Mast Energy Developments PLC

(Incorporated in England and Wales)

(Registration Number: 12886458)

Share code on the LSE: MAST

ISIN: GB00BMBSCV12

("MED" or "the Company")

20 May 2022

Mast Energy Developments Plc ("MED" or "the Company")

Appointment of Chief Executive Officer

Mast Energy Developments Plc, the UK-based multi-asset operator in the rapidly growing Reserve Power market, is pleased to announce that Mr. Pieter Krügel has been appointed as Chief Executive Officer of MED from 1 June 2022.

Mr. Krügel previously worked as the Group Chief Financial Officer of the Kibo Group ('the Group'), where he has leveraged his experience in capital raising, corporate restructuring, economic analysis, IFRS reporting, and strategic planning to contribute to the growth of the Group. Prior to this, he has held senior financial and executive roles over the past 15 years, with specific reference to the energy and resources industries. He is a qualified Chartered Accountant and a member of the Institute of Chartered Accountants in England and Wales (ICAEW).

Mr. Paul Venter, MED's current CEO, will step down as CEO, but will remain with the Company as a non-executive director. Mr Krügel will not be joining the MED board as a director at this stage.

Louis Coetzee, Non-Executive Chairman, commented: "The MED Board is very pleased to announce the appointment of Pieter Krügel as CEO of MED. Pieter has been intimately involved in the MED business since the Group's initial acquisition of MED in 2018 and its involvement in the Reserve Power market and he formed part of the core team that led the successful IPO of MED last year. We are confident in his experience and ability to take MED to its next level of growth.

We would also like to thank Paul Venter for his invaluable contribution and commitment to MED. He has played a crucial role in advancing the Company's projects and we are pleased to retain his knowledge and experience as non-executive director on the MED Board."

ENDS

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