Mast Energy Developments PLC on Friday said it gave partner Proventure Holdings (UK) Ltd more time to make the initial interim payment of £2 million required under their joint venture agreement.

The London-based subsidiary of Kibo Energy PLC, a Galway, Ireland-based company with energy projects in Africa and the UK, said it received written assurance that Proventure will initiate transfer of a first £1 million payment on Friday and by no later than Friday next week.

The remaining balance of £1 million will be transferred by no later than January 11, 2024.

Proventure has failed to make an initial interim payment of £2.0 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 £3.9 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.

In London, Mast shares were down 8.3% at 0.69 pence on Friday morning.

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