KIBO Kibo Energy Plc

Kibo Energy (LSE:KIBO)
Historical Stock Chart

From Jun 2021 to Jun 2026

TIDMKIBO

RNS Number : 0953B

Kibo Energy PLC

18 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: 18 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, notes the announcement by the Tanzania Electricity Supply Company ("TANESCO") regarding the development of Independent Power Projects in Tanzania and the initiation of a tender process for superior coal technology and integrated gasification combined cycle power plants.

The Company intends to review the Invitation for Qualification that was released by TANESCO today and work with its advisers and all Tanzanian stakeholders, including government-related and our international blue-chip partnership network to assess the potential impact on the Company's development plans for the Mbeya Coal to Power Project ('MCPP') of this opportunity to tender. The Company will also seek clarification whether the tender process announced today will have any impact / effect on its ongoing PPA negotiations with TANESCO in respect of the Company's MCPP in the Songwe district in South Western Tanzania.

The Company is continuing work on the MCPP, to ensure an expeditious and successful conclusion of the MCPP, leveraging the Company's optimum position to realize the country's first advanced coal to power project. The network includes SEPCO III (China), one of the world's largest power EPC contractors, General Electric (USA), Tractebel Engineering (Belgium), Minxcon Consulting (South Africa), ABSA/ Barclays Africa) and Hogan Lovells International LLP.

Louis Coetzee, CEO of Kibo, said: "We have been working in Tanzania for a number of years and have made significant progress in the development of the MCPP. Our initial assessment of this latest tender process seems to indicate additional opportunity to expand the Company's participation in the development of the Tanzania energy sector and we will now urgently consult with our partners to ascertain the best course of action"

**ENDS**

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

For further information please visit www.kibomining.com or contact:

 
 Louis Coetzee    info@kibomining.com   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 
                 --------------------  -----------------------  ------------------------- 
 Priit Piip       +44 (0) 20 7236       St Brides Partners       Investor and Media 
                   1177                  Ltd                      Relations Adviser 
                 --------------------  -----------------------  ------------------------- 
 

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

18 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

MSCUWABRWWAKARR

(END) Dow Jones Newswires

September 18, 2018 03:30 ET (07:30 GMT)