(Sharecast News) - Kibo Energy announced on Friday that its UK-based subsidiary Mast Energy Developments (MED) has extended the long-stop date for the completion of its first definitive and binding joint venture agreement (JVA).
The AIM-traded firm said the extension aimed to provide the joint venture (JV) investor consortium with adequate time to complete compulsory statutory processes involved in the international transfer of investment funds.
It said that was required for any transaction qualifying as an outward direct investment.
Once the statutory process was complete, the funds would be promptly transferred into the UK, facilitating the finalisation of the JVA.
"The latter funds transfer was not previously a requirement but follows due to Seira Capital being unable to complete the JVA, as detailed in the MED announcement dated 4 August, which necessitated a rearrangement of the investor consortium participation," the board explained in its statement.
At 1202 BST, shares in Kibo Energy were up 6.36% at 0.06p.
Reporting by Josh White for Sharecast.com.
Kibo Energy (KIBO)