KIBO ENERGY PLC - Kibo Subsidiary Announces Joint Venture Agreement Completion Update

Kibo Subsidiary Announces Joint Venture Agreement Completion 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: 22 December 2023
                           Kibo Energy PLC ('Kibo' or the 'Company')

           Kibo Subsidiary Announces Joint Venture Agreement Completion Update

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces that further to its previous announcement dated 11 December 2023, its subsidiary Mast
Energy Developments PLC ('MED'), a UK-based multi-asset owner, developer and operator in the
rapidly growing flexible market, has received written assurance from Proventure Holdings (UK) Ltd,
part of the Proventure Group ('Proventure') as well as its funders that Proventure will initiate transfer
of a first £1m payment to the Project Special Purpose Vehicle ('SPV') by 4 pm US-time on 22
December 2023 but no later than 29 December 2023. The remaining balance of £1m to satisfy the
Interim Payment requirement under the terms of the binding Joint Venture Agreement ('JVA') will
be transferred to the Project SPV by no later than 4 pm UK-time on 11 January 2024.

As a result, after due and careful consideration, and given the commitment of the first £1m payment
by Proventure, MED has provided Proventure with a further extension of the time allowed
accordingly for Proventure to remedy its current position and to perform its obligations under the
binding JVA.

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

                                    –––––––––––––––––––––––––

Dated: 22 December 2023

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

                    MED Binding Joint Venture Agreement Completion 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
11 December 2023, the MED board has received written assurance from Proventure as well as its
funders that Proventure will initiate transfer of a first £1m payment to the Project SPV by pm US-
time on 22 December 2023, but no later than 29 December 2023. Further, the remaining balance of
£1m to satisfy the Interim Payment requirement under the terms of the binding JVA will be
transferred to the Project SPV by no later than 4 pm UK-time on 11 January 2024. Resultingly, after
due and careful consideration, and given the firm commitment by Proventure that the first £1m
payment will be made shortly, MED has provided Proventure with a further extension of the time
allowed accordingly for Proventure to remedy its current position and to perform its obligations under
the binding JVA.

                                                 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

Johannesburg
22 December 2023
Corporate and Designated Adviser
River Group

Date: 22-12-2023 09:00:00
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