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.”
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
South African court rules Bitcoin qualifies as "capital", "money" under exchange controls
The South Gauteng High Court in Johannesburg has ruled that Bitcoin constitutes both “capital” and “money” under South Africa’s exchange-control framework, in a landmark judgment that could ... more
Ghana to evacuate 161 citizens from Cambodia as fake deportation scare spreads
Ghana has evacuated 85 citizens from Cambodia and is arranging the return of another 76, authorities said, amid concerns sparked by a fake online notice falsely claiming African nationals faced ... more
Kenya Airways and Rubis Energy to build Africa’s first sustainable aviation fuel refinery in Kenya
Flag carrier Kenya Airways Plc (NSE:KQ) and Rubis Energy Kenya, a subsidiary of Rubis SCA (EPA: RUI), a French energy group, have signed a memorandum of understanding to develop Africa’s first ... more