KIBO ENERGY PLC - Sale of Coal Interest in Botswana Coal-Based Power Project

Sale of Coal Interest in Botswana Coal-Based Power Project

Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
(‘Kibo’ or ‘the Company’)

Dated: 04 October 2023
                           Kibo Energy PLC ('Kibo' or the 'Company')

   Kibo Energy Enters into Agreement for Sale of its Coal Interest in Botswana Coal-Based
                              Power Project (“the Project”)

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
is pleased to announce that pursuant to the Company’s declared strategy to divest of all its coal assets,
Kibo has entered into a definitive share sale agreement (“the Agreement”) with Shumba Energy (Pty)
Ltd (‘Shumba’) for the sale of the Company’s remaining 35% equity holding in Kibo Energy
Botswana Pty (Ltd) (“Kibo Energy Botswana”) in which Kibo held its interest in the coal resources
associated with the Project .

Kibo Energy Botswana consists of the Mabasekwa Coal to Power Project, which had a carrying value
of £nil as at 31 December 2022 with an associated loss before tax of £3.56m, largely reflecting a full
impairment of the carrying value in that period.

The sale to Shumba is for a consideration of US$375,000 (three-hundred and seventy-five thousand
dollars) (“the Purchase Consideration”) which is payable by means of ordinary shares in the
authorized unissued share capital of Shumba, listed on the Botswana Stock Exchange (‘BSE’),
calculated on the basis of the volume-weighted average price of shares in Shumba as traded over 30
(thirty) trading days prior to the issue date, and rounded up or down to the nearest number of whole
shares.

The disposal of the Company’s coal interest in the Project is part of the Company’s declared
strategy to divest from all all hydrocarbon and coal-based assets and it also contributes to the
Company’s ongoing actions to ensure that the Company continues to have access to sufficient
funding resources if and when required. In this regard the Company is also continuously in
discussions with various potential funding sources to ensure that the Company has sufficient means
for its ongoing working capital needs.

Louis Coetzee, CEO of Kibo Energy, says: “This sale is in line with Kibo’s commitment to its
renewed strategy to acquire and develop a portfolio of sustainable, renewable energy assets and
implement an appropriate disposal and disinvestment or repositioning of all hydrocarbon and coal-
based assets. Our next aim is to progress ongoing negotiations for the disposal of the Company’s
Tanzanian coal assets and we will update the market in this regard in due course.”

This announcement contains inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014.

                                              **ENDS**

For further information please visit www.kibo.energy or contact:
 Louis Coetzee    info@kibo.energy                Kibo Energy PLC              Chief Executive Officer
 
 James Biddle     +44 207 628 3396                Beaumont Cornish Limited     Nominated Adviser
 Roland Cornish
 
 Claire Noyce     +44 20 3764 2341                Hybridan LLP                 Joint Broker
 
 Damon Heath      +44 207 186 9952                Shard Capital Partners LLP   Joint Broker
 
 Zainab Slemang   zainab@lifacommunications.com   Lifa Communications          Investor and Media
 van Rijmenant                                                                 Relations Consultant

Johannesburg
04 October 2023
Corporate and Designated Adviser
River Group

Date: 04-10-2023 08:00:00
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