Kibo UK Subsidiary Issues Update on Joint Venture Agreement Interim Payment 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: 13 November 2023

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

  Kibo UK Subsidiary Issues Update on Joint Venture Agreement Interim Payment Update

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces that, further to its previous announcement dated 23 October 2023, its subsidiary Mast
Energy Developments PLC ('MED'), a UK-based multi-asset owner, developer and operator in the
rapidly growing flexible power market, has today extended the payment date of an initial sum of
£2,000,000 (the 'Interim Payment') to the Joint Venture SPV from Proventure, who is required to
make the payment under the terms of the JVA. The Interim Payment was to be received by 10
November 2023 but due to administrative and international banking transfer delays, as notified by
Proventure, Proventure is still in the process of delivering the Interim Payment. As a result, MED has
extended the payment deadline and the Interim Payment is expected to be received between 15 and
30 November 2023. Both parties have agreed that Proventure will incur and pay to MED a late
payment penalty of £3,000 per day, commencing on and calculated from 11 November 2023. If the
Interim Payment is received by MED before or on 15 November 2023, MED will waive any late
payment penalties that have incurred.

Further details can be found in the full announcement, which can be viewed below and at med.energy.

                        –––––––––––––––––––––––––––––––––––––––––––

Dated: 13 November 2023

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

               MED Binding Joint Venture Agreement Interim Payment 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 announcement dated
23 October 2023, 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 Interim Payment was
to be received by 10 November 2023, but MED has been notified that due to administrative and
international banking transfer delays, Proventure is still in the process to deliver the Interim Payment.

As a result, MED has extended the Interim Payment deadline, and the Interim Payment is now
expected to be received between 15 and 30 November 2023. In consideration for MED granting a
further extension in respect of the Interim Payment deadline, it has been agreed between both parties
that Proventure will incur and pay to MED a late payment penalty. Proventure will incur a late
payment penalty for every day that the Interim Payment is received late to the amount of £3,000 per
day, commencing on and calculated from 11 November 2023, until the Interim Payment and the
balance of investment pursuant to the JVA are paid in full on or before the completion long-stop date
of 30 November 2023.

If the Interim Payment is however received before or on 15 November 2023, MED will waive any
late payment penalties that have been incurred until that point in time. Notwithstanding the extension
of the Interim Payment deadline as referred to above, the JVA completion date and the payment of
the balance of the investment due of c. £3.9m is still expected by around 30 November 2023.

                                               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 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
13 November 2023
Corporate and Designated Adviser
River Group

Date: 13-11-2023 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.