Kibo Energy PLC Sale of Coal Interest in Botswana Power Project (5748O)

TIDMKIBO

RNS Number : 5748O

Kibo Energy PLC

04 October 2023

Kibo Energy PLC (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

LEI Code: 635400WTCRIZB6TVGZ23

Share code on the JSE Limited: KBO

Share code on the AIM: KIBO

ISIN: IE00B97C0C31

('Kibo' or 'the Company')

Dated: 04 October 2023

Kibo Energy PLC ('Kibo' or the 'Company')

Kibo Energy Enters into Agreement for Sale of its Coal Interest in Botswana Coal-Based Power Project ("the Project")

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company, is pleased to announce that pursuant to the Company's declared strategy to divest of all its coal assets, Kibo has entered into a definitive share sale agreement ("the Agreement") with Shumba Energy (Pty) Ltd ('Shumba') for the sale of the Company's remaining 35% equity holding in Kibo Energy Botswana Pty (Ltd) ("Kibo Energy Botswana") in which Kibo held its interest in the coal resources associated with the Project .

Kibo Energy Botswana consists of the Mabasekwa Coal to Power Project, which had a carrying value of GBPnil as at 31 December 2022 with an associated loss before tax of GBP3.56m, largely reflecting a full impairment of the carrying value in that period.

The sale to Shumba is for a consideration of US$375,000 (three-hundred and seventy-five thousand dollars) ("the Purchase Consideration") which is payable by means of ordinary shares in the authorized unissued share capital of Shumba, listed on the Botswana Stock Exchange ('BSE'), calculated on the basis of the volume-weighted average price of shares in Shumba as traded over 30 (thirty) trading days prior to the issue date, and rounded up or down to the nearest number of whole shares.

The disposal of the Company's coal interest in the Project is part of the Company's declared strategy to divest from all all hydrocarbon and coal-based assets and it also contributes to the Company's ongoing actions to ensure that the Company continues to have access to sufficient funding resources if and when required. In this regard the Company is also continuously in discussions with various potential funding sources to ensure that the Company has sufficient means for its ongoing working capital needs.

Louis Coetzee, CEO of Kibo Energy, says: "This sale is in line with Kibo's commitment to its renewed strategy to acquire and develop a portfolio of sustainable, renewable energy assets and implement an appropriate disposal and disinvestment or repositioning of all hydrocarbon and coal-based assets. Our next aim is to progress ongoing negotiations for the disposal of the Company's Tanzanian coal assets and we will update the market in this regard in due course."

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

**ENDS**

For further information please visit www.kibo.energy or contact:

 
 Louis Coetzee     info@kibo.energy                Kibo Energy PLC          Chief Executive 
                                                                             Officer 
 James Biddle      +44 207 628 3396                Beaumont Cornish         Nominated Adviser 
  Roland Cornish                                    Limited 
                  ------------------------------  -----------------------  ---------------------- 
 Claire Noyce      +44 20 3764 2341                Hybridan LLP             Joint Broker 
                  ------------------------------  -----------------------  ---------------------- 
 Damon Heath       +44 207 186 9952                Shard Capital Partners   Joint Broker 
                                                    LLP 
                  ------------------------------  -----------------------  ---------------------- 
 Zainab Slemang    zainab@lifacommunications.com   Lifa Communications      Investor and Media 
  van Rijmenant                                                              Relations Consultant 
                  ------------------------------  -----------------------  ----------------------

Johannesburg

04 October 2023

Corporate and Designated Adviser

River Group

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October 04, 2023 02:00 ET (06:00 GMT)

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