KIBO ENERGY PLC - Kibo Subsidiary Announces an Update on Joint Venture Agreement

Kibo Subsidiary Announces an Update on Joint Venture Agreement

Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')

Dated: 8 January 2024

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

             Kibo Subsidiary Announces an Update on Joint Venture Agreement

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces that further to its previous announcement dated 2 January 2024, its subsidiary Mast Energy
Developments PLC ('MED'), a UK-based multi-asset owner, developer and operator in the rapidly
growing flexible market, has announced a further update regarding its Joint Venture Agreement
('JVA') with Proventure Holdings (UK) Ltd, part of the Proventure Group ('Proventure'). Proventure
has still not made the first £1m payment to the Project Special Purpose Vehicle ('SPV'), which MED
now understands was delayed due to a lack of coordination and administrative difficulties on the side
of Proventure over the festive period. Proventure CEO, Mr. Kona, will travel to London soon to work
with the MED CEO and board to expedite the delivery of the overdue payments, as well as to finalise
the outstanding administration to complete the JVA transaction.

MED is furthermore in discussions with respect to an alternative source of short-term funding to
ensure that any further delays regarding the JVA will not unduly impact MED's operations.

Further details can be found in the full MED announcement, which is available below and at
med.energy:

                                  –––––––––––––––––––––––––
Dated: 8 January 2024

                   Mast Energy Developments PLC ('MED' or 'the Company')

                     MED Binding Joint Venture Agreement Progress Update

Mast Energy Developments PLC, the UK-based multi-asset owner, developer and operator in the
rapidly growing flexible power market, announces that further to its previous announcement dated 2
January 2024, Proventure has still not made the first £1m payment to the Project SPV, which MED
now understands was delayed due to a lack of coordination and administrative difficulties on the side
of Proventure over the festive holiday period. Proventure CEO, Mr. Kona will be travelling to London
soon, in order to work with the MED CEO and board to expedite delivery of the overdue JVA
investment payments, as well as to finalise the outstanding administration to complete the JVA
transaction.

The Company will provide a further update as soon as possible on the outcome of the deliberations
referred to above.

The Company is furthermore in advanced discussions in respect of an alternative source of short-term
funding to ensure that any further delays regarding the JVA will not unduly impact the Company's
ability to meet its working capital requirements.

Pieter Krügel, MED CEO, commented: "The past year has proven exceptionally challenging for
MED, not only from a macro-economic perspective affecting most businesses globally, but also from
a transactional perspective. However, we are looking forward to the new year to realise MED's plans
and potential, and we sincerely thank our shareholders and key stakeholders for their ongoing
patience and support."

                                                  ENDS

This announcement contains inside information for the purposes of the UK version of the Market
Abuse Regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018 ('UK MAR'). Upon the publication of this announcement,
this inside information is now considered to be in the public domain.

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

 Pieter Krügel    Info@med.energy                 Mast Energy Developments PLC    CEO
 Jon Belliss      +44 (0)20 7399 9425             Novum Securities                Corporate Broker
 Zainab Slemang   zainab@lifacommunications.com   Lifa Communications             Investor & Media
 van Rijmenant                                                                    Relations Advisor

This announcement contains inside information as stipulated under the UK version of the Market
Abuse Regulations (EU) no. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018 ('UK MAR'). Upon the publication of this
announcement, this information is now considered to be in the public domain.

                                              **ENDS**

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

 Louis Coetzee    info@kibo.energy                Kibo Energy PLC              Chief Executive Officer
 James Biddle     +44 207 628 3396                Beaumont Cornish Limited     Nominated Adviser
 Roland Cornish
 Claire Noyce     +44 20 3764 2341                Hybridan LLP                 Joint Broker
 Damon Heath      +44 207 186 9952                Shard Capital Partners LLP   Joint Broker
 Zainab Slemang   zainab@lifacommunications.com   Lifa Communications          Investor and Media
 van Rijmenant                                                                 Relations Consultant

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is
authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's
Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities
under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the
London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other
persons for providing protections afforded to customers of Beaumont Cornish nor for advising them
in relation to the proposed arrangements described in this announcement or any matter referred to in
it.

Johannesburg
8 January 2024
Corporate and Designated Adviser
River Group

Date: 08-01-2024 09:00:00
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