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 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