Last checked at 1 Oct 2018 07:00
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: 1 October 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, advises an update further to the announcement of 3 July 2018 relating to the Strategic Development Agreement ('SDA') signed with China based SEPCOIII ('SEPCOIII'), in which the intention of SEPCO III to make one or more equity investments in Kibo was announced.
SEPCO III's internal investment approval process is ongoing and could not be completed before the 30 September 2018 due date by which all conditions, including required approvals, had to be obtained.
The parties have mutually agreed to extend the due date for this process to 30 November 2018. Further updates will be provided in due course.
**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 | info@kibo.energy | Kibo Energy PLC | Chief Executive Officer |
Andreas Lianos | +27 (0) 83 4408365 | River Group | Corporate and Designated Adviser on JSE |
Ben Tadd / Tom Curran | +44 (0) 20 3700 0093 | SVS Securities Limited | Joint Broker |
Jon Belliss | +44 (0) 20 7399 9400 | Novum Securities Ltd | Joint Broker |
Andrew Thomson | +61 8 9480 2500 | RFC Ambrian Limited | NOMAD on AIM |
Isabel de Salis / Gaby Jenner | +44 (0) 20 7236 1177 | 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
01 October 2018
Corporate and Designated Adviser
River Group