MED Binding JVA Completion Update

(Registration Number: 451931)

(External registration number: 2011/007371/10)

Share code on the JSE Limited: KBO

Share code on the AIM: KIBO

('Kibo' or 'the Company')

Dated: 11 December 2023

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

Kibo Subsidiary Announces Further Update to the Completion of JVA

Updated Shareholding in MED

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company, announces that further to its previous announcements dated 23 October 2023, 13 November 2023 and 1 December 2023 respectively, the Board of its subsidiary Mast Energy Developments PLC ('MED'), a UK-based multi-asset owner, developer and operator in the rapidly growing flexible market, has now received sufficient verbal and written confirmation from Proventure Holdings (UK) Ltd, part of the Proventure Group ('Proventure'), and its funders that the initial Interim Payment of £2m will be paid to the Joint Venture Special Purpose Vehicle ('JV SPV') between 15 and 20 December 2023, subject to signature of definitive agreements. MED has therefore extended the time allowed accordingly for Proventure to remedy its current position and to perform its obligations under the binding Joint Venture Agreement ('JVA'). Whilst Kibo remains very conscious of the numerous delays by Proventure in providing this funding, the Company supports MED in its decision to provide an extension to Proventure to satisfy its obligations under the JVA whilst at the same time exploring alternative funding options.

The Company also advises of a small change in its shareholding in MED from 48.35% to 47.08%, as notified by MED in a TR1 of 5 December 2023.

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Dated: 11 December 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 23 October 2023, 13 November 2023, and 1 December 2023 respectively, the MED board have received sufficient verbal and written evidence from Proventure as well as its funders that the initial Interim Payment of £2m will be paid to the JV SPV between 15 to around 20 December 2023, subject to signature of definitive agreements. Resultingly, after due and careful consideration, MED has extended the time allowed accordingly for Proventure to remedy its current position and to perform its obligations under the binding JVA.