Kinetiko Energy moves to acquire 100% of near-term gas production Amersfoot project
Kinetiko Energy Ltd s (ASX:KKO) executive chairman Adam Sierakowski speaks to Proactive following the news it s strengthened its position in South Africa by securing 100% of the Amersfoot Project, a near-term commercial gas production asset. The company has executed a binding terms sheet with Badimo Gas Pty Ltd to acquire the remaining 51% of Afro Energy Pty Ltd, making Kinetiko sole owner of all exploration rights and production approvals.
Quick facts: Kinetiko Energy Ltd
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Kinetiko Energy halted with “significant acquisition” announcement pending
The company is well on track to begin commercial production in the near term from the Amersfoort Project in South Africa. The halt will remain until start of trading on May 7, or an announcement is released to the market.
Kinetiko Energy Ltd (ASX:KKO) has been granted a trading halt by the ASX ahead of the release of an acquisition announcement.
In its application to the ASX halt, Kinetiko said: “The company requests a trading halt immediately, pending the release of an announcement in relation to a significant acquisition.”
Securities will remain halted until the start of normal trading on Friday, May 7, 2021, or until an announcement is released to the market.
Kinetiko Energy s productive March quarter sets the stage for near-term first production and revenue
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 infrastructure. Completed upgrade to road and terminal landing with flaring Well KA-03PTR.
Kinetiko Energy Ltd (ASX:KKO) enjoyed a productive March quarter that has set the stage for first production and revenues in the near term at its Amersfoort Project in South Africa.
Activities at the project are carried out through Afro Energy (Pty) Ltd, in which Kinetiko holds 49%, and during the quarter as a result of being granted a bulk gas production and removal permit, Afro Energy began preparing a short-term pilot gas production program.
Kinetiko Energy gears up for near-term production with successful production flow test at South African well
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 Well KA-03PTR flow test at Amersfoort was completed after the well workover program.
Kinetiko Energy Ltd (ASK:KKO) is higher after completing another step on the fast track towards commercial production at Amersfoort gas-to-CNG pilot project in energy-hungry South Africa with a successful production flow test at Well KA-03PTR.
Subsequent to the recent well workover, the company’s South African subsidiary Afro Energy commenced controlled well flow clean-up periods to clean and condition the well in anticipation of performing the testing necessary to evaluate the current performance of the reservoir and well.