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Kibo Energy PLC - Bordersley Update

RNS Number : 3253W
Kibo Energy PLC
10 December 2019
 

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

[email protected].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 Allen

+44 20 3440 6800

RFC Ambrian Limited

NOMAD on AIM

Isabel de Salis /

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations 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


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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