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: 13 June 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: 13 June 2024

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

Business Update

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

Further to the Company's previous announcement dated 21 May 2024, the 2nd Phase work programme
regarding the refurbishment of the first of the Pyebridge site's 3x Jenbacher gensets is progressing
well and according to plan and expected timeline. The latest status is that the new replacement genset
long-block has been received from the supplier in Austria, the existing genset has been disconnected
and craned out of the site and transported to Cooper Östlund's workshop. Cooper Östlund has
completed the full rebuild of the genset, which involved the replacement of the genset long-block and
the replacement and or refurbishment of all the various major and critical engine components onto
the new engine block. Following the completion of the rebuild, the refurbished genset was transported
back to the Pyebridge site, and successfully craned back into the facility. The final remaining step in
the process is the recommissioning of the new genset, which is currently underway. It is expected
that the first genset's overhaul work will be fully completed and the genset to start commercial
operational running and revenue generation around end of June 2024, in line with the expected
timeline.

To give more insight into the work-stream involved in overhauling the genset, including photos of
key stages during the process, please visit the MED website, "Pyebridge Overhaul Story" webpage
at https://med.energy/?page_id=4466.
As this process was completed seamlessly within the planned timeline and budget for the first genset,
we expect the overhaul of the site's other two gensets to proceed similarly and thus meet our target
to have all three gensets overhauled and operating optimally in due course, as previously announced.

In the meantime, the Pyebridge site's other two gensets remain operational and will continue to
generate revenue via its PPA with Statkraft. Additionally, Pyebridge will also keep receiving its
current Capacity Market contract's associated annual gross profit margin income of c. £308,000 from
the government, as previously announced.

Additionally, as previously announced the Pyebridge site has secured further Capacity Market
contracts to ensure minimum annual gross profit margin income as follows:

       * T-1 2024/2025 CM contract - c. £183,000 gross profit margin income;
       * T-4 2026/2027 CM contract - c. £312,000 gross profit margin income; and
       * T-4 2027/2028 CM contract - c. £322,000 gross profit margin income.

MED expects to bid for and secure an additional T-1 Capacity Market contract for the 2025/2026
delivery year in the next upcoming Capacity Market auction, thereby ensuring uninterrupted
minimum guaranteed income until 2028. The Site's existing Capacity Market contracts are all fixed
one-year contracts. MED expects to apply for the maximum 15-year term and capacity T-4 Capacity
Market contract in due course.

The Pyebridge site's Capacity Market contracts' gross profit margin income payments are in addition
to its electricity generation trading revenue generation via its PPA with Statkraft. The plan and
intention is to add a minimum guaranteed gross profit margin income floor component to its PPA
with Statkraft (the "PPA Floor"). The PPA Floor value is currently expected to be at least
around £50/kW/annum, subject to certain usual conditions such as assessment and agreement by
Statkraft, which would equate to a minimum annual gross profit margin income of £405,000 in
addition to the site's Capacity Market contracts' income payments.

Both the above referred longer-term Capacity Market contract and the PPA Floor are expected to be
implemented once the Pyebridge site's planned overhaul work programme as referred to above has
been completed, in order to provide further enhanced and longer-term minimum guaranteed gross
profit margin income to the site.

Pieter Krügel, MED CEO, commented: "We are pleased that the overhaul of the first genset at
Pyebridge is progressing according to plan, timeline and budget, and near complete. We are looking
forward to completing the overhaul work within the expected timeline, and once done, it will increase
the Pyebridge site's income generation substantially. The successful completion of the overhaul of
the first genset will also establish 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 in due course in order
to reduce capex costs.

"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
13 June 2024
Corporate and Designated Adviser
River Group

Date: 13-06-2024 08:00:00
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