Ncondezi Energy says knows no reason for share price move

AIM-listed Ncondezi Energy noted the recent rise in its share price and said it knows no reason for the move.

“The company can confirm that negotiations to finalise the Joint Development Agreement with Shanghai Electric Power Co continue as announced in the project update on 16 December 2016 and no new material developments have occurred since.”

Ncondezi said it will make further announcements as and when appropriate.

Back in December, the company said good progress continued to be made in the negotiations with Shanghai Electric in relation to its 300MW power plant project near Tete in northern Mozambique.

It said at the time: “It is expected that the work streams to agree the transaction documents will be completed in Q1 2017 with SPIC and Chinese government approvals to follow.”

At 1550 GMT, the shares were up 22% to 9.15p.