Mast Energy Developments PLC

(Incorporated in England and Wales)

(Registration Number: 12886458)

Share code on the LSE: MAST

ISIN: GB00BMBSCV12

('MED' or 'the Company')

Dated: 22 May 2023

Mast Energy Developments PLC ('MED' or 'the Company')

Shares issue

Mast Energy Developments PLC, the UK-based multi-asset owner, developer, and operator in the rapidly growing flexible power market has today allotted 11,666,890 new MED shares of £0.001 each (the "Conversion Shares") following receipt of conversion notices from the institutional lender group under the terms of the recent reprofiling agreement (the "Reprofiling Agreement") on the balance of its outstanding loan facilities announced on its RNS of 17 May 2023.

The shares are being issued in respect of £34,662.125 in accrued interest and £50,000 in principal payment (total of £84,663.125) at an exercise price of £0.0072567 per Conversion Share in accordance with the terms of the Reprofiling Agreement.

Application will be made for the Conversion Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc ("Admission"). It is expected that Admission will become effective and dealings in the Fee Shares will commence at 8.00am on, or around, 26 May 2023.

Following Admission, the total issued share capital of the Company will consist of 229,119,619 ordinary shares in issue and this 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. The shareholding of MED's largest shareholder, Kibo Mining (Cyprus) Limited will reduce from 57.86% to 54.91% following Admission.

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: