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Kinetiko Executes Agreement for Potential Gas off-take from its Amersfoort Project

Source: www.gulfoilandgas.com 8/19/2015, Location: Africa

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Kinetiko Energy Limited, with its major shareholder in Afro Energy Pty Ltd (“Afro Energy”) Badimo Gas (Pty) Ltd (“Badimo”), is pleased to announce that it has executed a memorandum of cooperation (“MOC”) with Gigajoule International (Pty) Ltd (“Gigajoule”) to investigate and pursue an opportunity for the supply of methane rich gas by Afro Energy from within certain areas on the ER56 tenement at Amersfoort.

The parties intend to undertake a pre-feasibility study under the direction of a working group that shall be established with a representative from both Gigajoule and Afro Energy.

Provided the outcome of the pre-feasibility study is positive and recommendations to proceed with the project are approved by the respective boards of both parties, then both Afro Energy and Gigajoule intend to conclude a gas sales agreement.

The Agreement is for a period of 3 years, and may be extended by mutual agreement. During the term of the MOC and for a period of 1 year after termination neither of the parties shall pursue opportunities that are similar to the project or would prejudice either parties confidential information.

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