Last checked at 24 Mar 2020 10:50
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 1494 | ETX Capital Limited | Joint Broker |
Bhavesh Patel / Stephen Allen | +44 20 3440 6800 | RFC Ambrian Limited | NOMAD on AIM |
Isabel de Salis / Beth Melluish | +44 (0) 20 7236 1177 | St Brides Partners Ltd | Investor and Media Relations Adviser |
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