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: 1 July 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: 1 July 2024
Mast Energy Developments PLC
('MED' or 'the Company')
Pyebridge Revenue Generation
and Potential Acquisition
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 Revenue Generation
Further to the Company's previous
announcement dated 13 June 2024, the 2nd Phase work
programme regarding the refurbishment of the first of the Pyebridge
site's 3x Jenbacher gensets has now been successfully completed,
within budget and expected timeline. Since the previous
announcement, the refurbished genset has been re-installed and cold
and hot re-commissioning successfully completed. Resultingly the
genset is now running commercially and generating revenue via the
Pyebridge site's PPA with Statkraft, in addition to the Capacity
Market contract gross profit income as previously announced. It is
expected that the refurbished genset will significantly increase
the Pyebridge site's revenue and gross profit. The MED management
team in conjunction with its O&M contractor will monitor the
performance of the refurbished genset carefully to ensure optimal
performance. MED expects to provide a further operational update
with specific reference to the initial performance of the
refurbished genset around the end of July 2024. The next step in
the 2nd Phase work programme is to commence with the
overhaul of the 2nd of the site's gensets, and it is
expected that this will be initiated shortly.
The Funding Agreement with RiverFort
as previously announced has enabled the successful completion of
the first genset's overhaul, and MED is appreciative of RiverFort's
ongoing support as its asset-level strategic funding partner, in
order to grow the business.
To give more insight into the
work-stream involved in overhauling the genset, including photos of
key stages during the process, which has now been updated following the successful completion
of the first overhaul, please visit
the MED website, "Pyebridge Overhaul Story" webpage at
https://med.energy/?page_id=4466.
Potential Acquisition
MED is in advanced discussions
regarding the potential acquisition (the "Potential Acquisition")
of an existing operational 10MW flexible power generation site
located in south-western England. The main rationale behind
acquiring an existing operational site is to achieve a lower
investment cost per installed MW and a shorter timeline to revenue
generation compared to a new-build. The Potential Acquisition will
be subject to, inter alia
final due diligence, contract, funding, and the usual various
clearances and approvals associated with a transaction of this
nature. Discussions have been positive, and
MED is confident that the Potential Acquisition will be successful,
but it can't guarantee on what terms or on what timeline the
Potential Acquisition will occur.
Kibo Energy PLC
The MED Board has noted the recent
RNS announcements by its significant shareholder, Kibo Energy PLC
("Kibo"), regarding Kibo's proposed restructure. MED wants to
assure its own shareholders and stakeholders that Kibo's proposed
restructure does not directly affect MED. MED is a separate
stand-alone listed company with its own independent Board of
directors, management and with its own funding capability, and MED
is not reliant on Kibo.
Pieter Krügel, MED CEO, commented: "We are very pleased
that the overhaul of the first genset at Pyebridge has now been
successfully completed according to plan, timeline and budget. The
successful completion of the overhaul of the first genset has
established a proven blueprint to move forward with the overhaul of
the site's remaining two gensets, as well as possible application
on MED's other sites or new acquisitions in due course in order to
reduce capex costs.
"MED's funding partnership with RiverFort has enabled and
fast-tracked the work programme at Pyebridge, which will result in
increased revenue generation. RiverFort's ongoing support to MED is
invaluable and much appreciated.
"Further, we are excited about the prospect of the Potential
Acquisition, and although there is no guarantee on the current
terms or timeline, we are working diligently to progress and
complete the transaction as quickly as
possible.
"We are looking forward to updating the market with further
progress across the board 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
Roland Cornish
|
+44 207 628 3396
|
Beaumont Cornish Limited
|
Nominated Adviser
|
Claire Noyce
|
+44 20 3764 2341
|
Hybridan LLP
|
Joint Broker
|
James Sheehan
|
+44 20 7048 9400
|
Global Investment Strategy UK
Limited
|
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
1 July 2024
Corporate and Designated Adviser
River Group