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KIBO ENERGY PLC - Mast Energy Developments & Bordersley Update

Release Date: 26/05/2020 14:30
Code(s): KBO     PDF:  
Wrap Text
Mast Energy Developments & 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: 26 May 2020
                           Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                          Mast Energy Developments & Bordersley Update

  Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to provide an update on
  its subsidiaries, Bordersley Power Ltd ('Bordersley') and Mast Energy Developments Ltd (‘MED’). The
  Bordersley 5 MW gas-fuelled power generation plant in the UK is currently being developed for Kibo
  by the Company's 60% owned subsidiary, manager and operator of Bordersley, MED.

  Overview
         *Further to the most recent update regarding Bordersley and MED as per the RNS
          announcement dated 17 March 2020, Kibo has now received confirmation from AB Impianti
          S.R.L ('AB') that it has, subject to certain ongoing COVID-19 related restrictions and safety
          measures, resumed operations which will increase over the coming weeks;
         *AB is managing the end-to-end Engineering, Procurement, and Construction ('EPC') scope of
          works ('SoW') for Bordersley, which includes providing exclusive access to AB construction
          and engineering capacity and capability as well as cogeneration plant and equipment (refer to
          RNS dated 30 October 2019);
         *The completion of the EPC Scope of Works (‘SoW’), which was temporarily delayed due to
          the COVID-19 outbreak, has been resumed as a priority matter and MED and AB continue to
          progress activity;
         *MED’s discussions with regards to securing substantial financing is ongoing, which could
          enable it to embark on a portfolio development strategy and implementation, which will see the
          simultaneous development of more than 20 sites from its prospective "shovel ready" portfolio
          of sustainable power generation assets in the UK (refer to RNS dated 17 March 2020); and
         *MED is also in active discussions with suppliers of “shovel ready” sites in aggregate of
          300Mw in order to bolster its projects portfolio pipeline.

  Louis Coetzee, CEO of Kibo Energy, commented, “Although the impact of the global COVID-19
  pandemic is far from over, with the gradual easing of lockdown and travel restrictions starting to take
  place around the world, we are delighted that AB have been able to resume operations, resulting in the
  recommencement of the EPC SoW. This work programme will now be advanced as a matter of priority
  so that construction and ultimately commissioning can commence at Bordersley as soon as possible.”

                                               **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
26 May 2020
Corporate and Designated Adviser
River Group

Date: 26-05-2020 02:30:00
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