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KIBO ENERGY PLC - Update on MAST Energy Developments Limited

Release Date: 30/01/2019 09:00
Code(s): KBO     PDF:  
Wrap Text
Update on MAST Energy Developments Limited

 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: 30 January 2019


                                Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                              Update on MAST Energy Developments Limited


Kibo Energy plc (AIM: KIBO; AltX: KBO), the multi-asset Africa-focused energy company, is pleased to
announce an update on its 60% owned subsidiary, MAST Energy Developments Limited (‘MED’), a private UK
registered company targeting the development and operation of flexible power plants to service the Reserve Power
generation market.


Highlights
        *Completed due diligence on two flexible power plants totalling 25.2Mw for acquisition by MED and
         now proceeding to negotiate Joint Development Agreements for them both
        *Sites planned to be operational in Q4 2019 and Q1 2020 respectively
        *Evaluating Client Engineer and Engineering, Procurement and Construction (‘EPC’) service providers
         for both sites
        *Appraising conditional offers for debt financing from two financial institutions
        *Extended exclusive rights on a third 6Mw site until 31 March 2019
        *Progressing due diligence on a further non-exclusive 84Mw portfolio of sites


Louis Coetzee, CEO of Kibo Energy says, “MED is moving quickly, building a portfolio of flexible power plants,
which will provide early revenue. I am impressed with the MED team’s focus as they look to provide a valuable
source of power, which blends with the intermittent supply currently being delivered by renewables into the UK
energy mix.”


Further Details
Further to the RNS dated 10th December 2018, due diligence on two sites totalling 25.2Mw for conditional
agreement for acquisition by MED is complete and preliminary evaluation indicates that both have met the agreed
parameters. Certain conditions precedent have formed part of the due diligence acceptance; these are time-related
and are expected to be completed by the seller during the next phase. This next phase is the negotiation of the
Joint Development Agreement for the first two sites, namely a 5Mw, 11 kilo-volt-ampere (‘KVA’) site and the
20Mw, 33KVA site.


In the event that MED proceed with and complete transactions on the first two sites, they are planned to be
operational in the final quarter 2019 and first quarter 2020 respectively. Accordingly, Kibo and MED are in
process of evaluating Client Engineer and EPC service providers for both sites and conditional offers for debt
financing have been received from two financial institutions, which are undergoing evaluation.


Additionally, on request by the seller, exclusive rights on a third 6Mw 11KVA site have been extended until 31
March 2019 to finalize an outstanding planning parameter. Due diligence on a further non-exclusive 84Mw
portfolio of sites is progressing; the Company will update shareholders in due course.


                                               **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
   Ben Tadd /                +44 (0) 20 3700 0093       SVS Securities Limited      Joint Broker
   Tom Curran
   Jason Robertson            +44 (0) 20 7374 2212      First Equity Limited        Joint Broker

   Andrew Thomson            +61 8 9480 2500            RFC Ambrian Limited         NOMAD on AIM

   Isabel de Salis /         +44 (0) 20 7236 1177       St Brides Partners Ltd      Investor and Media
   Gaby Jenner                                                                      Relations Adviser


 Notes
 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 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 Reserve
 Power generation market.


Johannesburg
30 January 2019
Corporate and Designated Adviser
River Group

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