Kibo Energy PLC Mast Energy Developments & Bordersley Update (3655G)
March 17 2020 - 3:00AM
UK Regulatory
TIDMKIBO
RNS Number : 3655G
Kibo Energy PLC
17 March 2020
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: 17 March 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
-- In light of the recent coronavirus outbreak, MED's joint
development partner, AB Impianti S.R.L ('AB'), who are based near
Milan, Italy had to temporarily halt operations;
-- AB team are however now working remotely, and factories are operational again;
-- AB are 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);
-- As a result of the coronavirus outbreak, the EPC SoW have
been delayed, meaning Bordersley's commissioning will not be
possible by Q1 2020;
-- MED and AB continue to progress activity as much as possible
but at present cannot advise on revised timings as a result of the
ongoing impact coronavirus continues to have - further updates will
be made as soon as the Company has further clarity to do so;
-- MED has recently also received positive funding interest from
multiple entities, and is in advanced discussions with regards to
securing substantial financing of up to USD100,000,000 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
Louis Coetzee, CEO of Kibo Energy, commented, "This is clearly
an unprecedented time and as we take guidance from official sources
with regards to managing the coronavirus outbreak, it goes without
saying that the safety of employees and their families is our
priority. As an Italian based firm, the temporary cessation in AB
activity was unavoidable but we are grateful for their adaptive
work approach, which has meant that they have quickly resumed
working activity; this is testament to their commitment and focus
on completing the relevant EPC SoW so that commissioning can
commence at Bordersley. At this point in time, given that the
coronavirus outbreak is still ongoing, and its full impact is at
yet unknown, we are unable to advise on when work will commence.
However, we continue to actively monitor the situation and will
share further updates with shareholders as soon as we are able to
do so. This will also include further updates on the strong
financing interest we have received from a number of entities keen
to provide a significant funding package that could enable us to
immediately establish more than 20 sustainable power sites.
Therefore, despite the pressures of the current global climate,
things continue to progress positively and with improving
prospects, and our focus and goals remain unchanged."
**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 First Equity Limited Joint Broker
2212
------------------- --------------------- -------------------------
Philip Adler +44 (0) 20 7392 ETX Capital Limited Joint Broker
1494
------------------- --------------------- -------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian Limited NOMAD on AIM
/ Stephen Allen
------------------- --------------------- -------------------------
Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media
/ 1177 Ltd Relations Adviser
Beth Melluish
------------------- --------------------- -------------------------
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
17 March 2020
Corporate and Designated Adviser
River Group
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contact rns@lseg.com or visit www.rns.com.
END
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