Issue of Conversion Shares

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: 02 September 2020

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

Issue of Conversion Shares

Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset, Africa focused, energy company has today issued 19,173,412 shares (the "Conversion Shares") to a lender who has elected to convert funds advanced as part of the first tranche of funding of £300,000 ("Facility Drawdown") as permitted per the terms of the funding facility for up to £1 million announced on the 25 June 2020 (the "Facility"). The Facility Drawdown was announced by the Company on 5 August 2020. The Conversion Shares were issued at a price of £0.002347 each being the 5-day VWAP less 10% at 2 September 2020 representing re-payment by the Company of a further £45,000 of the Facility Drawdown. Together with the conversion shares issued on 24 August 2020, the Company has now converted £150,000 of the Facility Drawdown to Kibo shares.

Total Voting Rights

Application will be made for the Conversion Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the Conversion Shares is expected to commence on AIM and the JSE on or around 8 September 2020 ('Admission'). Following Admission, the Company will have 1,411,975,889 shares in issue. The foregoing figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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

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

Notes

Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company's objective to become a leading independent power producer in the region.

Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project ('MCPP') in Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in Botswana; and the Benga Independent Power Project ('BIPP') in Mozambique. By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance.

Additionally, the Company has a 60% interest in MAST Energy Developments Limited ('MED'), a private UK registered company targeting the development and operation of flexible power plants to service the UK Reserve Power generation market.

Johannesburg

02 September 2020

Corporate and Designated Adviser

River Group