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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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