TIDMKIBO

RNS Number : 9686B

Kibo Energy PLC

26 September 2018

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 September 2018

Kibo Energy PLC ('Kibo' or the 'Company')

Update on MCPP in Tanzania

Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset, Africa focused, energy company, is pleased to announce that, further to the announcement dated 16 August 2018, the Company has noted that the Mbeya Coal Mine, which comprises the mining component of the Mbeya coal to Power Project ("MCPP"), has been recommended for grant of a Special Mining Licence from the Mining Commission of Tanzania (see also Tanzanian Ministry of Minerals announcement at: http://tumemadini.go.tz/download/orodha-ya-special-mining-licence/)

Additionally, further to the announcement dated 18 September 2018, Kibo has now also submitted the request to the Tanzania Electricity Supply Company ("TANESCO") asking for further clarification on the impact / affect the tender process for coal power projects may or may not have on its ongoing Power Purchase Agreement ("PPA") negotiations with TANESCO in respect of the Company's MCPP in the Songwe district in South Western Tanzania.

In the meantime, the Company has engaged in the tender process and has already obtained the relevant documentation for submission of the tender qualification as stipulated in the Invitation for Qualification ("IFQ"). The Company's current understanding of the broad technical criteria outlined in the tender documentation, shows that Kibo qualifies on each of these aspects and is at a significantly more advanced development stage with regard to most of the minimum requirements contained therein.

Louis Coetzee, CEO of Kibo, said, "Receipt of the Special Mining Licence will be a further box ticked in the MCPP's development plan. Whilst timelines could be affected by TANESCO's recent initiation of a tender process, the strong fundamentals of the project remain unaffected: the MCPP is a key energy project positioned to help alleviate Tanzania's acute power deficit. With local, governmental and international support, we remain focused and confident on advancing the project through the very last steps of the planning and development phase to first power production. We believe we remain firmly on course to deliver the MCPP and our two other utility scale projects in Botswana and Mozambique respectively."

**ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

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 
                  -------------------  -----------------------  ------------------------- 
 Ben Tadd /        +44 (0) 20 3700      SVS Securities Limited   Joint Broker 
  Tom Curran        0093 
                  -------------------  -----------------------  ------------------------- 
 Jon Belliss       +44 (0) 20 7399      Novum Securities         Joint Broker 
                    9400                 Ltd 
                  -------------------  -----------------------  ------------------------- 
 Andrew Thomson    +61 8 9480 2500      RFC Ambrian Limited      NOMAD on AIM 
                  -------------------  -----------------------  ------------------------- 
 Isabel de Salis   +44 (0) 20 7236      St Brides Partners       Investor and Media 
  /                 1177                 Ltd                      Relations Adviser 
  Gaby Jenner 
                  -------------------  -----------------------  -------------------------

Notes to editors

Kibo Energy PLC is a multi-asset, Africa focussed, 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 will benefit from its robust and experienced international blue-chip partnership network across its project portfolio, which includes: SEPCO III (China), General Electric (USA); Tractebel Engineering (Belgium); Minxcon Consulting (South Africa); ABSA / Barclays Africa; and Hogan Lovells International LLP.

Johannesburg

26 September 2018

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 rns@lseg.com or visit www.rns.com.

END

UPDLFMATMBMTMFP

(END) Dow Jones Newswires

September 26, 2018 02:01 ET (06:01 GMT)

Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Kibo Energy Charts.
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Kibo Energy Charts.