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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 £1 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 £1 million would be transferred by no later than January 11.
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.
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.
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