Kibo Energy PLC (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

Share code on the JSE Limited: KBO

Share code on the AIM: KIBO

ISIN: IE00B97C0C31

("Kibo" or "the Company")

Dated: 08 September 2022

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

Convertible Instrument Update

Kibo Energy PLC (AIM: KIBO; AltX: KBO) ('Kibo' or the 'Company'), the renewable energy focused development company, provides updated disclosure in relation to the announcement made on 7 January 2022 on the settlement of outstanding fees to directors and management for the period March 2019 to June 2020.

Taken in aggregate, the Convertible Instrument issued to directors and former directors (who were on the board of the Company within 12 months preceding the issue of the Convertible Instrument), is considered to be a related party transaction in accordance with the AIM Rules for Companies.

The director who was not a party to the Convertible Instrument, having consulted with RFC Ambrian Limited, the Company's Nominated Adviser, considers that the issue of the Convertible Instrument is fair and reasonable insofar as the Company's shareholders are concerned.

The interest of each Director and Former Director in the transaction is noted below:

All capitalized terms used in the announcement will have the same meaning as the announcement of 7 January 2022 unless otherwise stated.

**ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 and is announced in accordance with the Company's obligations under Article 17 of the specified Regulation.

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

Johannesburg

08 September 2022

Corporate and Designated Adviser

River Group