Kibo Energy PLC Update on Benga Power Plant Project (3959Y)

TIDMKIBO

RNS Number : 3959Y

Kibo Energy PLC

08 May 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: 8 May 2019

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

Update on Benga Power Plant Project

Kibo Energy PLC, the multi-asset energy company, is pleased to announce an update on its Benga Power Plant Project in Mozambique ('Benga' or 'the Project').

The Company is advancing the development of its 65% owned Benga Power Plant Project in Joint Venture with Mozambique energy company Termoeléctrica de Benga S.A, with a view to constructing and operating a 150-300 MW coal-fired power station with feedstock provided by regional coal producers. In line with this, the Company has presented the Definitive Feasibility Study ('DFS') for the Project to the Ministry of Energy and EDM, Mozambique's publicly owned electricity company. Additionally, under the terms of the existing MOU, power purchase agreement ("PPA") discussions with EDM continue to progress as do those with potential private off-takers.

Louis Coetzee, CEO of Kibo, said: "Working in Mozambique has been notably straightforward as evidenced by the timely advancement of Benga which is currently advancing well ahead of the Company's development schedule for the project. The project is gaining increasing recognition as a notable energy project in Mozambique and the support and feedback we have received on the Project so far is highly encouraging. We look forward to updating the market further on our progress including negotiations on the PPA."

**ENDS**

For further information please visit www.kibo.energy or contact:

 
 Louis Coetzee     [e-mail]     Kibo Energy PLC          Chief Executive Officer 
 Andreas Lianos    [phone]   River Group              Corporate and Designated 
                                                                  Adviser on JSE 
                  -------------------  -----------------------  ------------------------- 
 Ben Tadd /        [phone]      SVS Securities Limited   Joint Broker 
  Tom Curran        0093 
                  -------------------  -----------------------  ------------------------- 
 Jason Robertson   [phone]      First Equity Limited     Joint Broker 
                    2212 
                  -------------------  -----------------------  ------------------------- 
 Andrew Thomson    [phone]      RFC Ambrian Limited      NOMAD on AIM 
                  -------------------  -----------------------  ------------------------- 
 Isabel de Salis   [phone]      St Brides Partners       Investor and Media 
  / Gaby Jenner     1177                 Ltd                      Relations Adviser 
                  -------------------  -----------------------  ------------------------- 
 

Notes to editors

Kibo Energy PLC is a multi-asset energy company focused on progressing a diverse portfolio of advanced power generation and mining projects in Sub-Saharan Africa and the UK, utilising established international relationships with key development partners. It is simultaneously developing three coal-fuelled power projects in Africa: the Benga Independent Power Project in Mozambique; the Mabesekwa Coal Independent Power Project in Botswana; and the Mbeya Coal to Power Project in Tanzania. Additionally, the Company has a 60% interest in MAST Energy Developments Limited, a private UK registered company targeting the development and operation of flexible power plants to service the Reserve Power generation market.

Johannesburg

8 May 2019

Corporate and Designated Adviser

River Group

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May 08, 2019 08:00 ET (12:00 GMT)