KIBO ENERGY PLC - Kibo Subsidiary Announces Further Update on Binding Joint Venture

Kibo Subsidiary Announces Further Update on Binding Joint Venture

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 September 2023

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

            Kibo Subsidiary Announces Further Update on Binding Joint Venture

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces today that its subsidiary Mast Energy Developments (‘MED’), a UK-based multi-asset
operator in the rapidly growing flexible power market, has further extended the completion long-stop
date for the company’s first definitive and binding Joint Venture Agreement (‘JVA’). This follows
MED’s previous announcements dated 12 July 2023 and 4 August 2023, respectively.

The extension will allow the JV investor consortium to complete the compulsory statutory process
for the international transfer of funds associated with any investment that qualifies as an outward
direct investment. Funds will be promptly transferred into the UK to complete the JVA upon
completion of the statutory process. The latter funds transfer was not previously a requirement but
follows due to Seira Capital being unable to complete the JVA, as detailed in the MED
announcement dated 4 August 2023, which necessitated a rearrangement of the investor consortium
participation.

Further details can be found in the MED announcement, which is available at med.energy. The full
text of the MED RNS follows:

––––––––––––––––––––––––––––––––

Dated: 1 September 2023

                 Mast Energy Developments PLC (‘MED’ or ‘the Company’)

                        MED Binding Joint Venture 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 announcements dated
12 July 2023 and 4 August 2023, respectively, it has further extended the completion long-stop date
for the first definitive and binding Joint Venture Agreement (‘JVA’). The revised completion date is
now expected around 21 September 2023. The further extension is required to allow the JV investor
consortium to complete the compulsory statutory process for the international transfer of funds
associated with any investment that qualifies as an outward direct investment. Upon completion of
this process, funds will be promptly transferred into the UK to complete the JVA investment. This
was not previously a requirement but follows as a result of Seira Capital being unable to complete
the first definitive and binding JVA, for the reasons set out in the RNS of 4 August 2023 and which
necessitated a rearrangement of the investor consortium participation as previously explained.

Pieter Krügel, CEO of MED, commented: "We are pleased to receive the full and ongoing support
and co-operation from the JV investor consortium and with the progress made towards completing
the JVA investment. The parties are fully committed to finalise the statutory arrangements required
to ensure the successful completion and transfer of funds as quickly as possible. We are confident
that we will be able to complete the transaction in accordance with the revised long-stop date.”

                                               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 van   zainab@lifacommunications.com Lifa Communications              Investor & Media
Rijmenant                                                                           Relations Advisor

This announcement contains inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014.

                                             **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
1 September 2023
Corporate and Designated Adviser
River Group

Date: 01-09-2023 08:00:00
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