Kibo Energy PLC (Kibo), the multi-asset, Africa focused energy company, has released its consolidated annual financial results for the year ended 31 December 2018. The company's Annual Report, which contains the full financial statements is in the process of being prepared for dispatch to shareholders. A copy of this Annual Report will also be available from the company's website at www.kibo.energy Details of the date and venue for this year's AGM will be announced on posting of the full Annual Financial Results.
Overview (2018 and 2019 YTD)
- Acquired majority interests in the Mabesekwa Coal Independent Power Project in Botswana, the Benga Power Plant Project in Mozambique, and a 60% equity interest in Mast Energy Developments Limited in the UK.
- Country diversification to help insulate the company from sovereign risk in addition to benefitting from sub-Saharan Africa's urgent and increasing demand for reliable, sustainable and affordable electricity.
- Received confirmation from TANESCO that the company can develop the Mbeya Coal to Power Project for the export market, subsequent to earlier notification from TANESCO that the MCPP did not qualify as one of the preferred applicants for the delivery of thermal coal power in Tanzania under a TANESCO tender round.
- Feasibility study completed and submitted to the Ministry of Mineral Resources and Energy and Electricidade de Moçambique ahead of schedule for the Benga Project in Mozambique.
- Mining Scoping Study completed for the Mabesekwa Project in Botswana with a feasibility study underway.
- In line with the company's strategy of becoming a dedicated energy development company, Kibo successfully completed the sale of the Haneti Nickel Project to Katoro Gold PLC.
“2018 was transformational for the company as we reoriented our business and implemented our strategy to be a global energy developer with multiple power projects focused primarily on Africa. This strategy has helped us to spread country and project risk and should present us with many opportunities within the strongly growing African energy sector.
“The new energy projects in which we acquired majority interests during 2018 include the Mabesekwa Coal Independent Power Project (MCIPP or Mabesekwa Project) in Botswana, the Benga Power Plant Project (BPPP or Benga Project) in Mozambique, and a 60% equity interest in Mast Energy Developments Limited (MED) in the UK. The latter acquisition is expected to provide us with an opportunity for revenue streams in the short term, whilst also creating an ability to leverage MED's experience in electricity generation to develop new energy projects in Africa through introducing and developing the UK Reserve Power business model alongside our existing coal-to-power projects on the continent.
The country diversification offered by our current African project portfolio is strategically positioned to help insulate the company from sovereign risk whilst also granting us the opportunity to participate in the opportunity arising from sub-Saharan Africa's urgent and increasing demand for reliable, sustainable and affordable electricity.
To read the full report: https://polaris.brighterir.com/public/kibo_energy/news/rns/story/x8jvpjw
Read the article online at: https://www.worldcoal.com/power/24062019/kibo-energy-reports-its-2018-financial-results/