Kibo Energy PLC announces that Mr. Ajay Saldanha is retiring as a non-executive director of the Company with effect from 10 January 2024. Mr. Saldanha's retirement is because of his increased work commitments outside of Kibo and therefore his inability to continue to make the time commitment that his role as a non-executive director of Kibo requires. The Company is in the process of identifying a replacement independent non-executive director and will announce once the preferred candidate is identified.

Additionally, the Company announced that its current Chief Financial Officer, Mr. Jacobus (Cobus) van der Merwe, has, subject to the completion of regulatory checks, agreed to join the board. Mr. van der Merwe will continue as a member of the executive management team of the Company in his new position as Financial Director. Mr. van der Merwe is a qualified Chartered Accountant (South Africa) and has held senior financial, managerial and executive level positions for over 15 years in the investment management and energy, utilities and resources sectors.

He has significant experience servicing clients based in the United Kingdom, Ireland and Africa with specific reference to the Energy and Resources industries. Further to this, he has extensive experience in managing bespoke investment portfolios for high net-worth individuals, including capital raising and facilitating deal making. Cobus is a member of the South African Institute of Chartered Accountants (SAICA), and also hold a BCom degree in Accounting and a BCompt Honours degree in Accounting Science.