KIBO ENERGY PLC - Kibo Subsidiary Announces Business Update

Kibo Subsidiary Announces Business Update

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: 1 July 2024
                           Kibo Energy PLC ('Kibo' or the 'Company')

                          Kibo Subsidiary Announces Business Update

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces a business update by its subsidiary Mast Energy Developments PLC ('MED'), a UK-based
multi-asset owner, developer and operator in the rapidly growing flexible power market.

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

                                   –––––––––––––––––––––––––
Dated: 1 July 2024

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

                     Pyebridge Revenue Generation and Potential Acquisition

Mast Energy Developments PLC, the UK-based multi-asset owner, developer and operator in the
rapidly growing flexible power market, is pleased to announce an update regarding business
operational matters.

Pyebridge Revenue Generation

Further to the Company's previous announcement dated 13 June 2024, the 2nd Phase work programme
regarding the refurbishment of the first of the Pyebridge site's 3x Jenbacher gensets has now been
successfully completed, within budget and expected timeline. Since the previous announcement, the
refurbished genset has been re-installed and cold and hot re-commissioning successfully completed.
Resultingly the genset is now running commercially and generating revenue via the Pyebridge site's
PPA with Statkraft, in addition to the Capacity Market contract gross profit income as previously
announced. It is expected that the refurbished genset will significantly increase the Pyebridge site's
revenue and gross profit. The MED management team in conjunction with its O&M contractor will
monitor the performance of the refurbished genset carefully to ensure optimal performance. MED
expects to provide a further operational update with specific reference to the initial performance of
the refurbished genset around the end of July 2024. The next step in the 2nd Phase work programme
is to commence with the overhaul of the 2nd of the site's gensets, and it is expected that this will be
initiated shortly.

The Funding Agreement with RiverFort as previously announced has enabled the successful
completion of the first genset's overhaul, and MED is appreciative of RiverFort's ongoing support as
its asset-level strategic funding partner, in order to grow the business.

To give more insight into the work-stream involved in overhauling the genset, including photos of
key stages during the process, which has now been updated following the successful completion of
the first overhaul, please visit the MED website, "Pyebridge Overhaul Story" webpage at
https://med.energy/?page_id=4466.

Potential Acquisition

MED is in advanced discussions regarding the potential acquisition (the "Potential Acquisition") of
an existing operational 10MW flexible power generation site located in south-western England. The
main rationale behind acquiring an existing operational site is to achieve a lower investment cost per
installed MW and a shorter timeline to revenue generation compared to a new-build. The Potential
Acquisition will be subject to, inter alia final due diligence, contract, funding, and the usual various
clearances and approvals associated with a transaction of this nature. Discussions have been positive,
and MED is confident that the Potential Acquisition will be successful, but it can't guarantee on what
terms or on what timeline the Potential Acquisition will occur.

Kibo Energy PLC

The MED Board has noted the recent RNS announcements by its significant shareholder, Kibo
Energy PLC ("Kibo"), regarding Kibo's proposed restructure. MED wants to assure its own
shareholders and stakeholders that Kibo's proposed restructure does not directly affect MED. MED
is a separate stand-alone listed company with its own independent Board of directors, management
and with its own funding capability, and MED is not reliant on Kibo.

Pieter Krügel, MED CEO, commented: "We are very pleased that the overhaul of the first genset
at Pyebridge has now been successfully completed according to plan, timeline and budget. The
successful completion of the overhaul of the first genset has established a proven blueprint to move
forward with the overhaul of the site's remaining two gensets, as well as possible application on
MED's other sites or new acquisitions in due course in order to reduce capex costs.

"MED's funding partnership with RiverFort has enabled and fast-tracked the work programme at
Pyebridge, which will result in increased revenue generation. RiverFort's ongoing support to MED
is invaluable and much appreciated.

"Further, we are excited about the prospect of the Potential Acquisition, and although there is no
guarantee on the current terms or timeline, we are working diligently to progress and complete the
transaction as quickly as possible.

"We are looking forward to updating the market with further progress across the board in due
course."

                                                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


                                     _______________________

                                             **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
 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
1 July 2024
Corporate and Designated Adviser
River Group

Date: 01-07-2024 08:00:00
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