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Kinetiko powering up in South Africa

15 August 2022 13:02
ASX: KKO

Kinetiko Energy are ready to fire off the blocks at its Amersfoort gas-to-power project with drilling success, license approval and two new wells showing economic gas levels in rainbow nation of South Africa.

With new sites on top of the aptly named “The Beast” and “Son of the Beast” wells, which have shown no gas depletion for nearly a decade, production is expected to be oversupplied and position the project’s reservoir for the long haul.

And the project’s maiden gas reserve assessment is near, with international certifiers Sproule engaged to deliver its report by the end of October.

The company said results have boosted confidence in both production capability and longevity.

“The overall gassy sandstone geology evidenced by logging and testing the three new Korhaan wells has given us a lot of confidence that we have long-term feedstock support for the Amersfoort Gas to Power project; with further cluster development available to supply increasing power output to an extremely energy-hungry nation,” chief executive Nick de Blocq said.

With drilling contact secured and site approval completed, exploration is set to continue over the expansive holdings totaling nearly seven thousand square kilometres.

KKO’s Australian Stock Exchange-listed price has risen 4.84 per cent today, currently selling at 6.2c (12:36pm UTC+ 8 hours).

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