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KIBO ENERGY PLC - Letter to Shareholders

Release Date: 04/02/2020 09:00
Code(s): KBO     PDF:  
 
Wrap Text
Letter to Shareholders

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: 04 February 2020

                            Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                                      Letter to Shareholders

Dear Shareholder,

Since 2018, we have worked hard to reposition the business as an energy company and to this end we
have built a solid portfolio of four major projects. However, as this portfolio has evolved and new
technologies have advanced, so too has our strategy. I have touched on this several times in past
correspondence, but increasingly, we have recognised the importance of sustainability to create positive
environmental and social impacts. With this in mind, we have grasped the nettle and are steering our
strategy towards taking a considered, responsible approach to providing energy solutions.


It goes without saying that the African Continent is in dire need of reliable, modern, affordable and
sustainable energy given its rapid economic and population growth. As highlighted in a report by the
International Energy Agency, today some 600 million people do not have access to electricity and
around 900 million people lack access to clean cooking.


In the short to medium term, clean coal projects must continue to play a key role in providing power to
help fill the immediate needs given it is still the cheapest, most reliable electrical energy source.
However, it is imperative in the mid to longer term to deliver sustainable power projects. Kibo has
taken on this challenge and aims to lead from the front, integrating renewable technology with the
traditional base load generation solutions in a practical and affordable manner.


Accordingly, we continue to advance three utility-scale power station projects in Africa, designed to
provide cost-effective, long term sustainable base load power. Positioned to tap into the Southern and
East African Power Pools in Tanzania, Botswana and Mozambique, these projects will collectively add
a significant percentage of the total current energy supply, of which more than half is attributable to
South Africa. Meanwhile, in the UK our 60% owned subsidiary, MED, remains on track to commission
its inaugural flexible power site, Bordersley.


I look forward to updating shareholders regularly as we progress these projects in tandem with our blue-
chip international partners and provide further details on how new technologies we are will be
incorporated into their development plans and become a crucial component in delivering Kibo’s growth
ambitions in a sustainable manner.


I believe that 2020 is going to be an exciting year for Kibo as we look to deliver on the energy needs of
the present without compromising future generations.
   Louis Coetzee
   CEO

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

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
   04 February 2020
   Corporate and Designated Adviser
   River Group

Date: 04-02-2020 09:00:00
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