Kinetiko Energy Secures $2.2M for Gas Expansion in South Africa

Gas explorer Kinetiko Energy has raised approximately $2.2 million to fund a five-well gas flow testing program in South Africa’s Mpumalanga province.

Poised to commence by Q3 2024, the program aims to identify high-flow rate gas zones in Kinetiko’s exploration rights 271 and 270. The renounceable pro-rata entitlement offer, which received strong support from major shareholders, was closed on June 11.

“Successful results from these wells are expected to significantly mitigate the technical risk associated with the unique geology of the company’s world-class onshore gas discovery, paving the way for a promising future,” stated Kinetiko Executive Chairperson Adam Sierakowski.

Results from the testing program will provide data to enable Kinetiko Energy to apply for increases in resource and reserves certification.