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Kinetiko secure strategic investor

10 October 2022 11:31
ASX: KKO

As its momentum builds amid a South African power crisis, Kinetiko Energy have received firm commitments for a $5 million dollar placement from South African energy stalwart Phefo Power.

The largest investment from private South African institutions will accelerate exploration and growth of gas resources across colossal South African holdings totalling approximately 7000 square kilometres.

Money from the placement will also be put to use in KKO’s JV with the Industrial Development Corporation of South Africa to develop an estimated 20-well gas production field set to kick off in the first half of next year.

The company said it had focused on ensuring the next substantial investment would come from indigenous sources and had continued to attract financing from within the rainbow nation.

“We now expect increased interest to follow the IDC and Phefo Power’s active votes of confidence in our wider project, and the huge potential we have to become a substantial part of the solution to the energy paucity in South Africa,” chief executive Nick de Blocq said

“We are primed to continue our efforts, but having compatriots walk the path with us, along with our shareholders is something to be proud of.”

Kinetiko’s focus now rests on firing towards achieving its first reserves, production — and revenues.

KKO’s Australian Stock Exchange-listed price has risen 6.951 per cent today, currently selling at 10c (10.41 am UTC+ 8 hours).

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