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.”
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