLC
(“EPO” or the “Company”)
Interim Results for 6 months ended 30 June 2011
Equatorial Palm Oil plc, (AIM: PAL) the AIM listed palm oil production company with operations in Liberia, West Africa announces its unaudited interim results for the six months ended 30 June 2011.
Financial and corporate highlights:
· Joint venture agreement with BioPalm Energy Limited (“BioPalm Energy”)(the “JV Agreement”) fully implemented
· A new palm oil mill (the “Mill”) inaugurated by the President of Liberia in May
Operational Highlights:
· First sales of crude palm oil (“CPO”)
· On track to plant 1,200 hectares of oil palms by the end of 2011
· Commencement of nursery at Butaw Estate and enlargement of existing Palm Bay Estate nursery
· Completed rehabilitation of 3,500 hectares of existing palms
· Mill in final stages of commissioning with full ramp up of production expected Q4 2011
Michael Frayne, Executive Chairman of Equatorial Palm Oil commented:
“The first half of 2011 has been another transformational period for the Company following the full implementation of the JV Agreement and we are delighted to have secured BioPalm Energy as a long term partner to the Company. In addition we have seen the inauguration of the Mill, and our first sales of CPO. We remain on track to plant over 1,200 hectares of palms by the end of 2011.”
“EPO is well funded to progress its development goals through the establishment of nurseries and planting of palms for sustainable palm oil production. The remainder of 2011 and 2012 will be an exciting time for the Company and I look forward to updating shareholders as we continue to work towards our long term strategic goals.”
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