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Kibo Subsidiary MED Releases Unaudited Interim Results for Six-Month Period Ended 30 June 2024
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: 30 August 2024
Kibo Subsidiary MED Releases Unaudited Interim Results for Six-Month Period Ended 30
June 2024
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces today that its subsidiary MAST Energy Developments ('MED'), a UK-based multi-asset
owner and operator in the rapidly growing flexible energy market, has released its unaudited interim
results for the six months ended 30 June 2024.
Further details can be found in the full MED RNS Announcement, which is available below and at
med.energy.
Overview of key highlights during the interim period and to date:
• Gross profit margin improved period-on-period as a result of start of optimisations at
Pyebridge, including first Capacity Market contract income.
• Successful in pre-qualification to bid for additional new Capacity Market ("CM") contracts,
being T-1 (2024/2025 delivery year) and T-4 (2027/2028 delivery year) for its Pyebridge site
('Pyebridge'). The Capacity Market bid auctions, which were held in February 2024, resulted
in Pyebridge getting contractual clearing prices of £35.79/kW/pa for the T-1 contract, and
£65.00/kW/pa for the T-4 contract respectively.
• Signed a Project Finance funding agreement with RiverFort Global Opportunities PCC
Limited ("RiverFort"), with Pyebridge as the borrower, with an initial funding facility up
to £4,000,000 (the "RiverFort Facility"), with a cumulative total net draw of c. £2.1m to date.
Refer to RNS announcement dated 28 February 2024 for more details.
• Pyebridge was taken out of care & maintenance, and a comprehensive improvement and
refurbishment works programme ("Works Programme") was executed. The Works
Programme consisted of two main phases, each addressing key areas of the facility to optimise
operations and income generation.
• The first phase of the Works Programme addressed the requirement to meet the Satisfactory
Performance Days ("SPD") obligation set by the Electricity Market Reform Delivery Body
('EMR DB') for Pyebridge's existing T-1 Capacity Market ("CM") contract. All required
SPD tests were completed successfully, which meant that Pyebridge could continue receiving
the current CM contract's associated gross profit margin income of c. £308,000 which is paid
and received monthly in arrears.
• The second phase of the Works Programme, currently in process, focusses on the complete
overhaul of each of the Pyebridge site's 3x 2.7MW Jenbacher reciprocal turbine engines. Thus
far, the first genset's overhaul has been successfully completed, and the second genset's
overhaul has officially commenced.
• First refurbished genset achieves c. £57k revenue for July 2024 in the first month of operation,
resulting in revenue per MW month of c. £21,000, and outperforming market with 40%
margin. Refer to RNS announcement dated 7 August 2024 for more details.
• The Company paid down £325,000 on the outstanding balance on convertible loan notes held
by RiverFort via a director loan purchase agreement and a placing, and also secured funding
of £325,000 via a new non-convertible fixed term loan with RiverFort for on-going working
capital purposes.
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.
ENDS
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
further information please visit www.kibo.energy or contact:
Cobus van der Merwe 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
James Sheehan +44 20 7048 9400 Global Investment Strategy UK Limited Joint Broker
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
30 August 2024
Corporate and Designated Adviser
River Group
Date: 30-08-2024 08:00:00
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