Kibo Energy #KIBO – Clarification Statement

Kibo Energy PLC (‘Kibo’ or the ‘Company’)

Clarification Statement

Kibo Energy PLC (‘Kibo’ or the ‘Company’), the multi-asset, Africa focused, energy company, provides the following clarification statement regarding certain details announced in the RNS of 15 May 2020.

On careful assessment of all relevant facts concerning the vested interest of all key stakeholders, the Company confirms  that it will be guided by the following criteria when making formal share conversion offers to individual members of the board and management of the Company in respect of fees and salaries in arrears (the ‘Offer’),  as described in paragraphs 6 and 7 of section 2.0 of the Circular (page 9), issued on 15 May 2020.

1. The conversion price per share will be the higher of the 10 day volume weighted average price following the first ten days of trading after the date of the EGM to be held on 8 June 2020 and the last placing price, being 0.45p (4.5p post consolidation) (“Issue Price”); and

2. Warrants will also be offered to convert at the Issue Price with a three-year term for exercise.

The board of the Company reserves its position to propose as an alternative to the Offer, a structured cash or deferred loan settlement in respect of the fees and salaries in arrears, should it decide that this alternative provides a better and more practical solution for the Company at the relevant time.

**ENDS**

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