KIBO ENERGY PLC - Sale of Companys 19.52% Shareholding in Mast Energy Developments PLC

Sale of Company’s 19.52% Shareholding in Mast Energy Developments PLC

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: 01 October 2024
                          Kibo Energy PLC ('Kibo' or the 'Company')

         Sale of Company's 19.52% Shareholding in Mast Energy Developments PLC

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company
announces that, further to its ongoing efforts to tidy up the Company's balance sheet ahead of the
Reverse Takeover as announced on 16 September 2024, it has signed an agreement with RiverFort
Global Opportunities PCC Limited ("RiverFort"), a 3.25% shareholder, to provide for partial
settlement of the current outstanding balance on an existing loan (the "RiverFort Loan") of £462,871
(including interest and fees pursuant to the agreement) by sale of its remaining 19.52% interest in
Mast Energy Developments PLC ("MED") to RiverFort (the "MED Share Sale"). This follows the
Corporate Restructuring, including revised arrangements with Riverfort, as announced on 20 June
2024. Kibo's 19.52% Interest comprises 83,211,746 MED shares (the "MED Shares") which are
being sold to RiverFort for £120,074 being their market value on the London Stock Exchange
calculated at £0.001443 per MED share calculated as the volume weighted average price per share
on 27 September 2024.

The MED Share Sale will reduce the outstanding balance on the RiverFort Loan to £342,797 (the
"Remaining Balance"). The Remaining Balance including accrued interest at 10% per annum will be
payable on the earlier of the Company's AIM suspension being lifted; completion of the reverse
takeover of the Company (the "RTO") announced by the Company on 16 September 2024; or 31
March 2025. The Remaining Balance may be paid, at the Company's sole election, in a combination
of cash or in shares at the price per share at the time of the RTO (i.e. the relevant placing price).

The MED Shares are currently held by the Company's wholly owned subsidiary Kibo Mining
(Cyprus) Limited for which the Company has agreed a Sale & Purchase Agreement for its disposal
(less the MED Shares) to Aria Capital Management Limited, conditional on shareholder approval
being obtained at its upcoming general meeting on 11 October 2024 (refer Company RNS
announcements of September 19 and 26 respectively).

Cobus van der Merwe, Interim CEO of Kibo said: "The Company is pleased that it has successfully
negotiated this partial settlement of the RiverFort Loan as the MED Share Sale proceeds will also
further help reduce the Company's debt in preparation for its upcoming RTO. I would like to thank
RiverFort for their co-operation in enabling this settlement".

As per MED's last reported accounts to 30 June 2024 published on 30 August 2024, the loss
attributable to this 19.52% equity interest sold was £96,049 with net attributable revenue of £39,481.
The Net Investment attributable to MED in the Company's most recently notified Balance Sheet was
carried at £2,482,992 and therefore the Company expects to record a loss on disposal which will be
determined and disclosed in the next published accounts.

This announcement contains inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014.
                                          **ENDS**
For 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
01 October 2024
Corporate and Designated Adviser
River Group

Date: 01-10-2024 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.