Further to the company’s announcement on 3 July 2018 regarding its Strategic Development Agreement with SEPCOIII, Kibo Energy PLC (Kibo) has provided an update on its agreement (SDA) signed with China based operator and owner of power plants SEPCOIII (SEPCOIII), in which the intention of SEPCO III to make one or more equity investments in Kibo was announced.
SEPCO III’s internal investment approval process is ongoing and could not be completed before the 30 September 2018 due date by which all conditions, including required approvals, had to be obtained. According to Kibo, the parties have mutually agreed to extend the due date for this process to 30 November 2018.