REG - Kibo Energy PLC - Kibo Subsidiary Announces Business Update

Kibo EnergyAnnouncement

26/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240426:nRSZ0970Ma&default-theme=true

RNS Number : 0970M  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 (https://med.energy/?page_id=3140) .

 

-------------------------

 

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 (http://www.med.energy/)
or contact:

 Pieter Krügel   info@med.energy (mailto: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 (http://www.kibo.energy/)
or contact:

 

 Louis Coetzee                info@kibo.energy (mailto: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
 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBUGDSSBDDGSU