Kibo Energy PLC Exclusivity to Acquire 1st UK Reserve Power Sites (9339J)
10 December 2018 - 6:25PM
UK Regulatory
TIDMKIBO
RNS Number : 9339J
Kibo Energy PLC
10 December 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: 10 December 2018
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Secures Exclusivity to Acquire first Shovel-ready Reserve
Power Sites for UK Power Project Development Company
Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset,
energy company, is pleased to announce that its 60% owned UK
subsidiary, MAST Energy Developments Limited ("MED") (see RNS'
dated 15 August 2018 and 9 October 2018), has secured an exclusive
option, for a nominal fee, to undertake due diligence and negotiate
the potential acquisition of three peaking power sites totalling
31.3 MW .
Under the agreement, MED has secured the exclusive right to
acquire three peaking power sites totalling 31.3 MW from a
prospective developer ("Counterparty"), subject to completion of
due diligence to MED/Kibo's satisfaction and subsequent agreement
of detailed commercial terms and conditions, including the
acquisition price and transaction structure. MED has until 31
January 2019 to complete its due diligence on the first 5.3MW, 11
KVA site and until 15 February 2019 on the other two sites, 6MW,
11KVA and 20MW, 33KVA respectively. Kibo believes that, subject to
due diligence outcomes, these sites may have the potential to lead
to revenue generation for Kibo during the latter part of 2019.
It is noted that despite entry into the option, no assurance can
be provided that a commercial transaction will ultimately be
concluded with the Counterparty, or on what terms. The Company will
provide further updates as required.
Louis Coetzee, CEO of Kibo Energy said: "Successful completion
of due diligence and this potential acquisition by MED would be a
significant step closer towards realising Kibo's first near-term
revenue generating assets."
**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 /Tom +44 (0) 20 3700 SVS Securities Limited Joint Broker
Curran 0093
------------------- ----------------------- -------------------------
Jason Robertson +44 (0)20 7374 First Equity Limited Joint Broker
2212
------------------- ----------------------- -------------------------
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
10 December 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
ACQLIFLDFSLILIT
(END) Dow Jones Newswires
December 10, 2018 02:25 ET (07:25 GMT)
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Apr 2024 to May 2024
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From May 2023 to May 2024