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Kinetiko Energy report strong gassy geology intersected at Corehole 270-12C

1 July 2024 13:24
ASX: KKO

Kinetiko Energy Ltd (ASX:KKO) has announced the successful completion of core hole 270-12C, a key development in its onshore gas exploration activities. The promising results help to advance its mission to commercialise shallow conventional gas projects in South Africa’s Mpumalanga Province, providing a reliable and cleaner energy solution.

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Figure 1: Map of 270-12C core hole, relative to other locations.

Core Hole 270-12C

Drilled on April 13, 2024, core hole 270-12C reached a depth of 742.9m, making it one of the deepest wells Kinetiko has drilled. Located approximately 30km from the successful core well 270-08C, this new well intersected multiple zones of gas-bearing geology. The core sample included thick dolerite sills down to 480m, followed by gassy sandstones, coal, carbonaceous siltstones, and mudstone zones.

Log analysis of core hole 270-12C revealed extensive gas shows across 87.5m of geological sequences. Gas effects in sandstones were particularly notable between depths of 510m and 742m. This data, combined with previous findings, suggests substantial gas-laden fairways across Kinetiko’s exploration rights.

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Figure 2: Logging results from core hole 270-12C

Next steps

The company has already commenced drilling of core well 270-11C on June 7, 2024. This new phase of exploration aims to complete the regulator-required work program in Block ER270 and shift the focus to the next steps, drilling five appraisal production wells over the next 4-6 weeks.

KKO’s Australian Security Exchange-listed share price is currently trading at $0.08 (1:15 pm UTC+ 8 hours)

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