ASX-listed gas explorer Kinetiko Energy acquires South African joint venture Afro Energy

By Thulani Mpofu September 22, 2023

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.”

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Top US economist Steve Hanke ranks Zimbabwe's currency as second worst globally

A prominent American applied economics professor, Steve Hanke, has ranked Zimbabwe's 11-month-old currency as the second worst performer worldwide, estimating it has lost 50% of its value ... more

ECOWAS deploys 5,000-strong counterterrorism force as Sahel violence escalates

The Economic Community of West African States (ECOWAS) has launched a 5,000-member regional counterterrorism force to tackle the growing influence of jihadist groups, particularly Islamic State’s ... more

African Energy Chamber to host webinar focused on Namibia’s exploration boom

The African Energy Chamber (AEC) is set to host a webinar focused on Namibia’s oil and gas exploration boom. Organised in collaboration with global energy research consultancy Wood Mackenzie and ... more

Follow Us On

Most Read

  1. Kaliningrad becomes an energy island after Baltic States cut Russian grid connection
    1 month ago
  2. Briefings reveal Nato chief called on EU and Turkey to improve relations amid pressing security concerns
    1 day ago
  3. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    10 months ago
  4. Poland's adjusted income to overtake Japan's by 2026
    7 months ago
  5. Iran strikes oil deposits estimated at 5bn barrels worth $346bn
    2 days ago
  1. Ukraine doesn't have any rare earth metals, and the strategic minerals it does have are not worth trillions of dollars
    17 days ago
  2. US administration 'misinformed about Romanian elections', says presidential candidate Nicusor Dan
    17 days ago
  3. Putin says sanctions have strengthened, not weakened, Russian economy
    20 days ago
  4. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    10 months ago
  5. Kaliningrad becomes an energy island after Baltic States cut Russian grid connection
    1 month ago

Reports

Dismiss