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Kibo Subsidiary Announces Business 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: 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.
–––––––––––––––––––––––––
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 "2nd Phase") are near
complete, and implementation is expected shortly. The 2nd 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 2nd 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
2nd 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 2nd 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 info@med.energy Mast Energy Developments PLC CEO
Jon Belliss +44 (0)20 7399 9425 Novum Securities Corporate Broker
_________________________
**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
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
Date: 26-04-2024 08:00:00
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