Wrap Text
Update on MAST Energy Developments Limited
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: 27 February 2019
Kibo Energy PLC (‘Kibo’ or the ‘Company’)
Update on MAST Energy Developments Limited
Kibo Energy plc (AIM: KIBO; AltX: KBO), the multi-asset Africa-focused energy company, is pleased to
announce an update on its 60% owned subsidiary, MAST Energy Developments Limited (‘MED’), a private UK
registered company targeting the development and operation of flexible power plants to service the Reserve Power
generation market. MED has now signed a binding conditional agreement for the exclusive right to undertake due
diligence and negotiate the potential acquisition of five peaking power sites totalling 25.85MW.
Under the agreement, MED has secured, at no cost, the exclusive right to acquire five peaking power sites totalling
25.85MW from a prospective developer ("Counterparty"), subject to completion of due diligence to MED/Kibo's
satisfaction and subsequent agreement of detailed commercial terms and conditions, including the acquisition price
and transaction structure. The sites range in scale from c.2.5MW to c.7.5MW and are all 11 kilo-volt ampere
(‘KVA’). MED has until 8 April 2019 to complete its due diligence, with a long stop date for the conclusion of
share sale agreements of 31 May 2019.
Additionally, as per the announcement dated 30 January, MED has now entered the final stages of the negotiation
of the Joint Development Agreement on the first shovel ready site, namely a 5MW, 11 KVA site. Once this
negotiation has completed, it shall look to complete negotiations and sign the Joint Development Agreement on
the second site
Louis Coetzee, CEO of Kibo Energy said: “MED is making excellent progress towards commencing operations
later in the year and realising first revenues. This agreement to potentially acquire a further five sites demonstrates
MED’s commitment to becoming a fully operational and competitive power supplier in the UK Reserve Power
generation market. It is still in the early stages of achieving this, but we could not have hoped for a more successful
start than what we have seen over the past three months.
The Company is looking forward to updating the market with further progress on MED as well as the Company’s
continued progress with regard to its Botswana, Mozambique and Tanzanian projects. Regarding the latter, the
Company is still awaiting a formal response to its request for clarification from the Tanzania Electricity Supply
Company (“TANESCO”) as announced in RNS dated 14 February 2019”
**ENDS**
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 / +44 (0) 20 3700 0093 SVS Securities Limited Joint Broker
Tom Curran
First Equity Limited Joint Broker
Jason Robertson +44 (0) 20 7374 2212
Andrew Thomson +61 8 9480 2500 RFC Ambrian Limited NOMAD on AIM
Isabel de Salis / +44 (0) 20 7236 1177 St Brides Partners Ltd Investor and Media
Gaby Jenner Relations Adviser
Notes to editors
Kibo Energy PLC is a multi-asset, Africa focused, 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.
Additionally, the Company has a 60% interest in MAST Energy Developments Limited (‘MED’), a private UK
registered company targeting the development and operation of flexible power plants to service the Reserve
Power generation market.
Johannesburg
27 February 2019
Corporate and Designated Adviser
River Group
Date: 27/02/2019 12:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
