Mast Energy Developments PLC said it had extended the date for Proventure Holdings (UK) Ltd to make initial payment of £2.0 million to between November 15 and November 30.

In terms of an agreement signed late last month, Mast Energy said Proventure was required to make an initial interim payment of £2.0 million to the joint venture special purpose vehicle to be received no later than November 10.

Mast Energy said Proventure will incur a late payment penalty for every day that the interim payment is received late to the amount of £3,000 per day from Saturday.

Back in July, Mast Energy finalised a joint venture agreement with an institutional investor-led consortium led by Seira Capital Ltd.

But the principal of Seira Capital was involved in a tragic road accident early in August, prompting a revision of the long-stop date of the agreement. Mast Energy said in August it had received the full co-operation of the investor consortium and had already agreed on how the revised completion long-stop date can be met. Kibo Energy PLC owns 48% of Mast Energy.

Mast Energy stock rose 5.6% to 1.40 pence on Monday. It has lost 61% over the past 12 months.

In London, Kibo Energy shares shed 4.7% to 0.05 pence. They remained flat at 2 rand cents in Johannesburg.

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