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Kinetiko continue spudding in South Africa

8 November 2022 10:32
ASX: KKO
Kinetiko's massive South African project

In the midst of a deprived South African energy market, Kinetiko Energy keep up the pace and have spudded core well 270-06C, its second in three months.

It lies 90 kilometres south of the recently completed Majuba core hole, which hit significant gassy zones in spitting distance of the Majuba power plant.

This new core well is the first to be drilled on Southern Exploration Right 270, expected to hit deeper gassy sandstone and coals and open up an entirely new area for gas exploration.

It sets the stage for further exploration in the area, with drilling ramping up to extend continuity of potential gas fields by hitting further gassy sandstones, coal and other carbonaceous structures.

The company said the well is the first of many planned for the area.

“Results of this coring are awaited with great anticipation, and we have confidence in our theory to discover higher pressures and gas flow rates with another successful effort in our growing list of gas-rich exploration boreholes,” chief executive Nick de Blocq said.

KKO’s Australian Stock Exchange-listed share price was trading at 9.3c today (10.27 am UTC+ 8 hours).

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