Kibo Energy PLC Corporate Update (3685H)
24 March 2020 - 9:50PM
UK Regulatory
TIDMKIBO
RNS Number : 3685H
Kibo Energy PLC
24 March 2020
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: 24 March 2020
Kibo Energy PLC ('Kibo' or the 'Company')
Corporate Update
Kibo Energy PLC, the multi-asset, Africa focused, energy
company, announces a corporate update in response to the COVID-19
pandemic ('the pandemic').
Kibo places the safety and wellbeing of its employees and
contractors as the highest priority. Accordingly, in response to
the outbreak of the pandemic, which it has been monitoring closely,
a business continuity programme has been put in place to protect
employees while ensuring the safe operation of the Company. This
has resulted in all non-essential travel being cancelled and all
employees at head office being asked to work from home.
Given the number of jurisdictions in which Kibo operates that
have each approached the pandemic with different strategies, the
Company continues, where possible, to work with all stakeholders
across its portfolio remotely and to keep operations going as
normal as possible. There is currently no material change to the
Company's strategy and development plan nor is any such change
anticipated at this stage.
The situation in respect of COVID-19 is an evolving one and the
Board will review the impact on business and provide further
updates in due course including in respect of its forward
guidance.
Louis Coetzee, CEO of Kibo Energy, commented, "We remain
cognisant of COVID-19's growing impact on the global economy and
accordingly have focused on protecting our own employees. As each
jurisdiction in which we work has approached the virus in different
ways, and the situation continues to change on a daily basis, at
this stage we are unable to provide specific updates on each
project but we are able to confirm that at the moment all Kibo's
projects remain fundamentally sound and healthy. We will of course
continue to monitor the COVID-19 impact and provide further updates
as soon as we are in a position to do so."
**ENDS**
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
------------------- -------------------- -------------------------
Philip Adler +44 (0) 20 7392 ETX Capital Limited Joint Broker
1494
------------------- -------------------- -------------------------
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
/ 1177 Ltd Relations Adviser
Beth Melluish
------------------- -------------------- -------------------------
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
24 March 2020
Corporate and Designated Adviser
River Group
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END
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