KIBO ENERGY PLC - Shareholder Q&A

Shareholder Q&A

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: 23 October 2018


                               Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                                             Shareholder Q&A


 Kibo Energy PLC (“Kibo” or the “Company”), the multi-asset, Africa focused, energy company, is pleased
 to release this Q&A document to publicly answer questions that it has received from shareholders over recent
 weeks.


 Regarding the MCPP, how does the tender process work and what are the timelines involved?
 The tender process and indicative timeline is outlined in the RNS dated 19 October 2018. The Company has
 submitted a formal Tender Qualification Document which was accepted and is now being reviewed by
 TANESCO.


 Why did the GoT change its strategy and commence a tender process?
 The tender process was introduced by the GoT to ensure that there is a transparent and orderly process for the
 procurement of all government contracts, especially those with a significant long-term strategic impact on the
 country’s economic wellbeing and development. This is to also prevent any legal challenge to a procurement
 contract following its award and subsequent execution.


 Is the current PPA process still live?
As previously announced, the Company has submitted a formal clarification request to TANESCO in this
regard. We shall update shareholders once the Company has received a formal response.


Given the presumption that the MCPP is beneficial to all parties and that Kibo seems to react to the
Government of Tanzania’s (‘GoT’) every whim, what is Kibo’s relationship with the GoT like?
We are still confident in the strength of our relationship with the GoT. It is the GoT responsibility and
prerogative to adjust its policies in the interest of creating a fairer and more transparent system and Kibo will
comply with this. It is important to note that policy changes are not something Kibo and its management can
control / influence and to ponder the merits of these at this stage will be counterproductive and short sighted
and will not change anything to the status quo. Doing this will only cause the Company to lose our significant
head start and competitive advantage as a result of all the development work the Company has done in advance
to date. In the MCPP (and now several others as well) Kibo continues to have an excellent project with
undisputed merit and strategic value and none of the policy changes to date have or will change this fact.


Why did SEPCOIII delay the deadline for the Strategic Development Agreement?
As stated in the RNS dated 1 October 2018 the decision to postpone the deadline was a mutual decision taken
to allow SEPCOIII to complete its internal procedures. The conditions to the SDA are still as outlined in the
original RNS (dated 3 July 2018) and is not subject to first signing a PPA on the power component of the
MCPP or receiving the SML on the coal mine component of the MCPP.


Why aren’t shareholders given more information?
The Company endeavours to update its shareholders regularly. However, as Kibo is a publicly listed Company,
shareholder communications must comply with regulatory legislation.


Does Kibo anticipate coming back to the market for more funding soon given that the newer projects will
all require working capital before ultimate financing?
The Company currently has no plans to return to market soon to secure funding.


How is it different working in Botswana and Mozambique to Tanzania?
The Company has strong working relationships in all three countries. There are notable synergies between the
three projects in Kibo’s portfolio and this is set to benefit the Company as it continues the development on
Mbeya, Mabesekwa and Benga.


Can Kibo provide more regular updates?
Kibo updates shareholders as regularly as possible as evidenced by the 54 RNS it has released to date in 2018.
Management also provide additional updates via regular podcasts and video interviews.


Shareholder Queries
The Company is committed to full and accurate disclosure through its normal RNS announcements. However,
to assist investors with any matters that require clarification and to avoid any mis-information, Kibo aims to
release Q&A announcements such as this on a regular basis going forward; the Company will not reply to
shareholders individually. Accordingly, shareholders with questions should submit them to info@kibo.energy.


                                                    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
                                                                                 Corporate and Designated
  Andreas Lianos            +27 (0) 83 4408365        River Group
                                                                                 Adviser on JSE
  Ben Tadd /
                            +44 (0) 20 3700 0093      SVS Securities Limited     Joint Broker
  Tom Curran
  Jason Robertson           +44 (0)20 7374 2212       First Equity Ltd           Joint Broker

  Andrew Thomson            +61 8 9480 2500           RFC Ambrian Limited        NOMAD on AIM

  Isabel de Salis /                                                               Investor and Media
                            +44 (0) 20 7236 1177      St Brides Partners Ltd
  Gaby Jenner                                                                    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
23 October 2018
Corporate and Designated Adviser
River Group

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