LONDON (ShareCast) - (Sharecast News) - Africa-focussed Kibo Energy updated the market on its wholly-owned subsidiary Bordersley Power on Tuesday, which is developing a 5 MW gas-fuelled power generation plant in the UK in cooperation with its 60% owned subsidiary, and manager and operator of Bordersley, MAST Energy Developments (MED).
The AIM-traded firm reported "good progress" towards de-risking the plant, which remained on target for commercial commissioning at the end of the first quarter of 2020.

It said several milestones had been achieved by the Bordersley working and steering committee, which included MED and its joint development partner AB Impianti.

The committee had agreed the site work scope, an advanced engineering, procurement, and construction solution, and advanced an associated financing agreement for Bordersley's construction and commissioning.

A further payment of 10,000,000 shares would be made to Bordersley's original MED vendors, the board added.

"The MED/AB partnership is working well and making excellent headway towards hitting the end of the first quarter 2020 target to commission our 100% owned 5 MW gas-fuelled power generation plant at Bordersley," said chief executive officer Louis Coetzee.

"This progress is reflective of similar advances being made across our portfolio; we are now well positioned to bring several projects to fruition during 2020."

At 1028 GMT, shares in Kibo Energy were down 5.76% at 0.4p.

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