South African Ministerial Approval Obtained for Afro Energy Acquisition

Source: www.gulfoilandgas.com 3/17/2022, Location: Africa

HIGHLIGHTS
• Final consent and regulatory approval obtained for the transfer of a controlling interest in all South African projects to Kinetiko Energy
• Kinetiko Energy set to complete acquisition of 100% of 2C (P50) 4.9Tcf gas resource
• Flow rate testing on Korhaan well cluster continuing
• 1 MW power generator being prepared for transportation to site to enable first gas commercialisation

Kinetiko Energy Limited an Australian gas explorer focused on advanced shallow conventional gas and coal bed methane (CBM) opportunities in rapidly developing markets, is pleased to advise that the 100% acquisition of the South African projects has been concluded with Ministerial consent received in accordance with Section 11 of the Mineral and Petroleum Resources Development Act (22 of 2008) (MPRD).

The Director-General: Department of Mineral Resources and Energy in South Africa has consented to the transfer of a controlling interest (Badimo Gas (Pty) Ltd 51%) in Afro Energy (Pty) Ltd to Kinetiko. Afro Energy (Pty) Ltd is a holder of exploration rights and applications totalling approximately 7,000km2 with a certified gas resource (2C) of 4.9Tcf.

Kinetiko Executive Chairman, Adam Sierakowski commented:
“Kinetiko welcomes this support as this Ministerial consent represents the last regulatory approval required to complete the merger transaction and the Company will now proceed to seek approval from our shareholders.

We continue to aggressively progress our exploration and development plans with flow rate testing progressing at our Korhaan well cluster with dewatering and gas flow operations underway. This is continuing as the Company advances in its joint venture with Vutomi Energy to commence gas production and commercialisation.”

First Energy Sales via Joint Venture
Development of the first commercial gas production initiatives continue with Vutomi Energy (Pty) Ltd (Vutomi Energy) completing preparation to transport its 1 MW gas-to-power generator to the Amersfoort site as the final power production agreements are being finalised.

As previously announced (ASX Release 23 December 2021), Kinetiko, via Afro Energy (Pty) Ltd, entered into a joint venture terms sheet with Vutomi Energy seeking to produce and sell electrical energy to third party private sector off-takers.


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