Kinetiko secures A$4.9m
ASX-listed Kinetiko Energy’s renounceable pro-rata entitlement offer to eligible shareholders, announced in May, closed on June 11 and raised about A$4.9-million (before costs), with strong support from major shareholders and directors.
The company is developing an energy transition solution for South Africa, focused on commercialising advanced shallow conventional gas projects in the country’s Mpumalanga province.
Application funds equate to about 97% of the maximum subscription under the entitlement offer.
Kinetiko says the funding enables a significant five production well gas flow testing programme to be started in the third quarter.
The flow testing programme aims to identify high flow rate gas zones and sites for the development of production clusters.
Gas flow testing results will provide data to enable the company to apply for increases in resource and reserves certification.
“On behalf of the board of directors, I wish to thank all shareholders for their comprehensive support of the entitlement offer,” says executive chairperson Adam Sierakowski.
“The funds raised under the entitlement offer will be used to aggressively advance the company’s gas exploration activities.
“These activities, highlighted by the five appraisal production wells to be drilled this year, are planned to achieve the highest flow rates and technical outcomes. 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,” he explains.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation