TIDMKIBO
RNS Number : 6799M
Kibo Energy PLC
25 January 2021
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: 25 January 2021
Kibo Energy PLC ('Kibo' or the 'Company')
UK Subsidiary Sloane Developments Ltd: 2(nd) Production-Ready
Site Approaching Operational Status for Commercial Production
Kibo Energy PLC ('Kibo' or the 'Company'), the multi-asset,
Africa focused, energy company is pleased to announce that its 100%
UK subsidiary, Sloane Developments Ltd ('Sloane'), has progressed
the acquisition transaction announced in the RNS of 07 September
2020, to the point where it is now finalizing a definitive Share
Purchase Agreement ("SPA") to acquire 100% of the 9MW flexible gas
power project (the 'Acquisition').
The decision was largely influenced by the rapid progress made
in getting the site ready to commence with commercial production.
Latest reports from the project vendor and onsite engineers state
that the site will be in electricity generation readiness by
mid-February 2021. The site and equipment will then settle into
steady state electricity generation and commensurate revenue
creation as planned for the project life cycle.
Completion of the Acquisition still remains subject to, amongst
others, the following conditions precedent as reported earlier:
-- MAST Energy Developments Plc ("MED"), the 100% holding
company of Sloane being successfully admitted to trading on the
London Stock Exchange; and
-- All applicable necessary, regulatory, statutory, board and
other approvals or consents having been obtained by the
parties.
Louis Coetzee, CEO of Kibo, said: "Completion of the onsite
engineers' checklists and reports to sign -off to commence
electricity generation in February 2021 is a significant platform
for Sloane to operate from as a first step towards a position of
significantly stronger potential revenue generation and associated
profitability . This is particularly significant since the
Acquisition will deliver a production ready site, which based on
current projections, will coincide with the completion date of the
successful listing of MED.
"Following the LSE Admission of MED, Sloane will be in a
position to develop its portfolio at scale and pace, as opposed to
a project-by-project basis and advance rapidly towards significant
revenue generation. Upon completion of the Acquisition, Sloane will
be in a position where it expects to have c.9MW in immediate
production and c.20 MW in production within the first six months
from listing and adding another c.20 MW in production over the next
6 months. The additional production capacity for the first c.20MW
will come from the Bordesley and Acquisition sites, as well as the
3rd acquisition, announced on 28 October 2020. The capacity for the
2(nd) c.20MW is expected to come from a significant project
pipeline, currently in an advanced stage of development".
"This is an exciting period for both Sloane and Kibo and we look
forward to providing further updates on progress made, most notably
with regard to the good progress made on the listing of MED, as we
look to capitalise on the significant growth opportunities
available in the rapidly growing Reserve Power market and realise
value for all stakeholders."
Planned Admission
MED, the 100% holding company of Sloane is seeking admission to
the Standard List of the London Stock Exchange plc ("London Stock
Exchange" or "LSE"). Admission will be accompanied by an Initial
Public Offering, which will seek to raise sufficient funds to
complete the Acquisition and develop a portfolio of flexible power
plants in the UK and become a multi-asset operator in the rapidly
growing Reserve Power market. Kibo intends to maintain a strategic
interest in MED post the initial fundraise and Admission of at
least 55% ensuring continued upside from future developments.
**ENDS**
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
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 JSE Corporate and Designated
Adviser
------------------- -------------------- -----------------------------
Claire Noyce +44 (0) 20 3764 Hybridan LLP Broker
2341
------------------- -------------------- -----------------------------
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 Relations
/ Beth Melluish 1177 Ltd 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
25 January 2021
Corporate and Designated Adviser
River Group
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