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Kinetiko claim another core

13 October 2022 10:18
ASX: KKO

Kinetiko Energy have intersected significant gassy zones in the targeted geology at core hole KV-14C, five kilometres away from the new market potential of South Africa’s 20-megawatt Majuba generator.

It comes ahead of a merger set to place the energy explorer as the full owner of exploration rights — and obtaining its first maiden reserves report.

The company said it was encouraging when it first sensed gas, and the source became obvious as it broke through to the sediments below.

“What we are also doing here is maintaining our 100% strike rate. Every one of our thirty boreholes has cut gas, proving the productivity of the compartmentalisation of the sediments in our Rights areas,” chief executive Nick de Blocq said.

“The imminent completion of our merger and obtaining our maiden reserves report will be major milestones in our journey and we await these with great anticipation as we keep the Company moving forward in a distinctly positive direction.”

Kinetiko plan another half dozen holes over the coming months, with the merger set to go ahead after shareholder approval in November and the reserves report on track for delivery within six weeks.

KKO

Visible gas emissions observed from core samples.

KKO’s Australian Stock Exchange-listed share price was trading at 10c today (8.58 am UTC+ 8 hours).

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