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Share Name Share Symbol Market Type Share ISIN Share Description
Kibo Energy Plc LSE:KIBO London Ordinary Share IE00B97C0C31 ORD EUR0.001
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.39 17,366,367 09:54:58
Bid Price Offer Price High Price Low Price Open Price
0.38 0.40 0.39 0.385 0.385
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining -3.90 -0.40 9
Last Trade Time Trade Type Trade Size Trade Price Currency
16:11:18 O 1,900,000 0.38422 GBX

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DateSubject
24/2/2021
08:20
Kibo Energy Daily Update: Kibo Energy Plc is listed in the Mining sector of the London Stock Exchange with ticker KIBO. The last closing price for Kibo Energy was 0.39p.
Kibo Energy Plc has a 4 week average price of 0.27p and a 12 week average price of 0.17p.
The 1 year high share price is 0.55p while the 1 year low share price is currently 0.17p.
There are currently 2,231,640,835 shares in issue and the average daily traded volume is 22,095,266 shares. The market capitalisation of Kibo Energy Plc is £8,703,399.26.
15/2/2021
11:47
yaki: Usual drivel from our resident "lurker5"/"too sensitive to be called John" know-it-all A busy day so can't be bothered to reply But would you believe what is said by a multi alias, bulling others to protect anonymity poster? I will leave to you! lurker515 Feb '21 - 10:43 - 5283 of 5285 0 0 0 Questions anyone intelligent and honest would ask of the Clear Capital Med 'prospectus' (but not of course Mr Yaki) are many - Here is a key one. (Apologies that ADVFN makes it impossible to format the tables below by the columns needed to read them easily. You'll just have to make allowances) . The reserve power sector has encountered serious problems last few years prompting this Financial Times item. "Tim Emrich, chief executive of UK Power Reserve, one of the biggest developers of small gas generators, said 500MW of capacity planned by his company was "at risk". Research by KPMG has said" Yaki knows, but hides from the gullible (Ah - forgot - he's a major Kibo shareholder !) that Plutus Powergen has sold out - one of few listed cos so has had to publish more than the 350 plus other reserve poer sites (Med is going to be a 'major' player ! ha ha) because - What PPG 'projected' in 2017 for a 20MW reciprocating gas site £'000's Year 1 2 3 Turnover 2,454 4,489 4,754 EBIDA 1,192 2,311 2,508 Cash Flow 1,192 2,312 2,306 NB: Stated to be BEFORE financing costs What PPG actually achieved from its first five sites (before £150k mgmt fee by each and before financing costs)(2019 R&A said six sites of 20MW each) Attune Energy Ltd 20MW Turnover 1,244 1,512 1,173 EBITDA 797 1,053 677 Cash Flow 797 1,053 677 Balance Power Ltd Turnover 1,127 1,120 EBITDA 767 494 Cash Flow 767 494 Flexible Generation Ltd Turnover 994 953 EBITDA 581 319 Cash Flow Equivalence Energy Ltd Turnover 1,104 1,119 EBITDA 742 509 Cash Flow Precise Energy Ltd Turnover 1,045 953 EBITDA 682 192 Cash Flow Valence Power Ltd Turnover 1,010 981 EBITDA 644 409 Cash Flow Portman Power Ltd under construction Reliance Generation Ltd under constructin The above are BEFORE financing costs. which will be big - see the balance sheets below Typical balance sheets at start £'000's Generating plant & infrastructure 6,380 Planning & connection/build costs 566 working capital (net current liabs) 994 5,952 financed by asset finance loans 2,779 EIS investors (55%) 1,745 PPG plc (owner) 45% * 1,428 * ie spent by PPG as sponsor * ie = earned by PPG's planning 5,952 Pro-rata - what a 5MW site would achieve on averages above Year 1 Year 2 Year 3 Turnover £,000's 272 277 293 EBITDA £'000's 176 124 169 Kibo's 45% share £'000's 88 87 76 lurker515 Feb '21 - 10:43 - 5284 of 5285 0 0 0 Questions anyone intelligent and honest would ask of the Clear Capital Med 'prospectus' (but not of course Mr Yaki) are many - Here is a key one. The reserve power sector has encountered serious problems last few years -prompting this Financial Times item. "Tim Emrich, chief executive of UK Power Reserve, one of the biggest developers of small gas generators, said 500MW of capacity planned by his company was "at risk". Research by KPMG has said" Yaki knows, but hides from the gullible (Ah - forgot - he's a major Kibo shareholder !) that Plutus Powergen has sold out - one of few listed cos, so has had to publish more detail than the 350 plus other reserve power sites in the UK (Med is going to be a 'major' player of course !) because - What PPG 'projected' in 2017 for a 20MW reciprocating gas site £'000's Year 1 2 3 Turnover 2,454 4,489 4,754 EBIDA 1,192 2,311 2,508 Cash Flow 1,192 2,312 2,306 NB: Stated to be BEFORE financing costs. The figures and the balance sheets below would produce the NPV and irr LC stated back when Med first appeared (but which he hasn't altered since the disastrous performances below) What PPG actually achieved from its first five sites (before £150k mgmt fee by each and before financing costs)(2019 R&A said six sites of 20MW each) was as follows Attune Energy Ltd 20MW Turnover 1,244 1,512 1,173 EBITDA 797 1,053 677 Cash Flow 797 1,053 677 Balance Power Ltd Turnover 1,127 1,120 EBITDA 767 494 Cash Flow 767 494 Flexible Generation Ltd Turnover 994 953 EBITDA 581 319 Cash Flow Equivalence Energy Ltd Turnover 1,104 1,119 EBITDA 742 509 Cash Flow Precise Energy Ltd Turnover 1,045 953 EBITDA 682 192 Cash Flow Valence Power Ltd Turnover 1,010 981 EBITDA 644 409 Cash Flow Portman Power Ltd under construction Reliance Generation Ltd under construction The above are BEFORE financing costs - see the balance sheets below (based on costs c 2015 for a 20MW reciprocating gas plant - they have risen considerably since then) Typical balance sheets at start £'000's Generating plant & infrastructure 6,380 Planning & connection/build costs 566 working capital (net current liabs) 994 Capital employed 5,952 financed by asset finance loans 2,779 EIS investors (55%) 1,745 PPG plc (owner) 45% * 1,428 * ie spent by PPG as sponsor* ie = earned by its planning Total financing 5,952 Pro-rata - what a 5MW site would achieve on averages above Year 1 2 3 Turnover £,000's 272 277 293 EBITDA £'000's 176 124 169 Kibo's 45% share £'000's 88 87 76 Disastrously short of LC's 16% irr !! LC has touted the same NPV and irr since copying PPG's figures in 2017 . Why no mention of the shorfall everyone in the market has experienced since then ? And why hasn't our 'expert' Yaki questioned where Kibo (and Med) - assuming the same financing structure a PPG) will get the £1.4m + £1.7m per 20MW site that equity owners will need (above figures are 6 years old. capital costs have increased since then and the schemes for EIS investors have been stopped by the IR) ? More seriously. What will be the asset loan repayments - to come out of cash flow that LC has said each site will produce (but not mentioning the finance costs) A child just out of Kindergarten would ask LC these questions. But not Yaki. And of course similar questions that I asked LC at his last Investor Q&A were not acknowledged let alone answered. Better luck on Thursday eh ? If readers on here think Yaki is a reliable guide remember his constant Kibo ramping all the way down since 2017. And if anyone can't recognise his belittling of anyone who corrects him, and his attempts to deter anyone questioning him, to be that of a child with a personality defect, they must be of the same mould. I mentioned earlier, some of the other obvious questions.
12/2/2021
14:33
yaki: John Some interesting points here raised Btw, I passed this note with your (at least) TWO avatar names you use here, to the company. I am sure they will be interested in allegations of fraud that you claim LC has committed. Let me answer a few I know. 1) Plutus Powergen corporate mess, now a cash shell, diesel generators that would cost fortune to convert to gas. A have a few good examples of signs why the market is buoyant, but later on them 2) Financing Vendor financing? 3)Free cashflows .09 pence per the 3.5bn Kibo shares Great. At 10-20 x multiple - share price of 0.9p-1.8p. Way higher than current share price lurker5 12 Feb '21 - 13:07 - 5270 of 5271 Having got hold of the Clear Capital 'prospectus' I can see why MED couldn't get its £5.5m on any sort of public market. (Can only reproduce snippets on here because its a pdf) Among a number of abysmal broker puffs I've seen in many years, this is the worst. If River is to prepare one to raise cash for Med on the standard market it will have to be much more honest and open. 1) Med isn't investing in 'the clean energy' market which CC uses as a 'comparator'. Its investing in a tiny sub-set of 'energy' markets - being power generation. 2) CC's comparators are a) Pineapple Power - a tiny start-up cash shell planning to 'invest in clean and renewable energy' - a long way from reserve power b) Powerhouse Energy - a large company planing a plant to generate hydrogen from waste plastics - again nothing to do with reserve power c) Invinity Enery - a manufacturer of energy storage batteries. These, conveniently, have shown good share price growth recently because much more attractive to investors. d) a chart of a global 'clean energy' ETF showing impressive growth and a puff from a "Clean Energy Market Forecast to 2027" projected to grow at 13% cag. Covering major world companies in Hydro and Ocean Power, Solar Energy, Bioenergy, Geothermal Energy, and Wind Energy) and EndUser (Residential, Commercial, and Industrial)markets. Just how relevant is that to Med's prospects ? And of course Surprise Surprise - no mention whatsoever of any company in the UK reserve power market such as Plutus Powergen and the more than 350 other similar companies to be found on Companies House - all of whose operating profits have been decimated in the last four years by upsets in their UK market. As for Med itself - why ? - surprise surprise once again ! We have LC's statement that "Financial modelling indicates projected IRRs of 13-16% and NPVs of GBP16-19 million for the initial assets" - which is exactly the same as his puff three years ago - in turn exactly the same as the puff in 2016 by Plutus Powergen in its prospectus, which has turned out to be misereably unachievable (in it case less than 1/4 its 'projected' profits) - In other word LC, as is his wont, has done absolutely no research into his own market - or if he has is fraudulently concealing the fact that Med's market is dodgy. In fact Mr Yaki seemed to have accepted some time ago, that Bordersley's NPV wouldn't be £16m, but more like £5m. As for LC's promise of "£25k of free cash flow per month per 5MW generation, and therefore £6m pa from the 100MW he 'expects' will be operating by year end - it looks more realistic (less) than would be produced by a claimed 13-16% irr. BUT what he fails to mention is how his 100MW is to be financed. Look up PPG and its relatioship with Rockpool Investments to see the funding structure likely to be used, which will involve MED and Kibo) having to raise a least £25m in equity and another £25m in loans to pay for 100MW capacity. And even if 100MW is achieved, how much will the claimed £6m pa 'free cash flow' (I haven't worked out what the loans will cost) be worth to Kibo shareholders ? If it has is claimed 55% - it will be .09 pence per the 3.5bn Kibo shares it will be issuing over the next few years - NOT COUNTING what it will have to issue (a very large number more shares) to finance its power projects in Africa. You have been warned to do your sums very carefully, and to wait to see whether the Standard Market prospectus pulls any rabbits out of Kibo's very tattered hat, before believing that Med will rescue Kibo from the hole LC has dug for it. As for the rest of CC's'prospectus' I don't have the time to list the other misleading and irrelevant statements in it. In fact the only part that is honest is the list of risks. (Can't copy here I'm afraid)
12/2/2021
13:07
lurker5: Having got hold of the Clear Capital 'prospectus' I can see why MED couldn't get its £5.5m on any sort of public market. (Can only reproduce snippets on here because its a pdf) Among a number of abysmal broker puffs I've seen in many years, this is the worst. If River is to prepare one to raise cash for Med on the standard market it will have to be much more honest and open. 1) Med isn't investing in 'the clean energy' market which CC uses as a 'comparator'. Its investing in a tiny sub-set of 'energy' markets - being power generation. 2) CC's comparators are a) Pineapple Power - a tiny start-up cash shell planning to 'invest in clean and renewable energy' - a long way from reserve power b) Powerhouse Energy - a large company planing a plant to generate hydrogen from waste plastics - again nothing to do with reserve power c) Invinity Enery - a manufacturer of energy storage batteries. These, conveniently, have shown good share price growth recently because much more attractive to investors. d) a chart of a global 'clean energy' ETF showing impressive growth and a puff from a "Clean Energy Market Forecast to 2027" projected to grow at 13% cag. Covering major world companies in Hydro and Ocean Power, Solar Energy, Bioenergy, Geothermal Energy, and Wind Energy) and EndUser (Residential, Commercial, and Industrial)markets. Just how relevant is that to Med's prospects ? And of course Surprise Surprise - no mention whatsoever of any company in the UK reserve power market such as Plutus Powergen and the more than 350 other similar companies to be found on Companies House - all of whose operating profits have been decimated in the last four years by upsets in their UK market. As for Med itself - why ? - surprise surprise once again ! We have LC's statement that "Financial modelling indicates projected IRRs of 13-16% and NPVs of GBP16-19 million for the initial assets" - which is exactly the same as his puff three years ago - in turn exactly the same as the puff in 2016 by Plutus Powergen in its prospectus, which has turned out to be misereably unachievable (in it case less than 1/4 its 'projected' profits) - In other word LC, as is his wont, has done absolutely no research into his own market - or if he has is fraudulently concealing the fact that Med's market is dodgy. In fact Mr Yaki seemed to have accepted some time ago, that Bordersley's NPV wouldn't be £16m, but more like £5m. As for LC's promise of "£25k of free cash flow per month per 5MW generation, and therefore £6m pa from the 100MW he 'expects' will be operating by year end - it looks more realistic (less) than would be produced by a claimed 13-16% irr. BUT what he fails to mention is how his 100MW is to be financed. Look up PPG and its relatioship with Rockpool Investments to see the funding structure likely to be used, which will involve MED and Kibo) having to raise a least £25m in equity and another £25m in loans to pay for 100MW capacity. And even if 100MW is achieved, how much will the claimed £6m pa 'free cash flow' (I haven't worked out what the loans will cost) be worth to Kibo shareholders ? If it has is claimed 55% - it will be .09 pence per the 3.5bn Kibo shares it will be issuing over the next few years - NOT COUNTING what it will have to issue (a very large number more shares) to finance its power projects in Africa. You have been warned to do your sums very carefully, and to wait to see whether the Standard Market prospectus pulls any rabbits out of Kibo's very tattered hat, before believing that Med will rescue Kibo from the hole LC has dug for it. As for the rest of CC's'prospectus' I don't have the time to list the other misleading and irrelevant statements in it. In fact the only part that is honest is the list of risks. (Can't copy here I'm afraid)
04/2/2021
13:27
yaki: cj I agree with most of what you say and this is why KIBO is trading so low compared to lots of players out there, eg NCCL However, I disagree strongly with "...or all we know the IPO has had no significant interest and it gets away at way below expected share price " My sources close to the sole broker for MED are telling me that they reached the 4.5m and now aiming for a 1m extra. The book expected to close pretty soon, if hasn't, as my info is from y'day. Also I expected much lower valuation, at 10m, valuing KIBO assets at 5m, valuation of 23.5m and KIBO share of 55% of that is way higher than I expected. Let's say that 13m MED valuation for KIBO is c 0.7p vs 0.3p now! Also on MED, the CEO is actually highly regarded chap who has tons of energy experience! cj41 4 Feb '21 - 12:40 - 5151 of 5153 To be honest Yaki this has the potential to go somewhere but due to the management also has the potential to go absolutely nowhere as it has for the last 6 years. It remains a very high risk share. For all we know the IPO has had no significant interest and it gets away at way below expected share price Where is the Baobab PPA which was due at the end of September? What is happening with MCPP if anything? What is happening with Bots? No one actually knows but the company has and always will use the ‘progressing well’ line which has worn extremely thin. LC remains devoid of credibility as he has still achieved zero other than massive destruction of shareholder value.
28/1/2021
07:31
edgein: "Kibo Energy PLC ('Kibo' or the 'Company'), the multi-asset, Africa focused, energy company is pleased to announce, further to the RNS dated 23 July 2020 that MAST Energy Developments Plc ("MED") has approved its pathfinder prospectus to seek admission ("Admission") of its ordinary shares to the Official List of the London Stock Exchange plc ("London Stock Exchange" or "LSE") by way of a Standard Listing and is commencing its roadshow this week to raise c. GBP4.5 million with an initial target market capitalisation of approximately c. GBP20 million. MED will remain a Kibo subsidiary after listing with Kibo holding at least 55% of MED on the day of Admission." 55% of £20m is circa twice the current share price and when you add in KAT its more than twice the share price and that's nout for the huge CTPs. Interesting times ahead folks with MED due to list next month. Regards, Ed.
13/1/2021
13:07
lurker5: MAB didn't learn then, and hasn't learned now, that Kibo's project NAV (which anyway is far lower, now that MCPP and MCIPP are in abeyance) has no practically bearing whatsoever on its share price. And shares in issue now are potentially 7 times more than when CCPP might have offered the prospect of a 5p share price 5-8 years into the future - on only 360m shares in issue. So anyone who understands numbers (which apparently doesn't include MAB) can work out what that means for the shares from now on. Neither does anyone seem to realise that if MED is to raise enough funds to build LC's trumpeted reserve power empire, and if KIBO is to retain more than 50% - it will have to raise substantial more cash itself. If it doesn't, whatever cash MAST generates won't benefit Kibo shares holders a fig. What with a £2m working capital deficit last June, plugged by the Spreadex £1.45m raise meanwhile but with a cash burn of over £1m per half-year, Kibo still has a working capital deficit (before whatever was needed to keep Benga going - if it is to expand, it will need more cash for a new DFS) which it is going to have to be met with another cash (or Sanderson loan) raise soon. So one wonders what 'leak' or 'planned puff' it was that pumped the shares yesterday ! And, not lastly, if MAB thinks Kibo has the £27.6m asset value in its last June 2020 balance sheet, he should reflect that £25.6m of it relates to Mbeya and Mabeseweka, both of which are in abeyance and according to prudent accountants wouldn't have any value at all. Have a nice day. (and before anyone asks - yes I still have a residue of Kibo shares so as to come along (when allowed) to prod LC with the questions he won't answer)
30/12/2020
06:09
georgeo1: https://www.worldcoal.com/power/15082018/kibo-to-obtain-stake-in-mast-energy-developments/More about flexible power generation stations.Kibo to obtain stake in Mast Energy Developments Published by Claire Cuddihy, Assistant EditorWorld Coal, Wednesday, 15 Aug 18Kibo Energy PLC (Kibo), the Africa focused, energy company which owns the Mbeya coal-to-power project in Tanzania, has signed a Memorandum of Understanding (MOU) for the acquisition of a 60% equity interest in Mast Energy Developments (MED), a private UK registered company targeting the development and operation of flexible power plants to service the Reserve Power generation market.Under the terms of the MOU, Kibo can acquire a 60% shareholding in MED for a consideration of £300 000 payable to existing MED shareholders in new Kibo shares and a share of future project revenue royalties, which will be reinvested in the company in the short term to an amount of £2.2 million.According to Kibo, MED's business strategy is to acquire and develop a portfolio of small scale power generation assets. Numerous "shovel ready" sites have reportedly already been identified in the UK, capable of sustaining gas fired power generators and ancillary structures from 20 MW upwards. They have full planning permission and permitting in place, long term lease agreements, grid and gas connection offers and positive feasibility studies, pertaining to technical and commercial viability.Kibo's initial review of MED's business plan indicates that its first asset under acquisition in the UK described above can be up and running within 12 months, thus potentially providing revenue streams to Kibo in the short term. Similar lead time periods from site acquisition to generator installation and power generation are indicated for other projects of similar size in the UK. Financial modelling indicates projected IRRs of 13 - 16% and NPVs of £16 -19 million for the initial assets described above. MED is exploiting a growth niche market in the UK for small scale reserve power generation to balance out the national grid at critical times.
30/12/2020
04:51
georgeo1: Kibo Energy's first flexible power plant qualifies for capacity market auctions2019-10-31 11:43:00This week, the European Commission announced that the UK capacity market was compatible with EU state aid rulesKibo's MAST is working with Italy's AB Group to develop flexible power plants    Kibo Energy PLC (LON:KIBO) said the first flexible power plant it developed has prequalified for the auctions to a win up to a 15-year capacity market contract under the UK government's reserve power scheme.Kibo's 60% MAST Energy Developments subsidiary has been created, in partnership with Italian firm AB Group, to focus on building power plants for this market.READ: Kibo Energy brings Italian heavyweight as partner in UK intervention operationBordesley Power, MAST's first "shovel ready" project site, has conditionally prequalified for the 2022 three years (T-3) ahead capacity market auction and the 2023 four years ahead (T-4) auction.This week, the European Commission announced that the UK capacity market was compatible with European Union state aid rules, allowing the government to make capacity payments to contracted energy generators.The capacity market aims to ensure the security of electricity supply when it is needed, with energy providers paid monthly payments for their agreed obligation at the auction clearing price, with agreements ranging between one and 15 years.Kibo chief executive officer Louis Coetzee said: "The reinstatement of the capacity market scheme is recognition by the EU and UK government that there is a need to ensure the security of electricity supplies in the UK.He added that this means that "the economics of flexible generation sites such as Bordesley improve, as it facilitates a steady payment for the duration of the capacity agreement".Capacity market prices should recover, according to research by Aurora Energy Research, which expects prices next year to clear in mid £20s per kW, though the buildout of nuclear, wind and interconnectors remain uncertainties in the market.Part of the government's Electricity Market Reform package, the Capacity Market will ensure security of electricity supply by providing a payment for reliable sources of capacity, alongside their electricity revenues, to ensure they deliver energy when needed. This will encourage the investment we need to replace older power stations and provide backup for more intermittent and inflexible low carbon generation sources.The Capacity Market has also been designed to support the development of more active demand management in the electricity market.
23/12/2020
09:08
georgeo1: https://clubofmozambique.com/news/kibo-energy-adds-345-hectares-to-benga-project-mozambique-160070/??Kibo Energy adds 345 hectares to Benga project, Mozambique8:32 CAT | 14 May 20200 Comments Print Share?Benga, Tete province. [File photo: O País]Africa-focused energy company Kibo Energy has acquired 345 ha of land adjacent to its Benga power plant project, in Mozambique's Tete province.Alongside hosting a 150 MW to 300 MW thermal power plant, which is being developed as part of a joint venture agreement with local energy company Termoeléctrica de Benga, the expanded land holding provides room for the intended renewable and long-duration storage energy projects in line with Kibo's commitment to creating reliable, sustainable and affordable electricity.?In support of this commitment, Kibo also reports that it has finalised and signed a new memorandum of understanding (MoU) with State-owned electric utility Electricidade de Mocambique (EDM), to guide and facilitate further development of Benga, as part of EDM's mandate to develop electricity infrastructure and implement electricity projects in the country.The terms of the new MoU with EDM remain the same as those of the MoU that preceded the latest version and focus on facilitating the project from its current development status to fruition.The new MoU will be valid for an initial period of 12 months unless the parties agree to extend its validity or to terminate it early.EDM aims to increase access to electricity and improve the quality of service to consumers by developing infrastructure for electricity generation, transmission and distribution.The government of Mozambique considers the energy sector a strategic priority for the development of the country as part of its plan to accelerate social and economic development, and the government encourages investment in the energy sector, either public or private and by nationals or foreigners.Kibo CEO Louis Coetzee says Kibo has been in regular discussion with EDM to determine ways in which the company can work together to commercialise the project and create affordable and reliable electricity supplies in Mozambique."This MoU marks significant progression in these talks and is testament to the quality of our project proposal."He adds that Kibo, going forward, will look into ways to further de-risk and develop Benga and continue its engagement with EDM by progressing to the next development phase, having completed and submitted a positive definitive feasibility study and independent financial model on Benga to EDM."The extensive feasibility work and technical studies done to date are as a result of [Kibo] deciding to expand our land title; this enlarged land holding will enable us to establish the planned thermal power plant whilst also providing room to build renewable energy projects with long duration storage, in pursuit of our strategy of focused and deliberate transition away from fossil fuel-based energy solutions."Source: Engineering News
22/12/2020
08:06
tomboyb: Kibo Energy PLC Benga Power Plant Project Update 22/12/2020 8:00am UK Regulatory (RNS & others) Kibo Energy (LSE:KIBO) Intraday Stock Chart Tuesday 22 December 2020 Click Here for more Kibo Energy Charts. TIDMKIBO RNS Number : 4931J Kibo Energy PLC 22 December 2020 Kibo Energy PLC (Incorporated in Ireland) (Registration Number: 451931) (External registration number: 011/007371/10) Share code on the JSE Limited: KBO Share code on the AIM: KIBO ISIN: IE00B97C0C31 ("Kibo" or "the Company") Dated: 22 December 2020 Kibo Energy PLC ('Kibo' or the 'Company') Benga Power Plant Project Update Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset, Africa focused, energy company, is delighted to provide a progress update on the Benga Power Plant Project in Mozambique ("BPPP"). Highlights -- Current Non- Binding Term Sheet for Coal Supply from Vale converted into a mutually binding Term Sheet to secure coal supply for BPPP; (See RNS of 5 September 2019); -- Lesedi Nuclear Services (Pty) Ltd ("LNS") completed optimized Definitive Feasibility Study ("DFS") based on current Base Case DFS successfully, enhancing project economic viability and bankability; and -- Findings of the final draft optimized DFS presented to the technical and commercial team of EDM on 17 December 2020. CSTS with Vale The Company has entered into a mutually binding Coal Supply Term Sheet ('CSTS') with Vale Mozambique, S.A. ('Vale') to supply coal to the Benga Power Plant Project in Mozambique ('BPPP'). The CSTS commits the parties to a supply agreement that will meet the full operational coal requirement of a 150 MW (gross generation capacity) coal fired power plant. The CSTS will be converted into a definitive Coal Supply Agreement ("CSA") as part of the process during which a final Power Purchase Agreement ("PPA") is finalized with EDM Vale is a local coal miner, and subsidiary of Vale SA, one of the world's largest diversified miners, situated in very close proximity to the BPPP site. The CSTS with Vale was based on the findings of the optimized DFS which indicated that a blend of varying quality bituminous coal can be fed to the Power Plant CFB boiler. Vale has the capacity and capability to supply the different coal qualities for an optimal blend and the CSTS provides for a supply of c. 650 000 tonnes of coal per annum, structured to supply the various coal qualities required for the optimal blend. Optimized DFS LNS have completed and delivered a final draft of the BPPP optimized DFS study to Kibo. This optimization study focused on conducting various trade-off studies most notably: -- Investigating the coal characteristics in more specific detail as well as the tolerance of the coal blending ratio variances in the CFB boilers -- Consideration of various clean coal technologies - (E.g., the power plant has been designed to be 'carbon capture ready') -- Site location study with trade-off work conducted on various other possible sites -- Optimal boiler sizing -- Geotechnical considerations that may impact on building and operating the Benga power plant on the designated site -- Updating of the Financial Model -- Coal haulage road selection The Company is currently reviewing the findings from the optimized DFS and a final version of the optimized DFS will be delivered to the Company in early January 2021. These findings were also presented to EDM during a preliminary DFS-briefing on 17 December 2020. The preliminary briefing concluded with several next steps agreed between the parties. These next steps are in preparation for further technical and commercial discussions that relates to the development and agreement of a PPA, following the agreed process and procedure set out in the existing MOU with EDM. Said discussions have been set for January 2021. Louis Coetzee, CEO of Kibo Energy, commented: "We are extremely pleased with the progress on the Benga project, as the technical work is now nearing completion and seamlessly integrates with the commercial and statutory developments. The optimised DFS and binding term sheet for a Coal Sale Agreement are key cornerstones / prerequisites to take the EDM PPA negotiations progressively forward towards agreeing a final PPA." "The ongoing and increasingly negative impact of COVID-19 has caused numerous delays during the past year, most notably regarding the inability to travel freely and conduct on-site work in an unfettered manner. Despite these constraints the BPPP made significant strides forward during 2020 and we have been able to sustain forward momentum and in fact gain significant new momentum towards the end of 2020. It is with this momentum that we will be entering 2021 and with firm confidence that the BPPP can still be delivered within the broad timelines discussed in previous announcements."
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