Strategic Development Agreement with SEPCOIII

RNS Number : 4713C

Kibo Energy PLC

01 October 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: 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	[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
Jon Belliss	[phone]	Novum Securities Ltd	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

01 October 2018

Corporate and Designated Adviser

River Group

 

END

 

 

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