Company
ASX:KKO
Kinetiko Energy Ltd (ASX:KKO) is in the energy exploration business, solely focused on sandstone gas and coal bed methane exploration and commercialisation in South Africa. The company has an extensive exploration area, of which about 7,000 square kilometres is granted and being explored. Kinetiko’s flagship near-production Amersfoort Project and adjacent exploration rights are held through a South African joint venture company Afro Energy (Pty) Ltd in which Kinetiko holds a 49% economic interest and a 50% controlling interest.
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Kinetiko successfully completed a sophisticated placement in June 2021 that raised $2.8 million and intends to undertake an SPP to raise up to a further $2 million in the next 4 weeks.
Funds from the company's recent placement will be used to advance Kinetiko’s Amersfoort Project in South Africa, including funding exploration and gas drilling.
Funds from the placement will be used to advance Kinetiko’s Amersfoort Project, including funding exploration and gas drilling.
The company has recently secured 100% of the Amersfoot Project, a near-term commercial production gas asset in South Africa.
A new investor update indicates just how close Kinetiko is to commercial production, with integral infrastructure, further exploration opportunities and growing demand for clean energy coming to the fore in South Africa’s energy sector.
The respective boards and major shareholders of both Badimo and KKO are supportive of the acquisition, with Badimo representatives and experienced South African energy and gas directors Donald Ncube and Robert Bulder to join the board.
The company is well on track to begin commercial production in the near term from the Amersfoort Project in South Africa.
During the March quarter, the company continued to promote the potential of the Amersfoort project to be developed as a significant scalable onshore gas producer in South Africa, close to multiple markets and surrounded by energy infrastruc
Results from gas well flow tests at Well KA-03PTR of the Amersfoort Project confirm the ability of the well to immediately be taken into production.
The company has completed testing and commissioning of upgraded downhole and surface equipment on Well KA-03PTR with flow rate testing to begin immediately.
The company is rapidly advancing towards first gas production, a key milestone which will enable Kinetiko to generate first revenues and seek certification of first gas reserves.
The project hosts an independently certified 2C gas resource of 4.9 trillion cubic feet which is from a small part of an extensive and highly prospective landholding.
The company was formed to pursue advanced gas and CBM opportunities in rapidly developing gas markets outside Australia.
The study is expected in the June half of 2020 and will be based on another resource update.
