Wrap Text
AGM Statement
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: 24 September 2019
Kibo Energy PLC (‘Kibo’ or the ‘Company’)
AGM Statement
Kibo Energy PLC, the multi-asset, Africa focused, energy company, is holding its Annual General
Meeting (‘AGM’) today at 10 a.m. at the Conrad Hotel, Earlsfort Terrace, Saint Stephen's Green, Dublin
2, Ireland. At the meeting, Chairman Christian Schaffalitzky will make the following statement:
“We continue to make steady progress advancing our diverse portfolio of advanced power generation
and mining projects in Sub-Saharan Africa and the UK, utilising our established international
relationships with key development partners.
Our four current projects are directly positioned to address major energy issues in Africa and closer to
home in the UK. Of today’s eight billion world population, there are at least three billion with no or
only erratic access to power. Given world population is expected to increase by a further three billion
in the next 50 years, in tandem with our thirst for new technologies, average power consumption is
likely to escalate. Africa in particular already suffers from major energy shortages; our clean coal
projects are being advanced to alleviate this bottle neck.
This takes me onto the subject of coal. Unfortunately, modern civilisation is not yet able to be powered
by renewables alone; it would, frankly, be uneconomical to follow this path. In order to hit energy
supply targets, African nations understand this and realise that coal has its place in the current energy
mix. We, at Kibo, also recognise this and have worked hard to develop clean coal options for our
energy projects.
However, we have also taken a longer-term view and recently introduced renewable energy solutions
into our strategy. In June 2019 we signed a collaboration agreement with ESS Tech Inc., a leader in
the design, manufacture, supply and installation of long duration energy storage technology. This is a
major milestone, as it opens new avenues in terms of renewable co-generation with our coal power
projects and provides us with a significant advantage over our competitors.
We hope to work with ESS across all three African energy projects, which continue to advance. As
I’ve mentioned in previous statements, these are all major capital projects that take considerable time
and effort to advance and which are often beholden to the timetables of governments and other
international organisations; we have never suggested otherwise. It is a risk that many companies
operating in Africa face, but for those who persevere, the rewards could be substantial.
We are particularly excited with the progress being made in Mozambique at our first pure energy
project, Benga, in which we have a 65% interest, and which is supported by both our Joint Venture
partner, Mozambique energy company Termoeléctrica de Benga S.A., and the Government. Most
recently, we announced non-binding term sheets for both coal supply and power purchase agreements
(‘PPAs’) with Vale Moçambique, S.A., and encouraging discussions with EDM as part of the PPA
process.
The Mabesekwa Coal Independent Power Project in Botswana, in which we have an 85% interest, is
also advancing. It is currently at feasibility stage awaiting a Mining Licence and is on a clear
development path with visible deliverables.
Our 100% owned Mbeya Coal to Power Project (‘MCPP’) in Tanzania is also making headway after a
disappointing start to the year and remains an exciting opportunity. This was highlighted by the recent
confirmation from TANESCO that we can develop the MCPP for the export market; we are actively
pursuing this along with opportunities within the domestic market. Most recently, with the support and
cooperation of the Mining Commission of Tanzania, seven Mining Rights were approved and granted
for the Project and its Water Permits were successfully renewed ahead of schedule, providing further
clarity with regard to the project’s ongoing development.
Finally, our 60% owned UK subsidiary, Mast Energy Development Ltd (‘Mast’), is also advancing as
it looks to support the UK energy mix with much needed flexible energy projects. This sector has been
in the spotlight recently after the UK suffered a blackout in early August. Mast’s strategy to acquire
and develop a portfolio of small-scale power generation assets is well underway, with one site acquired
and due diligence on several others nearing conclusion. Notably, we took the decision to acquire a
direct 100% interest in shovel-ready reserve power generation project, Bordersley Power Limited,
which is expected to commence commercial production towards the end of Q1 2020. With a PPA now
in place with Statkraft, and preliminary notice to proceed with the construction and commissioning of
the 5MW gas-fuelled power generation plant issued, we hope that revenues from this project will
contribute significantly to ongoing Kibo Group funding requirements.
Looking ahead, as our projects advance and de-risk, I am certain that the disparity between our asset
value and our market capitalisation will be recognised and corrected. Tough market conditions have
also not helped us so I would like to thank shareholders for their continued support and look to the
future with confidence.”
ENDS
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU)
no. 596/2014.
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
Jason Robertson +44 (0) 20 7374 2212 First Equity Limited Joint Broker
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
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 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
24 September 2019
Corporate and Designated Adviser
River Group
Date: 25/09/2019 07:10:00
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