Kibo Energy PLC announced the Company's decision to potentially introduce an additional revenue stream to its 2.7 MW plastic-to-syngas power plant (the 'Project'), which sits within the 65%-owned Sustineri Energy (Pty) Ltd, following the Company's previous announcement dated 14 February 2022. This potential new revenue stream involves the production of synthetic oil from non-recyclable plastic waste in addition to the production of electricity from syngas, which promises significant added benefits to the Project. It is expected that the addition of synthetic oil production could significantly increase the Project's profitability and provides the Company with the opportunity to potentially generate revenue much earlier than initially projected.

It also contributes materially to de-risking the Project and will make the Project significantly more attractive to a wider spectrum of interested funders, thereby reducing the funding risk. The Company has already determined the technical and commercial viability of synthetic oil production through the current Project design. It is now conducting a comprehensive integration study to determine the full technical, operational and financial impact to the Project in terms of construction, commissioning and, most importantly, ultimate profitability and investment returns.