Group Business Development Executive Appointment

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: 10 March 2023

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

Senior Management appointment: Group Business Development Executive

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company, is pleased to announce the appointment of Mr. Peter Oldacre as the new Group Business Development Executive for the Kibo Energy PLC Group of companies ('KEGC' or the 'Group').

Mr. Oldacre's impressive credentials distinguishes him as an experienced renewable energy and energy-storage project developer with deep technical, financial and commercial experience that has seen him advise, guide, develop, acquire and revitalise businesses within the energy, renewables, strategic minerals, investments and global corporate markets. Mr. Oldacre will also add to the already well-developed skill set of Kibo with his experience in and exposure to, investment and equity sourcing, international project finance and specialised blended financing, amongst others as per his summarised curriculum vitae below.

The addition of Mr. Oldacre to the Executive Committee ('EXCO') of Kibo aligns with the Company's strategic intent to develop, own and operate clean/renewable energy solutions. As a member of EXCO, Mr. Oldacre will be responsible for the development, management and execution of appropriate plans to implement the Company's business development strategy, with specific focus on the successful completion of the crucial project development phase in the project development cycle that commences at the completion of a bankable feasibility study through financial close up to completion of construction.

Louis Coetzee, CEO of Kibo Energy, says: "We are extremely pleased to welcome Peter Oldacre to the Kibo Energy team. His wealth of knowledge and expertise in renewable energy and energy storage will further strengthen the Group's business strategy and aligns with our commitment to advancing clean/renewable energy generation and storage. The appointment of Mr. Oldacre further demonstrates Kibo's commitment to deliver a portfolio of operational revenue-generating projects within the next 18 to 24 months as previously announced.

Almost all the projects in the Company's project portfolio currently find themselves in the specific development phase referred to above. Peter's ability to join the dots across complex deal-making mandates between investors, project developers, asset owners and funders with significant performance success over the last decade will add significant strategic capacity and momentum towards the successful delivery of the Kibo projects portfolio.

"We look forward to working with Mr. Oldacre as a Group Business Development Executive at Kibo."

Abbreviated Resume of Peter Oldacre BSc, BPhil, MBA, CAIA, FMVA, Fellow SAIFM

Executive, Group Business Development, Kibo Energy PLC

Peter Oldacre, over the last 15 years, has been instrumental in successfully developing 1,250 MW (One thousand two hundred and fifty MW) of solar and wind projects across North America, Europe, Middle East and Africa (EMEA), in a variety of senior Executive Corporate Appointments to eventually head the Growth Strategy of the Austrian battery energy storage system manufacturer, Enerox GmbH (CellCube).

Hailing from the blue-chip international project development and finance world, Peter accumulated deep project development skills to close technically and commercially complex projects, including integration with modelling and funding across various technologies.

**ENDS**

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

Johannesburg

10 March 2023

Corporate and Designated Adviser

River Group