(Alliance News) - Mast Energy Developments PLC on Tuesday said partner Proventure Holdings (UK) Ltd missed the latest deadline to make a partial initial interim payment required under their joint venture agreement.
In a written assurance on December 22, Proventure had said it would initiate transfer of a first GBP1 million payment by no later than Friday last week.
The London-based subsidiary of Kibo Energy PLC on Tuesday said it is awaiting an update from Proventure on the status of the payment.
Proventure had said a second payment of GBP1 million would be transferred by no later than January 11.
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.
Kibo, Galway, Ireland-based company with energy projects in Africa and UK, owns 48% of Mast Energy.
In Johannesburg, Kibo shares were unchanged at 2 rand cents on Tuesday morning.
By Artwell Dlamini, Alliance News reporter
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