Settlement Shares Sale

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: 15 December 2022

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

Settlement Shares Sale

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy focused development company announces that further to its RNS announcement of 29 July 2022 on receipt of 28,735,632 shares (the "Settlement Shares") from Mast Energy Development PLC, in lieu of cash for partial settlement of £1m of the total remaining outstanding amount owing to Kibo's wholly owned subsidiary, Kibo Mining (Cyprus) Limited, the Company has decided to realize a portion of said share payment in cash. To this effect the Company has now realized in cash net proceeds of £239,513.76 through the sale of 7,417,270 of said Settlement Shares.

Kibo's current shareholding in MED following this share sale is 57.86% and the Company has today informed MED of this updated shareholding by issuing it a TR-1 notification.

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

**ENDS**

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

Johannesburg

15 December 2022

Corporate and Designated Adviser

River Group