KIBO ENERGY PLC - Publication of Kibo Subsidiary Mast Energy Developments PLC Annual Report

Publication of Kibo Subsidiary Mast Energy Developments PLC Annual Report

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: 7am; 28 April 2023

                          Kibo Energy PLC ('Kibo' or the 'Company')

                Publication of Mast Energy Developments PLC Annual Report

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
is pleased to announce the publication of the 2022 Annual Report, including audited financial
statements, of its 57.86% held subsidiary, Mast Energy Developments Plc (“MED”).


                                 Mast Energy Developments Plc
                          Results for the year ended 31 December 2022


Dated 28 April 2023

MAST Energy Developments PLC (‘MED’ or the ‘Company’) the UK-based multi-asset owner and
operator in the rapidly growing Flexible Energy market, is pleased to announce its audited results for
the year ended 31 December 2022. A condensed set of financial statements accompanies this
announcement below while the Company’s full Annual Report and Financial Statements (MED
Audited Annual Report and Financial Statements for the year ended 31 December 2022)can be found
at the following link on the Company’s website Annual & Interim Reports – MAST Energy
Developments (med.energy) .

The Company’s Notice of Annual General Meeting will be announced separately in due course.

Overview of key events during the period up to the date of this report

              *The Company’s core activities during the first half of 2022 predominantly focused
               on the operational and technical optimisation of the 9 MW Pyebridge project site. In
               March 2022, Pyebridge became a fully operational gas-powered flexible power plant
               that has delivered considerable returns, including outperforming the market sales price
               by 88%.

              *The Company pre-qualified for two new Capacity Market contract auctions for
               Pyebridge The T-1 contract, which is scheduled to start on 01 October 2023, was
               secured at a clearing price of £60.00/kW/annum. The T-4 contract, which is scheduled
               to start on 01 October 2026, was secured at a clearing price of £63.00/kW/annum.

              *Construction and development of its Bordesley project continued while its 4.4 MW
               shovel-ready freehold site in the West Midland (‘Rochdale’) is at an advanced stage
               of planning and permitting.

              *Acquisition of two reserve power projects during period comprising the 7.5 MW
               Hindlip Lane site and the 2.4 MW Stather Road site. The acquisitions were funded
               through Credit Loan notes with an institutional investor.

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**

This announcement contains inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014 and is announced in accordance with the Company’s obligations under Article
17 of the specified Regulation.

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                                                                  
 van Rijmenant      zainab@lifacommunications.com   Lifa Communications          Investor and Media Relations
                                                                                 Consultant


Johannesburg
28 April 2023
Corporate and Designated Adviser
River Group

Date: 28-04-2023 08:02:00
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