KIBO ENERGY PLC - Kibo Subsidiary Business Update

Kibo Subsidiary 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: 7 August 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: 7 August 2024

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

           Pyebridge Refurbished Genset Achieves c. £57k Revenue in First Month

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 its Pyebridge
flexible power generation asset ("Pyebridge").

Key Highlights:

       * First refurbished genset achieves c. £56,689 revenue in first month of operation (inclusive
         of initial ramp-up period);
       * Refurbished genset outperforms market with 40% margin;
       * Resulting in revenue per MW month of c. £21,000; and
       * Pyebridge site has 3x 2.7MW gensets operation (thus 8.1MW total), although, to date, only
         one of which has been full refurbished and is operating at optimum capacity.

Further to the Company's previous announcement dated 1 July 2024, following the successful
completion of the refurbishment of the first of the Pyebridge site's 3x 2.7MW Jenbacher gensets (thus
8.1MW generation capacity in total), the refurbished genset commenced commercial operational
running on 1 July. The MED management team in conjunction with the Pyebridge site's O&M
contractor have carefully monitored the refurbished genset to ensure optimal performance. An
overview of the refurbished genset's maiden actual performance key data for the month of July 2024
is provided below, based on the latest available trading data.

       * Electricity Generation Sales Revenue (via PPA) – c. £56,689;
       * Total Electricity Generation Output – c. 581 MWh;
       * Average Electricity Generation Sales Price achieved per MWh sold – c. £98; and
       * Genset Reliability: 100%.

A couple of the key highlights from July are the achieved revenue per MW month of c. £21,000 and,
the achieved actual average electricity sales price per MWh sold of £98 compared to the average
Wholesale Market price of £70 over the same period, which resulted in a 40% outperformance.

Pyebridge has 3x 2.7MW gensets in operation (thus 8.1MW total), although, to date, only one of
which has been fully refurbished and is operating at optimum capacity. Based on the refurbished
genset's maiden actual performance data for the month of July, there is a very clear indication that
the overhaul was indeed successful, which paves the way and underpins the refurbishment of the
Pyebridge site's other two gensets in sequence, as planned and previously announced.

In addition to the PPA revenue, Pyebridge is also receiving its current Capacity Market contract's
associated annual gross profit margin income of c. £308,000 from the government, as previously
announced. It is expected that the Pyebridge site will achieve a gross profit margin of around 28%.

In order to further bolster Pyebridge's income streams and profitability, the MED management team
is working on and expects to apply Pyebridge into the Balancing Mechanism ("BM") market. The
BM is used by the electricity system operator ("ESO") for Great Britain to procure firm reserve
capacity at the day-ahead stage. BM can be stacked with Capacity Market contracts, with two services
from the same unit during the same time periods, receiving revenue from two sources for the same
MW.

The Project Finance 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.

MED's other existing sites

In addition to Pyebridge, MED has a portfolio of other sites that are under development. The
following MED sites, Hindlip (7.5MW), Bordesley (4.5MW) and Rochdale (4.5MW) are each
construction-ready, with all the requirements for a flexible generation site in place and in good
standing, most notably fully specified EPC and O&M offers, planning consent, gas connection offer,
grid connection offer and construction management plan. Subject to capex funding, these sites could
immediately continue with their construction phase with an expected timeline to commercial
operations date of around 12 months from receipt of funding, to go into production and revenue
generation.

Pieter Krügel, MED CEO, commented: "We are very pleased with the refurbished genset's maiden
performance results for the month of July. The data shows that the overhaul of the first genset at
Pyebridge has indeed been successful, and underpins the overhaul of the remaining two gensets as
planned. Further, the initial data provides a reasonable indication of Pyebridge's revenue generation
potential.

"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.

"MED remains committed to growing a portfolio of sites providing green focused energy generation
with a capacity of 100 MW. This growth will be achieved through identified sites and the acquisition
of new sites, similar to Pyebridge.

"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:

 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
7 August 2024
Corporate and Designated Adviser
River Group

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