KIBO ENERGY PLC - Sloane listing update Sloane acquires 100% interest in Mast Energy

Sloane listing update – Sloane acquires 100% interest in Mast Energy

Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31

Dated: 06 August 2020

                                         Kibo Energy PLC
               Sloane listing update – Sloane acquires 100% interest in Mast Energy

Kibo Energy PLC (‘Kibo’ or the ‘Company’), the multi-asset, Africa focused, energy company, is
pleased to provide a progress update on the planned admission of its 100% owned UK subsidiary Sloane
Developments Ltd ('Sloane'), which will be renamed Mast Energy Developments PLC ('MED'), to the
Standard List of the London Stock Exchange plc (‘LSE’).


Sloane has acquired from St Anderton on Vaal Limited (‘St Anderton’) the remaining 40% interest in
Mast Energy Developments Ltd (‘Mast Energy’) in exchange for 36,917,076 new Ordinary Shares in
Sloane. Accordingly, Sloane will at completion of the share exchange transaction own a 100% interest
in Mast Energy alongside its 100% interest in Bordersley Power Ltd as it seeks to develop a portfolio
of flexible power plants in the UK. St Anderton will at completion hold 26.11% of Sloane, with Kibo
holding the remaining 73.89%. Completion shall take place upon the satisfaction or waiver of the
following conditions precedent:


        * any required approvals or other consents being obtained from the UK Listing Authority and
          Financial Conduct Authority with regard to the listing of Sloane/MED on the Main Market of
          the LSE, Standard segment; and
        * any approvals or other consents required by law or any regulatory authority.


Kibo CEO, Louis Coetzee, said, “Sloane’s acquisition of St Anderton’s interest in Mast Energy takes
us one step closer to the listing of MED, formalising the new corporate and share structure. With a
100% interest in two highly strategic assets MED is poised to develop a portfolio of flexible power
plants in the UK, which Kibo will crucially continue to gain upside from, through our majority interest
in MED. We look forward to continuing to advance this listing at pace so that MED can capitalise on
the significant growth opportunities available in the rapidly growing Reserve Power market and we
can realise value for all stakeholders.”


MED is in the business of acquiring, developing, building and operating small, multiple flexible power
plants throughout the UK producing safe and clean reserve power through natural gas. These power
plants then deliver electricity into the National Grid to contribute to stable electricity provision and help
prevent future shortages, mitigating future blackout events.


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


                                                **ENDS**
  For further information please visit www.kibo.energy or contact:


Louis Coetzee           info@kibo.energy         Kibo Energy PLC            Chief Executive Officer

Andreas Lianos          +27 (0) 83 4408365       River Group                Corporate and Designated
                                                                            Adviser on JSE
                                                 ETX Capital Limited        Joint Broker
Philip Adler            +44 (0) 20 7392 1494

Bhavesh Patel / Stephen +44 20 3440 6800         RFC Ambrian Limited        NOMAD on AIM
Allen

Charlotte Page / Beth   +44 (0) 20 7236 1177     St Brides Partners Ltd     Investor and Media Relations
Melluish                                                                    Adviser


  Notes
  Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute
  power deficit, which is one of the primary impediments to economic development in Sub-Saharan
  Africa. To this end, it is the Company’s objective to become a leading independent power producer in
  the region.


  Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power
  Project (‘MCPP’) in Tanzania; the Mabesekwa Coal Independent Power Project (‘MCIPP’) in Botswana;
  and the Benga Independent Power Project (‘BIPP’) in Mozambique. By developing these projects in
  parallel, the Company intends to leverage considerable economies of scale and timing in respect of
  strategic partnerships, procurement, equipment, human capital, execution capability / capacity and
  project finance.


  Additionally, the Company has a 60% interest in MAST Energy Developments Limited (‘MED’), a
  private UK registered company targeting the development and operation of flexible power plants to
  service the UK Reserve Power generation market.

  Johannesburg
  06 August 2020
  Corporate and Designated Adviser
  River Group

Date: 06-08-2020 10:00:00
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