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Kinetiko bring the exploration energy

2 November 2022 09:49
ASX: KKO
Kinetiko's South African gas field

The return to exploration has brought another triumph to Kinetiko Energy, successfully striking into significant gassy zones in the targeted carbonaceous geology at core hole 271-23C in South Africa.

Lying in sight of the Majuba power station, the core hole is ideally situated to supply the plant and grid with both baseload and peaking capacity.

A recent initiation report from MST access saw the explorer’s greater 2C contingent gas resource of 4.9 trillion cubic was exactly where it was needed, and gave its lofty valuation of 24c a share.

“KKO is in the enviable position of being part of both a short and long-term, lower-carbon solution to SA’s energy needs,” the sector analysts said.

Kinetiko said after its highly successful return to exploration in rights area ER271, the productive nature of its unique geology had once again been proven.

“The next borehole, our initial effort into the physical exploration of Rights Area ER270 to the south represents an exhilarating step in our journey!” chief executive Nick de Blocq said.

“Following on from recent aeromagnetic and gravimetry surveys, we believe that we should be able to continue proving the gassy content of our sedimentary formations and open an entirely new area for possible production from what we expect to be deeper and higher pressured wells.”

The next core well is ready for spudding, where the company expect the basement to be deeper, with noted potential for thicker gassy zones.

KKO’s Australian Stock Exchange-listed share price has risen 1.08 per cent today, currently selling at 9.3c (9.46 am UTC+ 8 hours).

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