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Kinetiko kick-off

26 September 2022 12:56
ASX: KKO
Kinetiko firing up in South Africa

Kinetiko Energy has made its first big move after restarting its South African exploration program, spudding core well KV-14C just five kilometres away from a 20-megawatt Majuba gas generator hungry for fuel.

KV-14C is the first of seven planned holes to be drilled over the coming months, setting out to prove the continuity of extensive gassy sandstone shown in historical exploration.

With the South African government announcing earlier this month that it would be turning towards gas-burning generators to ease an ongoing energy crisis, the spudding of KV-14C comes at opportune timing.

The company said the core hole represents a significant step as it restarts exploration in South Africa.

“This drilling campaign forms part of our response to the very positive narrative from both the South African President and the CEO of Eskom regarding the need for domestic South African gas,” chief executive Nick de Blocq said.

Kinetiko expects to core the entire stratigraphical profile from the surface to a depth of 450 metres, after which it will perform onsite emission and desorption analysis.

KKO’s Australian Stock Exchange-listed share price was trading at 9.5c today (12.53 pm UTC+ 8 hours).

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