Warrant Exercise

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 May 2023

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

Kibo Warrant Exercise

TVR

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company, announces that further to its RNS/SENS announcement of 4 May 2023, 48,000,000 shares of the 116,250,00 it had deferred from being issued and admitted to AIM have now been allotted following receipt of warrant exercise funds in respect of a warrant exercise notice already received. The warrant exercise notice relates to exercise of 48,000,000 Kibo warrants for which 48,000,000 ordinary Kibo shares of €0.001 at a price of £0.001 (0.1p) will now be issued (the "Warrant Shares"). Total warrant exercise funds in respect of this warrant exercise received by the Company are £48,000.

Total Voting Rights

Application will be made for the Warrant Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the Warrant Shares is expected to commence on AIM and the JSE on or around 2 June 2023 ('Admission'). Following Admission, the Company will have 3,779,866,683 shares in issue  and the foregoing figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

**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

26 May 2023

Corporate and Designated Adviser

River Group