SEPCO III Strategic Development Agreement

RNS Number : 0793K

Kibo Energy PLC

11 December 2018

 

Kibo Energy PLC (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

Share code on the JSE Limited: KBO

Share code on the AIM: KIBO

ISIN: IE00B97C0C31

("Kibo" or "the Company")

Dated: 11 December 2018

Kibo Energy PLC ('Kibo' or the 'Company')

SEPCOIII Strategic Development Agreement

Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset, Africa focused energy company, announces that further to the announcement dated 3 December 2018, the Board of Kibo has elected to extend the deadline for the final confirmation of the Strategic Development Agreement ("SDA") with SEPCOIII (announced 3 July 2018), for a further 4 months to 30 March 2019. It has been agreed that this is a period of non-exclusivity during which Kibo can enter into discussions with alternative interested parties. The Company's relationship with SEPCOIII remains a strong and positive working relationship as is reflected in their continued close co-operation to finalize the SDA referred to above and on the development of the Mbeya Coal to Power Project, where the parties have amongst others signed a joint development agreement and EPC contract. The Company looks forward to updating the market further in this regard in due course.

The Company also advises that the Kibo Energy research note that was recently prepared and published by First Equity will also be available on the Company's website as of 12pm GMT, 11 December 2018.

 

**ENDS**

 

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

For further information please visit www.kibo.energy or contact:

Louis Coetzee	[e-mail]	Kibo Energy PLC	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate and Designated Adviser on JSE
Ben Tadd / Tom Curran	[phone]	SVS Securities Limited	Joint Broker
Jason Robertson	[phone]	First Equity Limited	Joint Broker
Andrew Thomson	[phone]	RFC Ambrian Limited	NOMAD on AIM
Isabel de Salis / Gaby Jenner	[phone]	St Brides Partners Ltd	Investor and Media Relations Adviser

Notes to editors

Kibo Energy PLC is a multi-asset, Africa focussed, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company's objective to become a leading independent power producer in the region.

Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project ('MCPP') in Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in Botswana; and the Benga Independent Power Project ('BIPP') in Mozambique. By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance. Additionally, the Company will benefit from its robust and experienced international blue-chip partnership network across its project portfolio, which includes: SEPCO III (China), General Electric (USA); Tractebel Engineering (Belgium); Minxcon Consulting (South Africa); ABSA / Barclays Africa; and Hogan Lovells International LLP.

Johannesburg

11 December 2018

Corporate and Designated Adviser

River Group

 

END

 

 

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