CIC Energy Corp last week said that it has signed a successor agreement with International Power plc (IPR), its partner for the Mmamabula Export Energy Project in Botswana.

In a statement the company that is developing Mmamabula Energy Project, says the new agreement supersedes the Project Development Agreement signed by the two companies in March last year.

Under the new accord CIC Energy and IPR intend to continue to work together in developing one or more power stations in Botswana, utilising coal from CIC Energy's Mmamabula Coal Field.

CIC Energy and IPR will enter into further agreements to establish the terms of their relationship.

These agreements are expected to be signed on or before Financial Close (the time at which lenders advance financing for the project).

"We look forward to the opportunity to work collaboratively with IPR to develop new electrical generating capacity at Mmamabula, for export to South Africa and local use," CIC Energy president Greg Kinross said.

"The Southern African region continues to face high demand for investment in power and we remain very keen to invest in this region. We look forward to working with CIC Energy at Mmamabula to bring a power project to fruition," said Ranald Spiers, Executive Director, and Middle East & Africa for International Power plc.

Under the previous Project Development Agreement, which expired on September 30, affiliates of IPR had subscribed for shares representing 50 percent ownership interests in each of Meepong Energy (Proprietary) Limited and Meepong Resources (Proprietary) Limited for a nominal value of C$8.

These shares, which were in escrow, are now in the process of being transferred back to CIC Energy affiliates.

Meanwhile, the company says a technical report has been filed on SEDAR for the company's Mmamabula Coal Field in Botswana. Dated September 26, 2008, the technical report is entitled "CIC Energy Corp: Mmamabula Energy Complex, Southeastern Botswana, Project No. J912, National Instrument 43-101 Sixth Technical Report".

The Sixth Technical Report includes the new mineral resource estimate for the Border Block at the Mmamabula East licence area and the updated mineral resource estimates for the Dovedale, Serorome and Mookane Blocks at Mmamabula East.

The previously reported mineral resource estimate for CIC Energy's Mmamabula South licence area remains unchanged and has been included in the Sixth Technical Report for completeness.