Proactiveinvestors United Kingdom Kibo Energy PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Kibo Energy PLC RSS feed en Mon, 20 May 2019 14:24:56 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Kibo Energy says Benga power plant project is advancing ahead of schedule ]]> https://www.proactiveinvestors.co.uk/companies/news/219891/kibo-energy-says-benga-power-plant-project-is-advancing-ahead-of-schedule-219891.html Kibo Energy PLC (LON:KIBO) said its 65%-owned Benga power plant project is advancing well ahead of its development schedule.

In a joint venture with Mozambique energy company Termoeléctrica de Benga S.A, Kibo is working towards the construction of a 50-300 MW coal-fired power station with feedstock provided by regional coal producers.

READ: Kibo Energy boosted as it completes DFS at Benga power plant ahead of schedule

Kibo has presented a definitive feasibility study on the project to Mozmabique’s ministry of energy and state-owned electric utility, Electricidade de Mocambique (EDM).

Under the terms of an existing memorandum of understanding, power purchase agreement (PPA) discussions with EDM continue to progress as do those with potential private off-takers, Kibo said.

"Working in Mozambique has been notably straightforward as evidenced by the timely advancement of Benga which is currently advancing well ahead of the company's development schedule for the project,” said Kibo chief executive Louis Coetzee.

“The project is gaining increasing recognition as a notable energy project in Mozambique and the support and feedback we have received on the project so far is highly encouraging. 

“We look forward to updating the market further on our progress including negotiations on the PPA."

]]>
Wed, 08 May 2019 13:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219891/kibo-energy-says-benga-power-plant-project-is-advancing-ahead-of-schedule-219891.html
<![CDATA[RNS press release - Update on Benga Power Plant Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190508130001_14066783/ Wed, 08 May 2019 13:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190508130001_14066783/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429164149_14056060/ Mon, 29 Apr 2019 16:41:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429164149_14056060/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429163629_14056050/ Mon, 29 Apr 2019 16:36:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429163629_14056050/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429110536_14055399/ Mon, 29 Apr 2019 11:05:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429110536_14055399/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429110146_14055394/ Mon, 29 Apr 2019 11:01:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429110146_14055394/ <![CDATA[News - Kibo Energy gets greenlight to develop Mbeya for export market ]]> https://www.proactiveinvestors.co.uk/companies/news/219248/kibo-energy-gets-greenlight-to-develop-mbeya-for-export-market-219248.html Kibo Energy PLC (LON:KIBO) told investors that it has received formal notice from the Tanzanian authorities inviting it to develop the Mbeya coal-to-power project.

TANESCO, the Tanzania Electric Supply Company, has asked the company to develop the project for export market which, Kibo highlights, allows the company to engage with the African Power Pools regarding off-take agreements.

In a statement, Kibo highlighted that Mbeya is a bankable project, fully developed up to bankable feasibility stage, with a potential generating capacity of 1,000 megawatts.

READ: Kibo Energy hires corporate adviser as it eyes US900mln project financing

It said that multiple opportunities exist for the project including three distinct markets - utility, export and private off-take.

TANESCO advised that it is currently implementing interconnectors through Zambia, Tanzania and Kenya enabling power trade within the Eastern African Power Pool and Southern African Power Pool member countries.

Meanwhile, the company also remains engaged with TANESCO regarding possible supply opportunities in Tanzania’s domestic market.

"Our recent correspondence with TANESCO further consolidates our belief that the MCPP continues to have significant economic and strategic importance for the company, Tanzania and the region,” said Louis Coetzee, Kibo chief executive.

“The project is located close to potential private offtake partners with whom the company has already engaged on their significant offtake requirements and TANESCO's active development of the interconnectors brought into play the clear and definite short-term potential for Kibo to actively participate in the growing power export markets.

In addition to engaging potential local private offtake partners, the Company have also initiated contact with the various power pool

]]>
Mon, 29 Apr 2019 08:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219248/kibo-energy-gets-greenlight-to-develop-mbeya-for-export-market-219248.html
<![CDATA[RNS press release - Update on MCPP ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429080003_14055059/ Mon, 29 Apr 2019 08:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429080003_14055059/ <![CDATA[News - Kibo Energy appoints corporate finance adviser to look into an up to US900mln project finance corporate credit line facility ]]> https://www.proactiveinvestors.co.uk/companies/news/218788/kibo-energy-appoints-corporate-finance-adviser-to-look-into-an-up-to-us900mln-project-finance-corporate-credit-line-facility-218788.html Kibo Energy PLC (LON:KIBO) shares soared higher on Wednesday after news it has appointed Wimmer Financial LLP to advise the company on, and manage all aspects related to the structuring and provision of a project finance corporate credit line facility of up to US$900mln.

The group said the facility could form part of a broader funding package for the construction and commissioning of Kibo's African energy projects as they approach a final investment decision.

READ: Kibo Energy CEO, Louis Coetzee, reviews a year of progress

It said the current main focus is global project and acquisition financing for larger transactions typically from $50mln and larger.

Under the terms of the corporate finance engagement letter, Wimmer will assume the position of exclusive Sole Global Debt Corporate Finance Adviser, excluding the company's Tanzania project, on which it will not enjoy any exclusivity.

Wimmer is a global boutique investment bank with a focus within mining, oil & gas, alternative energy, real estate, infrastructure, aviation, shipping, aerospace, industrials, and other sectors.

Louis Coetzee, CEO of Kibo, said: "This formal engagement with Wimmer follows several months of discussion and negotiation and we are looking forward to working with Wimmer on securing the Company's debt requirements for its African energy projects."

In late afternoon trading, Kibo Energy shares were nearly 98% higher at 2.17p.

]]>
Wed, 17 Apr 2019 15:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218788/kibo-energy-appoints-corporate-finance-adviser-to-look-into-an-up-to-us900mln-project-finance-corporate-credit-line-facility-218788.html
<![CDATA[RNS press release - Kibo Engages Wimmer Financial LLP ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190417150002_14045138/ Wed, 17 Apr 2019 15:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190417150002_14045138/ <![CDATA[RNS press release - Updated Corporate Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190411084503_14037448/ Thu, 11 Apr 2019 08:45:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190411084503_14037448/ <![CDATA[RNS press release - Update re SEPCOIII Strategic Development Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190403080001_14026858/ Wed, 03 Apr 2019 08:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190403080001_14026858/ <![CDATA[News - Kibo Energy regroups around new projects after Mbeya setback ]]> https://www.proactiveinvestors.co.uk/companies/news/217153/kibo-energy-regroups-around-new-projects-after-mbeya-setback-217153.html  

What it is developing

Two thermal coal power projects in Botswana (Mabesekwa) and Mozambique (Benga).

A UK focused flexible energy portfolio (MAST)

Advanced coal-to-power project in Tanzania (Mbeya).

Katoro Gold (57.6%), separately listed on AIM and a gold explorer with two gold projects in Tanzania

 

How is it doing

At Benga (Kibo 65%) the company is now working on finalising the coal supply agreement and power purchase agreement with private off-takers.

Mabesekwa (85%) is at the feasibility stage, following the completion of a mining scoping study, which highlighted a 30-year life of mine, and a power pre-feasibility study indicating maximum power capacity of 600 megawatts (MW) based on a coal delivery rate of 3.2mln tonnes a year.

Mast (60%) has identified various "shovel ready" sites capable of sustaining gas-fired power generators and ancillary structures from 20Mw upwards with the acquisition of first sites expected shortly.

In Tanzania, Mbeya has been knocked by the decision by state electricity group TANESCO not to buy any power produced at the power station. Kibo is now looking to private off-takers and export markets for Mbeya.

 

What the boss says

“We have four key projects which we are developing in parallel: two thermal coal power projects in Botswana and Mozambique, a UK focused flexible energy portfolio and an advanced coal-to-power project in Tanzania.

"Each holds significant value, which I don't believe is reflected in the current share price”

 

Video

 

 

Inflection points

The definitive feasibility study at Benga to be published after the company received a report earlier than expected in March

Power purchase agreements signed for Benga

First sites acquired for MAST generators

Off-takers for Mbeya signed

Progress at Katoro Gold’s two main licences

 

Blue sky

Designs for Mbeya and Benga chosen as a blueprint for other thermal power station developments in southern Africa

Intervention business in UK to grow substantially

At 0.75p, company is valued at £5.8mln

]]>
Mon, 25 Mar 2019 15:01:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217153/kibo-energy-regroups-around-new-projects-after-mbeya-setback-217153.html
<![CDATA[News - Kibo Energy CEO, Louis Coetzee, reviews a year of progress ]]> https://www.proactiveinvestors.co.uk/companies/news/217097/kibo-energy-ceo-louis-coetzee-reviews-a-year-of-progress-217097.html Kibo Energy PLC (LON:KIBO) has sent a letter to shareholders in which chief executive, Louis Coetzee, detailed the progress the company has made.

“We have four key projects which we are developing in parallel: two thermal coal power projects in Botswana and Mozambique, a UK focused flexible energy portfolio and an advanced coal-to-power project in Tanzania. Each holds significant value, which I don't believe is reflected in the current share price,” Coetzee declared.

READ: Kibo Energy boosted as it completes DFS at Benga power plant ahead of schedule

The Benga Independent Power Project in Mozambique, in which Kibo has a 65% interest, is progressing rapidly, Coetzee said.

The company is now working on finalising the coal supply agreement for the project as well as the power purchase agreement with private off-takers.

The Mabesekwa Coal Independent Power Project in Botswana, in which Kibo has an 85% interest, is currently at the feasibility stage, following the completion of a mining scoping study, which highlighted a 30-year life of mine, and a power pre-feasibility study indicating maximum power capacity of 600 megawatts (MW) based on a coal delivery rate of 3.2mln tonnes a year.

Kibo's 60%-owned UK subsidiary, Mast Energy Development, is making great strides as it looks to support the UK energy mix with much needed flexible energy projects, Coetzee informed shareholders.

Various "shovel ready" sites have already been identified, capable of sustaining gas-fired power generators and ancillary structures from 20MW upwards and the company is close to completing the acquisition of the first sites.

READ:Kibo Energy looking for clarification as TANESCO rejects tender bid

Amid the generally positive news flow, a major fly in the ointment has been the decision from Tanzania's TANESCO that it will not be buying any electricity produced at the company’s Mbeya Coal to Power project in Tanzania.

Coetzee said the outcome of the tender process was disappointing but stressed that the value of the Mbeya assets should not be written off.

“Its strategic location close to potential private off-take partners and the export market provides many opportunities to commercialise the project, which we are actively pursuing,” Coetzee reassured shareholders.

“These are major projects that aren't going to evolve overnight; it takes time to navigate the intricate agreements needed to bring them to commercialisation. We have, and continue to, hit all our targets in a timely manner, and whilst we have good relationships with the various governments and international organisations, we cannot dictate their timetables or actions,” Coetzee said.

“Our strength lies in our diversity and we look forward to updating you on progress across our substantial portfolio throughout the year,” he concluded.


 

]]>
Mon, 25 Mar 2019 08:19:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217097/kibo-energy-ceo-louis-coetzee-reviews-a-year-of-progress-217097.html
<![CDATA[RNS press release - Letter to Shareholders ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190325070012_14013415/ Mon, 25 Mar 2019 07:00:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190325070012_14013415/ <![CDATA[News - Kibo Energy boosted as it completes DFS at Benga power plant ahead of schedule ]]> https://www.proactiveinvestors.co.uk/companies/news/216912/kibo-energy-boosted-as-it-completes-dfs-at-benga-power-plant-ahead-of-schedule-216912.html Kibo Energy PLC (LON:KIBO) shares were boosted in early deals on Thursday after it completed a definitive feasibility study (DFS) at its Benga power plant in Mozambique ahead of schedule.

The energy firm said in an update that a final review of the DFS was now in progress, with negotiations over coal purchase agreements (CPA) with producers at an “advanced stage”.

READ: Kibo Energy explains rationale behind recent Sanderson transaction

The developments follow an update in January when the company said the DFS was progressing faster than planned and the priority was now to sign agreements with coal suppliers and electricity buyers.

Kibo owns 65% of the 150-300 megawatt coal-fired power Benga development with local power group Termoeléctrica its partner.

The firm added that a meeting with EDM, Mozambique’s state-owned electricity company, was planned for April to present the DFS and negotiate a power purchase agreement (PPA) for electricity generated from the plant, adding that advanced PPA discussions were also ongoing with private providers.

The company was also assessing the integration of renewable technologies at the plant.

Louis Coetzee, chief executive of Kibo, said the PPA discussions and the DFS technical work would allow the company to “align the power station design accurately” with eh requirements of the power purchasers.

“We are confident that this, combined with Kibo's focus on clean-burning coal-fired power generation, will put the Company on the forefront of development in this regard."

Shares were up 8.9% at 0.79p.

]]>
Thu, 21 Mar 2019 08:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216912/kibo-energy-boosted-as-it-completes-dfs-at-benga-power-plant-ahead-of-schedule-216912.html
<![CDATA[RNS press release - Update on Benga Power Plant Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190321071005_14010062/ Thu, 21 Mar 2019 07:10:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190321071005_14010062/ <![CDATA[News - Kibo Energy explains rationale behind recent Sanderson transaction ]]> https://www.proactiveinvestors.co.uk/companies/news/216085/kibo-energy-explains-rationale-behind-recent-sanderson-transaction-216085.html Kibo Energy PLC (LON:KIBO) has explained the rationale behind its recent deal with Sanderson, which saw it issue shares in exchange for the corporate financier’s minority interest in the Mbeya Coal to Power project (MCPP) in Tanzania.

On Tuesday, Kibo issued 126.44mln shares to Sanderson in return for the latter’s 2.5% stake in Mbeya.

READ: Sanderson ups stake in Kibo as it converts minority interest in Mbeya

The transaction valued Mbeya at £66mln – a valuation which Kibo said reflected the “progress made and value added to the MCPP's coal resource since 2016”.

As part of the conversion, Sanderson agreed to provide up to £500,000 of short-term financing, plus up to a further £2.23mln (US$2.94mln) in additional funding.

Because the shares are trading below par value – companies can’t issue shares for below their par value – Kibo has been unable to raise money through an equity placing.

Deal gives Kibo access to money

With few other options on the table, the company said “the certainty and immediate availability” of Sanderson’s money brought with it “considerable value” for shareholders.

“[The Sanderson loan facility] ensures that the company has access to sufficient working capital to continue its operations on its projects even in the very difficult prevailing market conditions and uncertainty that was caused by unforeseen events in Tanzania

“This will enable the company to maintain momentum behind its on-going development work across its African and UK projects while also examining a range of additional funding options.”

Still seeking TANESCO clarification

Kibo’s wide-ranging statement also confirmed that it is still seeking clarification from state-owned power supplier TANESCO, which last month said it would not be buying any of the electricity produced at MCPP.

The news was a blow to Kibo, but the company has insisted that all is not lost and that it could develop MCPP as a dedicated coal mine without the attached power plant.

Should that happen, it would look to supply the coal into the local and regional markets.

Kibo shares edged 1.6% higher to 0.91p on Friday morning.

]]>
Fri, 08 Mar 2019 09:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216085/kibo-energy-explains-rationale-behind-recent-sanderson-transaction-216085.html
<![CDATA[RNS press release - Update Conversion of Sanderson Interest in Mbeya ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190308081502_13995313/ Fri, 08 Mar 2019 08:15:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190308081502_13995313/ <![CDATA[News - City financier Sanderson ups stake in Kibo Energy as it converts minority interest in Mbeya ]]> https://www.proactiveinvestors.co.uk/companies/news/215808/city-financier-sanderson-ups-stake-in-kibo-energy-as-it-converts-minority-interest-in-mbeya-215808.html Corporate financier Sanderson Capital has converted its 2.5% minority interest in Kibo Energy PLC’s (LON:KIBO) Mbeya Coal to Power project (MCPP) in Tanzania into Kibo shares.

In return for giving up its 2.5% stake, Sanderson has been issued with 126.44mln Kibo shares, valuing Mbeya at £66mln.

READ: Kibo looking for clarification as TANESCO rejects tender bid

The new shares mean Sanderson, which will retain a 0.3% royalty on future profits from Mbeya, now owns a 23.4% stake in AIM-quoted Kibo.

Sanderson has the option to appoint a non-executive director to the Kibo board.

Should it look to sell down any of its stake, Sanderson will have to give Kibo five days’ notice.

This will allow Kibo’s brokers time to find buyers for the shares which should help to ensure that trading in the stock continues as normal.

As part of the conversion, Sanderson has agreed to provide up to £500,000 of short-term financing, plus up to a further £2.23mln (US$2.94mln) in additional financing. Kibo is not obliged to draw down any of the available funding.

‘True cornerstone institutional investor’

“We are very pleased with the agreement reached with Sanderson to convert its underlying interest in Mbeya Development into Kibo PLC shares,” said chief executive Louis Coetzee.

“Sanderson will now become a true cornerstone institutional investor in Kibo and we are optimistic that Sanderson will also defend its shareholding position in future bringing further stability to the company's ongoing funding position.

“We also see this as a strong signal to the market of Sanderson's confidence in Kibo's project portfolio which continues to advance on multiple fronts as we seek to address the critical requirement for energy security in sub-Saharan Africa by becoming a leading regional power producer.”

Kibo shares jumped 21% to 1.15p in late-morning trading on Tuesday.

]]>
Tue, 05 Mar 2019 11:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215808/city-financier-sanderson-ups-stake-in-kibo-energy-as-it-converts-minority-interest-in-mbeya-215808.html
<![CDATA[RNS press release - Conversion of Sanderson Minority Interest in Mbeya ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190305104502_13990674/ Tue, 05 Mar 2019 10:45:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190305104502_13990674/ <![CDATA[News - Kibo Energy surges as subsidiary inks exclusive agreement to acquire five UK power plants ]]> https://www.proactiveinvestors.co.uk/companies/news/215407/kibo-energy-surges-as-subsidiary-inks-exclusive-agreement-to-acquire-five-uk-power-plants-215407.html Kibo Energy PLC’s (LON:KIBO) shares surged in late-morning trading Wednesday after its subsidiary, MAST Energy Developments, secured a deal to acquire five ‘peaking’ power plants in the UK.

The energy firm said under the agreement MAST had secured the exclusive right to acquire the plants, which carry a total capacity of 25.85 megawatts, at no extra cost from a prospective developer.

WATCH: Kibo Energy not dependent on one project - Coetzee

MAST has until 8 April to complete its due diligence for the deal.

‘Peaking’ power plants are so-called as they generally only run when there is high demand for electricity, also known as peak time, which normally occurs in the morning, late afternoon, and evenings.

Kibo added that MAST had also entered the final stages of negotiations around a joint development agreement for the first shovel ready site, having previously reported good progress in January.

Louis Coetzee, chief executive of Kibo, said MAST was making “excellent progress” toward beginning operations later in the year and generating first revenues.

Shares were up 13% at 0.85p.

]]>
Wed, 27 Feb 2019 11:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215407/kibo-energy-surges-as-subsidiary-inks-exclusive-agreement-to-acquire-five-uk-power-plants-215407.html
<![CDATA[RNS press release - Update on MAST Energy Developments Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190227102001_13983608/ Wed, 27 Feb 2019 10:20:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190227102001_13983608/ <![CDATA[Media files - Kibo Energy not dependent on one project - Coetzee ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12248/kibo-energy-not-dependent-on-one-project---coetzee-12248.html Fri, 15 Feb 2019 08:29:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12248/kibo-energy-not-dependent-on-one-project---coetzee-12248.html <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190215080001_13970810/ Fri, 15 Feb 2019 08:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190215080001_13970810/ <![CDATA[News - Kibo Energy looking for clarification as TANESCO rejects tender bid ]]> https://www.proactiveinvestors.co.uk/companies/news/214637/kibo-energy-looking-for-clarification-as-tanesco-rejects-tender-bid-214637.html Kibo Energy PLC (LON:KIBO) has been dealt a blow after receiving notice from TANESCO that it will not be buying any electricity produced at the company’s Mbeya Coal to Power project in Tanzania.

AIM-quoted Kibo owns a thermal coal deposit near Mbeya in southern Tanzania, where it is developing MCPP – a 250-350 megawatt mouth-of-mine thermal power station.

READ: Kibo re-submits tender qualification document

The Tanzanian government wants to add another 600 megawatts of coal power capacity to the country’s electricity grid, and state-owned TANESCO invited submissions from interested companies.

After a brief delay in the tender process, Kibo submitted its application back in December which, had it been successful, would have seen TANESCO buy electricity produced at MCPP.

But Kibo said today that it has received notice from TANESCO stating that it has not qualified to compete in the next stage of the bidding process.

“TANESCO did not supply the company with ANY reasons/explanation for its decision in their notification letter,” said chief executive Louis Coetzee.

“The company is currently seeking very urgent clarification and explanation from TANESCO in this regard, where after the company will consider its next course of action.”

Kibo shares were down 36% to 1.07p in mid-morning trading on Thursday.

]]>
Thu, 14 Feb 2019 11:12:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214637/kibo-energy-looking-for-clarification-as-tanesco-rejects-tender-bid-214637.html
<![CDATA[RNS press release - Update on MCPP in Tanzania ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190214101501_13969609/ Thu, 14 Feb 2019 10:15:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190214101501_13969609/ <![CDATA[RNS press release - TR 1: Major Holdings Notification ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190208104501_13963415/ Fri, 08 Feb 2019 10:45:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190208104501_13963415/ <![CDATA[News - Kibo Energy makes progress on power stations in UK and Mozambique ]]> https://www.proactiveinvestors.co.uk/companies/news/213598/kibo-energy-makes-progress-on-power-stations-in-uk-and-mozambique-213598.html Kibo Energy PLC (LON:KIBO) has reported good progress at electricity-generating projects in both the UK and Mozambique.

UK reserve power subsidiary MAST is negotiating development agreements at two gas-fired sites that will come on stream at the end of this year and early next and sell into the UK grid.

READ: Kibo’s Louis Coetzee updates shareholders on recent progress across portfolio of energy projects

Rights for a third site have been extended until March.

In Mozambique, the definitive feasibility for the Benga coal-fired power station is well ahead of schedule, Kibo added, with the priority now to sign agreements with coal suppliers and electricity buyers.

Louis Coetzee, chief executive, added he was delighted with the rapid progress being made at Benga, which will help alleviate the critical energy shortages in Mozambique.

Kibo owns 65% of the 150-300Mw coal-fired power Benga development with local power group Termoeléctrica its partner.

]]>
Wed, 30 Jan 2019 09:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213598/kibo-energy-makes-progress-on-power-stations-in-uk-and-mozambique-213598.html
<![CDATA[RNS press release - Update on Benga Power Plant Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190130070501_13951165/ Wed, 30 Jan 2019 07:05:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190130070501_13951165/ <![CDATA[RNS press release - Update on MAST Energy Developments Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190130070004_13951093/ Wed, 30 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190130070004_13951093/ <![CDATA[RNS press release - New Corporate Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190129100001_13950212/ Tue, 29 Jan 2019 10:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190129100001_13950212/ <![CDATA[RNS press release - Investor Event ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190122070010_13942042/ Tue, 22 Jan 2019 07:00:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190122070010_13942042/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190109140027_13929254/ Wed, 09 Jan 2019 14:00:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190109140027_13929254/ <![CDATA[News - Kibo’s Louis Coetzee updates shareholders on recent progress across portfolio of energy projects ]]> https://www.proactiveinvestors.co.uk/companies/news/212034/kibos-louis-coetzee-updates-shareholders-on-recent-progress-across-portfolio-of-energy-projects-212034.html Kibo’s Louis Coetzee updates shareholders on recent progress across a portfolio of energy projects

In an open letter to shareholders, Louis Coetzee, the chief executive of Kibo Energy PLC (LON:KIBO), has set out the company’s position as one purely focussed on energy going into 2019.

WATCH: Kibo Mining beds down transformation into energy company with Benga project

Coetzee refers to a “multi-project portfolio,” including “three major and equally exciting African energy projects, and a UK flexible energy project” which could generate near-term revenue.

“In 2018, through strategic acquisitions and divestments, we successfully repositioned Kibo as a purely energy-focused company, and our projects are now positioned to be critically important in the effort to provide power to more of Africa,” he said.

In April 2018, Kibo acquired an 85% interest in the Mabesekwa Coal Independent Power Project in Botswana, which is currently the subject of a scoping study.

“The year ahead will see us focusing on fast-tracking the remaining technical work to complete an integrated bankable feasibility study for Mabesekwa,” Coetzee continued.

“We will also dedicate priority time and attention to investigating new, very exciting commercial opportunities for the Mabesekwa project that were presented to Kibo during December 2018.”

In June 2018, Kibo acquired a 65% interest in the Benga Independent Power Project ('Benga') in Mozambique, which includes a 150-300MW coal-fired power station.

“This is being developed with our joint venture partner, Termoelectrica de Mozambique de Benga S.A., and is advancing according to plan,” Coetzee said.

“A full feasibility study designed to confirm its commercial and operational viability is progressing well ahead of schedule, and discussions regarding a Power Purchase Agreement with prospective off-takers continue to advance. Notably, and most recently, we announced the renewal of an MOU with Mozambican state-owned electric utility, Electricidade de Mocambique, to advance the financing, construction and operation of this project.”

Meanwhile, work on the MCPP project continues.

“We are hopeful that we can now advance the project in a timely manner to hit key value trigger points, such as agreement of the power purchase agreement, during 2019 leading to the commissioning of a 300MW mouth-of-mine thermal power station.”

In the longer term, this could potentially increase to 1,000MW,” Coetzee added.

“Later in 2018, we acquired a 60% interest in MAST Energy Developments Limited, a private UK registered company. The strategy behind this acquisition was to generate near-term revenues for the company. Towards the end of 2018, we moved one step closer to achieving this, as MED secured an exclusive option to acquire three peaking power sites totalling 31.3MW, which have the potential to lead to revenue generation for Kibo in the latter part of 2019.”
 

]]>
Mon, 07 Jan 2019 08:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212034/kibos-louis-coetzee-updates-shareholders-on-recent-progress-across-portfolio-of-energy-projects-212034.html
<![CDATA[RNS press release - Letter to Shareholders ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190107070005_13925021/ Mon, 07 Jan 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190107070005_13925021/ <![CDATA[News - Kibo Energy has renewed and expanded its Memorandum of Understanding with Electricidade de Mocambique ]]> https://www.proactiveinvestors.co.uk/companies/news/211033/kibo-energy-has-renewed-and-expanded-its-memorandum-of-understanding-with-electricidade-de-mocambique-211033.html Kibo Energy PLC (LON:KIBO) has renewed and expanded its Memorandum of Understanding (MOU) with Mozambican state-owned electric utility, Electricidade de Mocambique (EDM) to advance the financing, construction and operation of the Benga Independent Power Project in Mozambique.

The multi-asset, Africa focused energy company said EDM is committing to assist and co-operate towards the successful development of Benga in Mozambique.

READ: Kibo extends deadline for signing SEPCO III strategic development agreement to March

It added that a full feasibility study on Benga is ahead of schedule and progressing well, and is designed to confirm its commercial and operational viability.

The group also said it has strong local stakeholder support for Benga with energy supply a major Government priority in the development of the country

Louis Coetzee, CEO of Kibo Mining, commented: "We continue to make excellent progress in Mozambique with the development of Benga advancing according to plan. 

“The renewal and expansion of this MOU with EDM are demonstrative of the significant local stakeholder support for the Project and we look forward to 2019 with confidence."

]]>
Wed, 12 Dec 2018 07:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211033/kibo-energy-has-renewed-and-expanded-its-memorandum-of-understanding-with-electricidade-de-mocambique-211033.html
<![CDATA[RNS press release - Renewed MOU with Mozambican electric utility EDM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181212070004_13900152/ Wed, 12 Dec 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181212070004_13900152/ <![CDATA[News - Kibo extends deadline for signing SEPCO III strategic development agreement to March ]]> https://www.proactiveinvestors.co.uk/companies/news/210928/kibo-extends-deadline-for-signing-sepco-iii-strategic-development-agreement-to-march-210928.html Kibo Energy PLC (LON:KIBO) has elected to extend the deadline for the final confirmation of the Strategic Development Agreement with Chinese power company SEPCOIII, which was announced in July.

The extension will run for a further 4 months to 30 March 2019.

WATCH: Kibo Mining beds down transformation into energy company with Benga project

It has been agreed that this is a period of non-exclusivity during which Kibo can enter into discussions with alternative interested parties.

Kibo emphasised that its relationship with SEPCOIII remains strong, and cited continued close co-operation to finalize the SDA, and the development of the Mbeya coal to power project, where the parties have amongst others signed a joint development agreement and EPC contract.

 

]]>
Tue, 11 Dec 2018 07:23:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210928/kibo-extends-deadline-for-signing-sepco-iii-strategic-development-agreement-to-march-210928.html
<![CDATA[RNS press release - SEPCO III Strategic Development Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181211070015_13898733/ Tue, 11 Dec 2018 07:00:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181211070015_13898733/ <![CDATA[News - Kibo Energy’s UK subsidiary secures exclusive option for potential acquisition of three peaking power sites ]]> https://www.proactiveinvestors.co.uk/companies/news/210853/kibo-energys-uk-subsidiary-secures-exclusive-option-for-potential-acquisition-of-three-peaking-power-sites-210853.html Kibo Energy PLC (LON:KIBO) announced that its 60%-owned UK subsidiary, MAST Energy Developments Limited has secured an exclusive option for the potential acquisition of three peaking power sites totalling 31.3 megawatts (MW).

The multi-asset, energy company said it has paid a nominal fee to undertake due diligence and negotiate the deal.

READ: Kibo Energy says resubmitted tender qualification document to TANESCO for Mbeya Coal to Power Project

It added that MED has until 31 January 2019 to complete its due diligence on the first 5.3 MW, 11 KVA site and until 15 February 2019 on the other two sites, 6MW, 11KVA and 20MW, 33KVA respectively. 

Kibo said it believes that subject to due diligence outcomes, these sites may have the potential to lead to revenue generation for the group during the latter part of 2019.

It 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 said it will provide further updates as required.

Louis Coetzee, Kibo Energy’s CEO commented: "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."

]]>
Mon, 10 Dec 2018 08:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210853/kibo-energys-uk-subsidiary-secures-exclusive-option-for-potential-acquisition-of-three-peaking-power-sites-210853.html
<![CDATA[RNS press release - Exclusivity to Acquire 1st UK Reserve Power Sites ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181210072501_13897161/ Mon, 10 Dec 2018 07:25:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181210072501_13897161/ <![CDATA[News - Kibo Energy says resubmitted tender qualification document to TANESCO for Mbeya Coal to Power Project ]]> https://www.proactiveinvestors.co.uk/companies/news/210774/kibo-energy-says-resubmitted-tender-qualification-document-to-tanesco-for-mbeya-coal-to-power-project-210774.html Kibo Energy PLC confirmed on Friday that it has resubmitted the tender qualification document to the Tanzania Electricity Supply Company (TANESCO) with regards to the Mbeya Coal to Power Project (MCPP).

The AIM-listed multi-asset, Africa-focused, energy company announced on November 7 that the African country’s coal power projects tender process has resumed having briefly halted the process five days earlier, which had spooked some investors.

READ: Kibo Energy rises as TANESCO confirms resumption of tender process

The Tanzanian government wants to add another 600 megawatts of coal power capacity to the country’s electricity grid, and state-owned TANESCO has invited submissions from interested companies.

In today’s statement, Louis Coetzee, Kibo Energy’s CEO commented: "Given that much of the information within this 535-page document had already been generated, we just needed to ensure that its collation complied with TANESCO's revised November 2018 requirements.”

He added: “With this now complete and having recently been recommended for the grant of a Special Mining Licence from the Mining Commission of Tanzania, we remain hopeful that 2019 will see the swift advancement of the MCPP in tandem with our two other utility-scale projects in Botswana and Mozambique."

]]>
Fri, 07 Dec 2018 11:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210774/kibo-energy-says-resubmitted-tender-qualification-document-to-tanesco-for-mbeya-coal-to-power-project-210774.html
<![CDATA[RNS press release - Update on MCPP in Tanzania ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181207102004_13895837/ Fri, 07 Dec 2018 10:20:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181207102004_13895837/ <![CDATA[News - Kibo Energy gets request to extend deadline for Chinese funding ]]> https://www.proactiveinvestors.co.uk/companies/news/210377/kibo-energy-gets-request-to-extend-deadline-for-chinese-funding-210377.html Kibo Energy PLC (LON:KIBO) told investors that it has received a request from China-based SEPCOIII for a further extension as it mulls a decision to potentially invest in the company.

A previous extension was given in October and the AIM-quoted company said it would now hold a board meeting later this week to consider the request.

The company, in a statement, meanwhile, highlighted other interest from potential investors.

READ: Kibo Energy rises as TANESCO confirms resumption of tender process

“The board of Kibo intends to consider SEPCOIII's request at a board meeting to be held this week and determine the terms which would be acceptable to the company for such an extension, taking into consideration the recent strong interest received by the company from other entities expressing their desire to participate in the development of Kibo's portfolio of energy projects,” Kibo said in a statement.

Back in July, when the initial SEPCOIII proposals were announced, Kibo chief executive Louis Coetzee described it as “excellent news” and “a major endorsement”.

]]>
Mon, 03 Dec 2018 08:46:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210377/kibo-energy-gets-request-to-extend-deadline-for-chinese-funding-210377.html
<![CDATA[RNS press release - Strategic Development Agreement with SEPCOIII ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181203081502_13888504/ Mon, 03 Dec 2018 08:15:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181203081502_13888504/ <![CDATA[RNS press release - Completed Sale of Haneti Nickel Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181126143504_13880629/ Mon, 26 Nov 2018 14:35:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181126143504_13880629/ <![CDATA[News - Kibo Energy applies for full mining rights for Mabesekwa project ]]> https://www.proactiveinvestors.co.uk/companies/news/208929/kibo-energy-applies-for-full-mining-rights-for-mabesekwa-project-208929.html Kibo Energy PLC (LON:KIBO) told investors that it has now formally submitted an application for a full Mining Right at the Mabesekwa coal independent power project.

The company has an 85% stake in Mabesekwa and it has made a formal presentation to Botswana's Department of Mines.

READ: Kibo Energy rises as TANESCO confirms resumption of tender process

"We are pleased to have submitted a formal Mining Right application for Mabesekwa, following a formal presentation that outlined our envisaged development plan, to Botswana's Department of Mines. 

"We have reached this key step in an efficient manner and this is testament to the organisation of the Botswanan Department of Mines and the hard work of Kibo's team.

"Mabesekwa is at an advanced stage, with water and land permits and environmental certification in place, in addition to the PFS and Scoping Study that have both already been completed."

]]>
Fri, 09 Nov 2018 13:39:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208929/kibo-energy-applies-for-full-mining-rights-for-mabesekwa-project-208929.html
<![CDATA[RNS press release - Update on Mabesekwa Project, Botswana ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181109124503_13861997/ Fri, 09 Nov 2018 12:45:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20181109124503_13861997/ <![CDATA[News - Kibo Energy rises as TANESCO confirms resumption of tender process ]]> https://www.proactiveinvestors.co.uk/companies/news/208722/kibo-energy-rises-as-tanesco-confirms-resumption-of-tender-process-208722.html Kibo Energy PLC (LON:KIBO) shares rose on Wednesday morning after the Tanzania Electric Supply Company (TANESCO) confirmed that the country’s coal power projects tender process has resumed.

The Tanzanian government wants to add another 600 megawatts of coal power capacity to the country’s electricity grid, and state-owned TANESCO has invited submissions from interested companies.

READ: TANESCO tender process ‘definitely going ahead’, says Kibo

It briefly halted the process on Friday, which spooked some investors, but said today that it is back on.

“We are pleased that the tender process is continuing and that it resumed so quick after the cancellation notice,” said chief executive Louis Coetzee.

“We will collect the amended RFQ documents forthwith to ensure that the tender qualification document which we submitted on 18 October 2018 complies with any new requirements that might be stipulated in the latest RFQ.

He added: “We are however of the opinion that our submission will still be compliant and if any amendments will be required that these will be of a very minor nature.”

AIM-quoted Kibo owns a thermal coal deposit near Mbeya in southern Tanzania, where it is developing the Mbeya Coal to Power project (MCPP) – a 250-350 megawatt mouth-of-mine thermal power station.

TANESCO originally launched the tender process last month, which will see it buy electricity produced at MCPP should Kibo’s bid prove successful.

Share climbed 10.7% to 2.27p in mid-morning trade on Wednesday.

]]>
Wed, 07 Nov 2018 10:33:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208722/kibo-energy-rises-as-tanesco-confirms-resumption-of-tender-process-208722.html