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Kinetiko burning bright

15 November 2022 11:06
ASX: KKO

With the South African government turning to gas to ease an ongoing energy crisis, Kinetiko Resources are positioned to become an energy powerhouse after doubling down on its vision to create South Africa’s largest gas field.

The nation’s coal-fired energy is in heavy decline, renewable sources are far away and Kinetiko are on the doorstep to provide a low-carbon solution to one of the world’s most dire power situations.

Exploration across the company’s 7,000 square kilometres of rights has already shown marked success, with all 24 core wells drilled in exploration right 271 intersecting gas, core hole 271-23C being the latest and intersecting 247 metres of gas-bearing geology.

The company says easy access to infrastructure and markets is what makes the Rainbow Nation a prime location, with one of its triumphs over the past months being the spudding of KV-14C in eyesight of the fuel-hungry 20MW Majuba power station.

And after bringing in $6 million from strategic investors, the company has plans to aggressively expand gas exploration, while growing its JV with wholly owned government subsidiary IDC to produce a twenty-well gas production field, with opportunity in hand to make it eighty.

Kinetiko plan to keep up the pace with seven new core holes expected to be completed over the coming months and a maiden gas reverse certification expected to be delivered by the end of this month.

Currently sitting at 9.2c (10.27 am UTC +8 hours), the company is riding high after a 62.06 per cent jump between the 29th of August and 2nd of September, while being valued at 24c by MST.

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