Kibo Energy PLC announced that further to its previous announcements dated23 October 2023, 13 November 2023 and 1 December 2023 respectively, the Board of its subsidiaryMast Energy Developments PLC ('MED'), a UK-based multi-asset owner, developer and operator in the rapidly growing flexible market, has now received sufficient verbal and written confirmation from Proventure Holdings (UK) Ltd, part of the Proventure Group ('Proventure'), and its funders that the initial Interim Payment of £2m will be paid to the Joint Venture Special Purpose Vehicle ('JV SPV') between 15 and 20 December 2023, subject to signature of definitive agreements. MED has therefore extended the time allowed accordingly for Proventure to remedy its current position and to perform its obligations under the binding Joint Venture Agreement ('JVA'). Whilst Kibo remains very conscious of the numerous delays by Proventure in providing this funding, the Company supports MED in its decision to provide an extension to Proventure to satisfy its obligations under the JVA whilst at the same time exploring alternative funding options.