Sloane acquires 100% interest in Mast Energy

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

Dated: 06 August 2020

Kibo Energy PLC

Sloane listing update - Sloane acquires 100% interest in Mast Energy

Kibo Energy PLC ('Kibo' or the 'Company'), the multi-asset, Africa focused, energy company, is pleased to provide a progress update on the planned admission of its 100% owned UK subsidiary Sloane Developments Ltd ('Sloane'), which will be renamed Mast Energy Developments PLC ('MED'), to the Standard List of the London Stock Exchange plc ('LSE').

Sloane has acquired from St Anderton on Vaal Limited ('St Anderton') the remaining 40% interest in Mast Energy Developments Ltd ('Mast Energy') in exchange for 36,917,076 new Ordinary Shares in Sloane. Accordingly, Sloane will at completion of the share exchange transaction own a 100% interest in Mast Energy alongside its 100% interest in Bordersley Power Ltd as it seeks to develop a portfolio of flexible power plants in the UK. St Anderton will at completion hold 26.11% of Sloane, with Kibo holding the remaining 73.89%. Completion shall take place upon the satisfaction or waiver of the following conditions precedent:

·    any required approvals or other consents being obtained from the UK Listing Authority and Financial Conduct Authority with regard to the listing of Sloane/MED on the Main Market of the LSE, Standard segment; and

·    any approvals or other consents required by law or any regulatory authority.

Kibo CEO, Louis Coetzee, said, "Sloane's acquisition of St Anderton's interest in Mast Energy takes us one step closer to the listing of MED, formalising the new corporate and share structure.  With a 100% interest in two highly strategic assets MED is poised to develop a portfolio of flexible power plants in the UK, which Kibo will crucially continue to gain upside from, through our majority interest in MED.   We look forward to continuing to advance this listing at pace so that MED can capitalise on the significant growth opportunities available in the rapidly growing Reserve Power market and we can realise value for all stakeholders."

MED is in the business of acquiring, developing, building and operating small, multiple flexible power plants throughout the UK producing safe and clean reserve power through natural gas. These power plants then deliver electricity into the National Grid to contribute to stable electricity provision and help prevent future shortages, mitigating future blackout events.

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

**ENDS**

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

06 August 2020

Corporate and Designated Adviser

River Group