Kinetiko Energy (Kinetiko), a Perth-based gas explorer and developer focussed on South Africa, has assumed 100% ownership of a joint venture that holds exploration rights to a highly prospective acreage in the African nation.
The ASX-listed company announced on September 21 that it had completed the acquisition of the 51% interest in Afro Energy from its partner Badimo Gas through the issuance of 495mn fully paid ordinary shares issued in the company to underlying Badimo shareholders.
Following the transaction, Kinetiko now holds 100% of the issued capital of Afro Energy and, in turn, 100% of the exploration rights to the flagship Amersfoort Gas Project, which lies in the northeast of the country.
Also, following the transaction, two nominee directors of Badimo, Donald Ncube and Robert Bulder will join the Kinetiko board.
Adam Sierakowski, Kinetiko’s executive chairman said:
“This merger unlocks significant value by de-risking the project, opening access to additional funding and corporate opportunities, and providing operational and development efficiencies. We welcome on to the Kinetiko board Badimo founder and largest shareholder, Don Ncube and fellow Badimo shareholder Rob Bulder who had been instrumental in securing the merger completion.”
Related Articles
Launch of flag carrier ‘Namibia Air’ targeted for next financial year
Namibia has selected Namibia Air as the name of its proposed new national airline, with a launch targeted for the next financial year, Works and Transport Minister Veikko Nekundi said. The carrier ... more
Egypt and Russia finalise key agreements for Dabaa Nuclear Power Plant
Egypt has signed an agreement with Russia’s Rosatom to secure the nuclear fuel supply for Unit 1 of the Dabaa Nuclear Power Plant, Al Ahram reported on November 19. Officials said the agreement ... more
US labelling of Nigeria as "country of particular concern" unlikely to rupture ties, says BMI
The United States’ decision to designate Nigeria as a Country of Particular Concern (CPC) for alleged persecution of Christians is likely to strain diplomatic engagement but is not expected to ... more
Most Read
-
India’s smart metering push gains momentum
4 months ago
-
US expands oil sanctions on Russia
24 days ago
-
India’s smart metering push gains momentum
4 months ago