- Kinetiko Energy (KKO) sees its application for a consolidated Exploration Right in the Amersfoort region approved by the South African Government
- The Perth-based company and its subsidiary Afro Energy see three Exploration Rights consolidated into one, known as Exploration Right 271
- KKO says consolidation of the three existing Rights has helped streamline and increase the economics of potential gas production scenarios
- Afro says it will now aim to be granted a new Production Right covering the new ER271 area at the Amersfoort Region
- Kinetiko Energy closed up 4.55 per cent at 9.2 cents on August 25
Kinetiko Energy (KKO) has seen its application for a consolidated Exploration Right in the Amersfoort region approved by the South African Government.
The Perth-based company, along with its subsidiary Afro Energy, saw its three Exploration Rights – 56,38 and 271, consolidated into one new Right, 271.
The new Exploration Right is 1,278 squared kilometres in size and covers the broader Amersfoort region, where Afro has drilled 28 exploration and pilot production wells and has plans for a further three wells for exploration.
The consolidation follows Afro’s consultation with the Petroleum Agency SA (PASA). The application process spanned multiple months and required new environmental approvals to be obtained before being approved by the PASA and the Department of Mineral Resources and Energy.
The company says consolidation of the three existing Exploration Rights has helped streamline and increase the economics of potential gas production scenarios.
Afro says it will now aim to be granted a new Production Right covering the new ER271 area at the Amersfoort Region.
Kinetiko Energy closed up 4.55 per cent at 9.2 cents on August 25.