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KIBO ENERGY PLC - Bordersley Update

Release Date: 10/12/2019 11:00
Code(s): KBO     PDF:  
 
Wrap Text
Bordersley Update

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: 10 December 2019
                            Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                                           Bordersley Update


Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to announce a further
update with regards to its wholly owned subsidiary, Bordersley Power Ltd (‘Bordersley’), which is
developing a 5 MW gas-fuelled power generation plant in the UK in cooperation with the Company’s
60% owned subsidiary, and manager and operator of Bordersley, MAST Energy Developments Limited
(‘MED’).


Overview
          *Good progress towards de-risking 5 MW gas-fuelled power generation plant, Bordersley,
           which remains on target for commercial commissioning at the end of Q1 2020
          *Several milestones achieved by the Bordersley working/steering committee, which includes
           MED and its joint development partner, AB Impianti S.R.L ('AB')
                 -Agreed site work scope
                 -Advanced Engineering, Procurement, and Construction ('EPC') solution
                 -Advanced associated financing agreement for Bordersley’s construction and
                  commissioning
          *Further payment of 10,000,000 shares to be made to Bordersley’s original MED vendors (see
           RNS dated 26 June 2019)


Louis Coetzee, CEO of Kibo Energy, commented, “The MED/AB partnership is working well and
making excellent headway towards hitting the end of Q1 2020 target to commission our 100% owned 5
MW gas-fuelled power generation plant at Bordersley. This progress is reflective of similar advances
being made across our portfolio; we are now well positioned to bring several projects to fruition during
2020.”


Details
Kibo continues to make progress towards de-risking its 5 MW gas-fuelled power generation plant,
Bordersley, which remains on target for commercial commissioning at the end of Q1 2020. This is the
first reserve power generation project being developed by MED as it focuses on building an initial
portfolio of 100 MW reserve energy projects in the UK.


In line with this, the Bordersley working/steering committee, which includes MED and its joint
   development partner, AB (see RNS dated 30 October 2019), has achieved several milestones. As well
   as agreeing the site work scope, both the EPC solution and associated financing agreement for
   Bordersley’s construction and commissioning are nearing completion.


   AB is a subsidiary of the AB Group, a global leader in engineering, manufacture, and after sales service
   of Combined Heat and Power generation solutions, which is present in 19 countries and has installed
   over 1,600 MW in over 1,250 plants.


   In light of the progress and pursuant to the agreement for Kibo to consolidate full ownership of
   Bordersley by acquiring all of the original MED vendors, St’ Anderton on Vaal Limited (‘St’
   Anderton’), direct and indirect interests in Bordersley (see RNS dated 26 June 2019), the Company will
   now make a further payment of 10,000,000 shares in Kibo to St’ Anderton, at a deemed issue price of
   5.25 pence per share.

   Accordingly, application will be made for the 10,000,000 shares to be admitted to trading on AIM and
   the JSE AltX markets. Trading in these shares is expected to commence on AIM and the JSE on or
   around 19 December 2019 ('Admission'). Following Admission, the Company will have 1,257,276,078
   shares in issue. The foregoing figure may be used by shareholders as the denominator for the
   calculations to determine if they are required to notify their interest in, or a change to their interest in,
   the Company under the FCA's Disclosure Guidance and Transparency Rules.

                                                   **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

Jason Robertson            +44 (0) 20 7374 2212       First Equity Limited         Joint Broker

Philip Adler               +44 (0) 20 7392 1494       ETX Capital Limited          Joint Broker

Bhavesh Patel / Stephen +44 20 3440 6800              RFC Ambrian Limited          NOMAD on AIM
Allen
Isabel de Salis /          +44 (0) 20 7236 1177       St Brides Partners Ltd       Investor and Media Relations
Beth Melluish                                                                      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 UK Reserve Power generation market.

Johannesburg
10 December 2019
Corporate and Designated Adviser
River Group

Date: 10-12-2019 11:00:00
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