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(Alliance News) - Mast Energy Developments PLC on Friday said it gave partner Proventure Holdings (UK) Ltd more time to make the initial interim payment of GBP2 million required under their joint venture agreement.
The London-based subsidiary of Kibo Energy PLC, a Galway, Ireland-based company with energy projects in Africa and the UK, said it received written assurance that Proventure will initiate transfer of a first GBP1 million payment on Friday and by no later than Friday next week.
The remaining balance of GBP1 million will be transferred by no later than January 11, 2024.
Proventure has failed to make an initial interim payment of GBP2.0 million to the joint venture special purpose vehicle. The original deadline for payment was November 10. Proventure also must pay the balance of the investment of around GBP3.9 million.
Back in October, Mast signed a binding JV agreement with Proventure. It had previously finalised a JV deal with a consortium led by Seira Capital Ltd, but the long-stop date was revised after Seira's principal was involved in a serious road accident.
In London, Mast shares were down 8.3% at 0.69 pence on Friday morning.
By Artwell Dlamini, Alliance News reporter
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