- After a six-year hiatus, Kinetiko Energy (KKO) will restart exploration at the Amersfoort project in South Africa
- The program will consist of a high resolution aeromagnetic survey to improve gas resource definition
- According to Kinetiko, the survey will take approximately 15 days to complete and results will be available seven days after completion
- If this survey is successful, then other areas will be tested for gas
- Kinetiko has ended the day an even 10 per cent in the green with shares trading for 4.4 cents each
After a six-year hiatus, Kinetiko Energy (KKO) will restart exploration at the Amersfoort project in South Africa.
Exploration will be in collaboration with Afro Energy, with Kinetiko owning a 49 per cent stake.
Afro Energy was founded through a joint venture in 2015 between Kinetiko and Badimo Gas, who own the remaining 51 per cent.
This program will consist of a high resolution aeromagnetic survey to follow-up on significant levels of geological detail that was first identified in 2014. The survey will also help improve gas resource definition.
This 11,563 kilometre line aeromagnetic survey will be completed over two areas of interest.
The first area, which consists of 10,171 line kilometres and 417 square kilometres, will cover area ER38 which has been shown to contain wide areas of gas prone sandstone and coal sequences.
The remaining 1392 line kilometres will be completed over areas adjacent to the planned Afro Energy pilot gas production field development.
Results from this survey have the potential to revise the current contingent resource of 1.5 trillion cubic feet.
According to Kinetiko the survey will take approximately 15 days to complete and results will be available seven days after completion.
If this survey is successful, then other areas will be tested for gas.
Kinetiko has ended the day an even 10 per cent in the green, with shares trading for 4.4 cents each in a $21.73 million market cap.