Kibo Subsidiary Announces Business Update

Kibo Energy PLC

26 April 2024

 

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: 26 April 2024

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

Kibo Subsidiary Announces Business Update

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company, announces a business update by its subsidiary Mast Energy Developments PLC ('MED'), a UK-based multi-asset owner, developer and operator in the rapidly growing flexible power market.

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

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Dated: 26 April 2024

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

Business Update

Mast Energy Developments PLC, the UK-based multi-asset owner, developer and operator in the rapidly growing flexible power market, is pleased to announce an update regarding business operational matters.

Pyebridge

Further to the Company's previous RNS announcement dated 11 April 2024, MED has now received official confirmation that its Pyebridge 9MW flexible power generation asset ("Pyebridge") has passed its Satisfactory Performance Days ("SPD") requirements under its current existing T-1 Capacity Market contract (the "CM Contract"). This means that Pyebridge will retain the current CM Contract's associated annual gross profit margin income of c. £308,000 which is paid and received monthly in arrears.

In addition to the current CM Contract, as previously announced MED's Pyebridge site has secured further Capacity Market contracts to ensure minimum annual gross profit margin income totaling c. £817,000 until 2028. The Pyebridge site's Capacity Market contracts' gross profit margin income payments are in addition to its electricity generation trading revenue via its PPA with Statkraft.

Further, following the recent successful completion of the first phase of the Pyebridge work programme, the final preparations for the next larger second phase (the "2^nd Phase") are near complete, and implementation is expected shortly. The 2^nd Phase will be performed in separate consecutive tranches on each of the Pyebridge site's 3x gensets, and is expected to take around 6 to 8 weeks per genset. The completion of each of the three consecutive tranches of the 2^nd Phase will result in each of the 3x gensets operating and generating at its full expected availability, efficiency, revenue generation and profitability potential.

The MED management team is working closely with RiverFort regarding the implementation of the 2^nd Phase which will be funded under the new Funding Agreement (see RNS dated 28 February 2024 for further details). MED appreciates the ongoing support that RiverFort provides to the Company and Pyebridge.

Pieter Krügel, MED CEO, commented: "We are pleased that our Pyebridge asset has successfully passed its SPD requirements, resulting in the retention of its current CM Contract's associated annual gross profit margin income of c. £308,000. The next step in the process at Pyebridge is to kick off the 2^nd Phase of the work programme, which is expected shortly. We are looking forward to updating the market with progress in due course."

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	[e-mail]	Mast Energy Developments PLC	CEO
Jon Belliss	[phone]	Novum Securities	Corporate Broker

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**ENDS**

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

Louis Coetzee	[e-mail]	Kibo Energy PLC	Chief Executive Officer
James Biddle Roland Cornish	[phone]	Beaumont Cornish Limited	Nominated Adviser
Claire Noyce	[phone]	Hybridan LLP	Joint Broker
Damon Heath	[phone]	Shard Capital Partners LLP	Joint Broker

Beaumont Cornish Limited ('Beaumont Cornish') is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Johannesburg

26 April 2024

Corporate and Designated Adviser

River Group

 

END