Update on MCPP in Tanzania

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: 07 November 2018

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

Update on MCPP in Tanzania

Kibo Energy PLC, the multi-asset, Africa focused energy company, is pleased to note the public announcement made by TANESCO today with regard to the resumption of the tender process as per the Company's recent announcements dated 18 September, 19 October and 02 November 2018.

The notice "Tender Nr PA/001/2018 - 19/HQ/N/033 for Qualification of Coal Fired Power Generation Projects, Invitation for Qualification. (IFQ)", states amongst others the following:

"….This Invitation for Tender follows the intention of the Government of the United Republic of Tanzania through Tanzania Electric Supply Company Ltd (TANESCO) to competitively engage qualified applicants to develop coal power projects with a total capacity of 600MW at different locations within Tanzania.

TANESCO intends to procure power generation from a set of Integrated Gasification Combined Cycle (IGCC) or superior technology coal-based power projects with total capacity of 600 MW between years 2018 and 2020.

TANESCO is therefore pleased to present this opportunity to prospective developers to undertake feasibility study, finance, build, own, operate and transfer coal power projects of a capacity not less than 150MW and not more than 300 MW in one location.

Tendering will be conducted through International Competitive tendering procedures specified in Regulation 119 of the Public Procurement (Regulations- Government Notice 446 of 2013,  and is open to all Applicants as defined in the Regulations. Prospective developers who have earlier expressed their interests to develop coal power projects by way of concept note, MoU or any other form and have submitted documents to TANESCO are advised to participate in this tendering process.

Interested applicants may obtain further information from and inspect the RFQ documents at the office of the Secretary TANESCO Tender Board, TANESCO Head Office, Umeme Park Building, Ground Floor, Room No. 4, Ubungo Area, along Morogoro Road, P.O. Box 9024 Dar es Salaam. Telephone: +255 222 210 267/210 264 E-mail: sec.tenderboard@tanesco.co.tz; pmuoperations@tanesco.co.tz from 09:00hrs to 16.00hrs on Mondays to Fridays inclusive with an exception of public holidays.

A complete set of RFQ documents in English may be purchased by interested Applicants on the submission of a written application with contact details to the address given under paragraph 5 above and upon payment of a non-refundable fee of TZS 200,000.00 or equivalent amount in freely convertible currency excluding bank charges. …"

 ….Those who purchased the bidding document will not be required to purchase it again…...

All applications submitted in one (1) original plus five (5) copies, properly filled in, and enclosed in plain envelopes must be delivered to the address Secretary TANESCO Tender Board, Umeme Park Building, Morogoro Road, Ubungo Area, Ground Floor Room No. 04 P. O. Box 9024 Dar es Salaam at or before 10:30HRS on Friday 7th December 2018. Applications will be opened promptly thereafter in public and in the presence of Applicants' representatives who choose to attend in the opening at TANESCO Umeme Park Building,  Ground  floor,  conference    room,  Ubungo  Area,  along Morogoro Road.

For those applicants whose tenders were opened on 19th October 2018 may choose to retain or withdraw their Tenders and resubmit as per this advertisement.

Late applications, portion of applications, electronic applications, and applications not received, applications not opened and not read out in public at the tender opening ceremony shall not be accepted.

MANAGING DIRECTOR, TANZANIA ELECTRIC SUPPLY COMPANY LIMITED"

Louis Coetzee, CEO of Kibo, said, "We are pleased that the tender process is continuing and that it resumed so quick after the cancellation notice. We will collect the amended RFQ documents forthwith to ensure that the tender qualification document which we submitted on 18 October 2019 complies with any new requirements that might be stipulated in the latest RFQ. 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. We are looking forward to a prompt conclusion of the entire tender process.

I also wish to clarify that the process of awarding Mbeya Coal LTD, the coal mining component of the MCPP, its Special Mining License and the tender process discussed above, are two completely independent processes and that they are in no way related or interdependent of each other."

**ENDS**

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

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

Notes to editors

Kibo Energy PLC is a multi-asset, Africa focussed, 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 will benefit from its robust and experienced international blue-chip partnership network across its project portfolio, which includes: SEPCO III (China), General Electric (USA); Tractebel Engineering (Belgium); Minxcon Consulting (South Africa); ABSA / Barclays Africa; and Hogan Lovells International LLP.

Johannesburg

07 November 2018

Corporate and Designated Adviser River Group