Issue of Fee Shares in respect of CLN

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: 05 August 2020

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

Issue of Fee Shares in respect of Convertible Loan Note

Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset, Africa focused, energy company announces that it has now drawn down the first tranche of funding of £300,000 in respect of the funding facility for up to £1 million announced on the 25 June 2020 ("the Facility"). The terms of the Facility require the payment of a drawdown fee of £45,000 and legal due diligence fee of £18,000 (total of £63,000) to be paid to the lenders. Kibo has elected to pay this in Kibo shares in the amount of 28,636,364 new ordinary shares ("Fee Shares") at a nominal share price of £0.0022 (0.22p) which is the calculated 5-day Volume Weighted Average Price from the date on which the Company submitted its draw down request on the 17 July 2020.  Consequently the 28,636,364 Fee Shares represent an aggregate amount of £63,000 at a share price of £0.0022.

Total Voting Rights

Application will be made for the Fee Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the Fee Shares is expected to commence on AIM and the JSE on or around 12 August 2020 ('Admission'). Following Admission, the Company will have 1,323,126,552 shares in issue. 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.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

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

Notes

Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company's objective to become a leading independent power producer in the region.

Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project ('MCPP') in Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in Botswana; and the Benga Independent Power Project ('BIPP') in Mozambique. By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance.

Additionally, the Company has a 60% interest in MAST Energy Developments Limited ('MED'), a private UK registered company targeting the development and operation of flexible power plants to service the UK Reserve Power generation market.

Johannesburg

05 August 2020

Corporate and Designated Adviser

River Group