Director Resignation

RNS Number : 8922L

Ncondezi Energy Limited

05 May 2020

 

News Release  

Director Resignation

5 May 2020: Ncondezi Energy Limited ("Ncondezi" or the "Company") (AIM: NCCL) announces that Estevao Pale has resigned from the Board of the Company and his role as Non-Executive Director with immediate effect to focus on his newly appointed role as Chairman of Mozambique national oil company, Empresa Nacional de Hidrocarbonetos.

Hanno Pengilly, Chief Executive Officer of the Company commented: "The Board would like to thank Estevao for his invaluable support and guidance throughout his Directorship. He has been on the Company's Board since 2010 and acted as the Company's local director, providing key guidance and assistance to the Company's engagement strategy with government departments. Estevao has taken on an important task for Mozambique as it looks to become one of the world's largest producers of liquified natural gas. We wish him well in the future.

The Company has started a process to find a replacement local director and additional news on this will be announced in due course ."

E nqu iries

For further information please visit www.ncondezienergy.com or contact:

Ncondezi Energy:	Hanno Pengilly	[phone]
Liberum Capital Limited: NOMAD & Broker	Andrew Godber, Edward Thomas, Kane Collings	[phone]
Novum Securities Limited	Colin Rowbury	[phone]
Pimlico Advisory Limited	Elizabeth Johnson	[phone]

Note:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 . Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Hanno Pengilly, Chief Executive Officer of the Company (responsible for arranging release of this announcement) on [phone].

Ncondezi is an emerging African power development company which owns 100% of the 300MW Ncondezi Coal Power Project which is one of the most advanced power development projects in Mozambique. The project is strategically located in the Tete Province in northern Mozambique, a power generating hub that distributes power across the region. The Company is targeting delivery of first power onto the Mozambican grid by 2023 through a 25 year offtake agreement to meet existing demand.

Ncondezi has also entered the captive solar and battery storage sector through a proposed Joint Venture with GridX Africa Development, to develop, build and operate power solutions for the African Commercial and Industrial sector.

 

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