Kibo Energy PLC announcement dated 2 January 2024, its subsidiary Mast Energy Developments PLC has announced a further update regarding its Joint Venture Agreement ('JVA') with Proventure Holdings (UK) Ltd, part of the Proventure Group ('Proventure'). Proventure has still not made the first £1m payment to the Project Special Purpose Vehicle ('SPV'), which MED now understands was delayed due to a lack of coordination and administrative difficulties on the side of Proventure over the festive period. Proventure CEO, Mr. Kona, will travel to London soon to work with the MED CEO and board to expedite the delivery of the overdue payments, as well as to finalise the outstanding administration to complete the JVA transaction.

MED is furthermore in discussions with respect to an alternative source of short-term funding to ensure that any further delays regarding the JVA will not unduly impact MED's operations.