Kibo Subsidiary Announces Update on the Completion of Its Binding 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: 23 October 2023
                          Kibo Energy PLC ('Kibo' or the 'Company')

     Kibo Subsidiary Announces Update on the Completion of Its Binding Joint Venture
                                      Agreement

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces that further to its previous announcements dated 12 July 2023, 4 August 2023, 1
September 2023 and 22 September 2023, respectively, its subsidiary Mast Energy Developments
PLC ("MED"), a UK-based multi-asset owner, developer and operator in the rapidly growing flexible
market, has today signed a replacement first definitive and binding Joint Venture Agreement ("JVA")
with Proventure Holdings (UK) Ltd, part of the Proventure Group ("Proventure"). This follows a
rearrangement of the investor consortium participation as previously set out in a Company RNS dated
1 September 2023.

The terms of the replacement JVA are the same in all material aspects as that of the previous JVA,
as noted in a Company announcement dated 12 July 2023. Further, under the terms of the JVA,
Proventure is required to make an initial interim payment of £2,000,000 (the "Interim Payment") to
the Joint Venture Special Purpose Vehicle ("SPV"), to be received no later than 10 November 2023.
The consortium's proof of funds has already been provided by Proventure. As such, MED has
extended the completion long-stop date for the JVA as well as the payment of the balance of the
investment, amounting to c. £3.9 million, by no later than 30 November 2023. The JVA further
commits both parties to promptly finalise terms on a second joint venture as previously detailed in
an announcement dated 12 July 2023.

Louis Coetzee, CEO of Kibo Energy, says: "We are pleased that MED is partnering with a
reputable institutional investor such as Proventure and have full confidence that the parties will
conclude the transaction in accordance with the revised long-stop date, paving the way for the
further success of the second joint venture."

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

–––––––––––––––––––––––––
Dated: 23 October 2023

                  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 that further to its previous announcements dated
12 July 2023, 4 August 2023, 1 September 2023, and 22 September 2023 respectively, it has today
signed a replacement first definitive and binding Joint Venture Agreement ("JVA") with Proventure
Holdings (UK) Ltd which is part of the Proventure Group ("Proventure"), following a rearrangement
of the investor consortium participation as set out in our announcement of 1 September 2023.
Proventure was founded by Mr. Kona and is an Indian based multi-national group specialising in
renewable energy investments globally. The terms of the replacement JVA are the same in all material
aspects as that of the previous JVA as set out in our announcement of 12 July 2023. Further, under
the terms of the JVA, Proventure is required to make an initial interim payment of £2,000,000 (the
"Interim Payment") to the Joint Venture SPV (the "JV"). The Interim Payment must be received by
latest 10 November 2023, and the consortium's proof of funds has already been provided by
Proventure. As a result, MED has further extended the completion long-stop date for the JVA. The
revised completion date and the payment of the balance of the investment due of c. £3.9m is now
expected by no later than 30 November 2023 (except where a later date has been agreed by the
Company and Proventure, on that date). The further extension is required to allow Proventure to
complete the compulsory statutory process, as previously explained. Upon completion of this process,
the remaining balance of the JVA funds due will be promptly transferred into the UK to complete the
JVA investment.

The JVA referred to above also commits both parties, as set out in MED's announcement dated 12
July 2023, to promptly finalise terms on a second joint venture. As such, notwithstanding the
extension of completion of the first JVA as referred to above, the parties will endeavour to finalise
terms for the second JV promptly.

Pieter Krügel, CEO of MED, commented: "We are delighted to have concluded the agreement
with the replacement lead-investor, and excited to partner with a well-established and reputable
institutional investor such as Proventure. 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   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
23 October 2023
Corporate and Designated Adviser
River Group

Date: 23-10-2023 08:00:00
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