Strategic Development Agreement with SEPCOIII

RNS Number : 1869J

Kibo Energy PLC

03 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: 03 December 2018

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

Strategic Development Agreement with SEPCOIII

Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset, Africa focused energy company, announces an update regarding the Strategic Development Agreement signed with China based SEPCOIII ('SEPCOIII') involving equity investment in the Company by SEPCOIII.  Further to the announcement dated 1 October 2018, in which a mutual decision to extend the deadline for an investment decision was announced, SEPCOIII has now requested a further extension.

The Board of Kibo intends to consider SEPCOIII's request at a Board meeting to be held this week and determine the terms which would be acceptable to the Company for such an extension, taking into consideration the recent strong interest received by the Company from other entities expressing their desire to participate in the development of Kibo's portfolio of energy projects.

**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

03 December 2018

Corporate and Designated Adviser

River Group

 

END

 

 

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