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KIBO ENERGY PLC - Corporate Update

Release Date: 24/03/2020 12:50
Code(s): KBO     PDF:  
Wrap Text
Corporate 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: 24 March 2020
                                 Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                                             Corporate Update


  Kibo Energy PLC, the multi-asset, Africa focused, energy company, announces a corporate update in
  response to the COVID-19 pandemic (‘the pandemic’).


  Kibo places the safety and wellbeing of its employees and contractors as the highest priority.
  Accordingly, in response to the outbreak of the pandemic, which it has been monitoring closely, a
  business continuity programme has been put in place to protect employees while ensuring the safe
  operation of the Company. This has resulted in all non-essential travel being cancelled and all
  employees at head office being asked to work from home.


  Given the number of jurisdictions in which Kibo operates that have each approached the pandemic with
  different strategies, the Company continues, where possible, to work with all stakeholders across its
  portfolio remotely and to keep operations going as normal as possible. There is currently no material
  change to the Company’s strategy and development plan nor is any such change anticipated at this
  stage.


  The situation in respect of COVID-19 is an evolving one and the Board will review the impact on
  business and provide further updates in due course including in respect of its forward guidance.


  Louis Coetzee, CEO of Kibo Energy, commented, “We remain cognisant of COVID-19’s growing
  impact on the global economy and accordingly have focused on protecting our own employees. As each
  jurisdiction in which we work has approached the virus in different ways, and the situation continues
  to change on a daily basis, at this stage we are unable to provide specific updates on each project but
  we are able to confirm that at the moment all Kibo’s projects remain fundamentally sound and healthy.
  We will of course continue to monitor the COVID-19 impact and provide further updates as soon as we
  are in a position to do so.”

                                                **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
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
   24 March 2020
   Corporate and Designated Adviser
   River Group

Date: 24-03-2020 12:50:00
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