KIBO ENERGY PLC - Kibo Subsidiary Announces Further Update of Payment to Joint Venture Agreement

Kibo Subsidiary Announces Further Update of Payment to Joint Venture Agreement

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: 2 January 2024

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

    Kibo Subsidiary Announces Further Update of Payment to Joint Venture Agreement

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces that further to its previous announcement dated 22 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 not, to date, received a formal update from Proventure Holdings
(UK) Ltd, part of the Proventure Group ('Proventure'), regarding the status of a first £1m payment
due to the MED Project Special Purpose Vehicle ('SPV') by no later than 4pm US-time on 29
December 2023. Given that the aforementioned deadline was after the close of business UK-time on
29 December 2023, as well as the recent New Year's Day bank holiday long weekend, MED has
formally engaged with Proventure on this matter today, which was the first opportunity to do so, and
is awaiting their response.

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

                                   –––––––––––––––––––––––––
Dated: 2 January 2024

                    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 further to its previous RNS dated 22 December
2023, based on the most recent written assurance from Proventure as well as its funders, Proventure
will initiate transfer of a first £1m payment to the Project SPV by no later than 4pm US-time on 29
December 2023. Due to the aforementioned deadline being after close of business UK-time on the
29th of December 2023 and given the recent New Year's Day banking holiday long weekend, MED
has to date not received any formal update from Proventure regarding the status of the aforementioned
payment. The Company has now formally engaged with Proventure on this matter, given that today
was the first opportunity to do so and is awaiting their response. A further update will be provided to
the market as soon as possible.

                                                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
2 January 2024
Corporate and Designated Adviser
River Group

Date: 02-01-2024 09:00:00
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