Kinetiko (ASX: KKO) strike gas development potential
February 22, 2023Kinetiko Energy is eyeing the development of production wells following the latest core drill hitting more significant gassy zones adding to the Company’s 100% exploration success at its Amersfoort Project just 2 kilometres from South Africa’s largest gas pipeline.
The timely production potential comes as the growing demand for energy in South Africa is being met with shortages.
In this environment, Kinetiko finds itself working within an industry supported by a government keen to prioritise the development of the domestic gas sector.
The core hole started encountering significant gassy zones from a depth beyond 300m, with visible solid gas emissions observed from core samples between 380-390m with drilling continuing.
Kinetiko CEO Nick de Blocq said the discoveries in such wide, shallow, conventional onshore plays are unmatched and support the potential for large-scale production.
“Core hole 270-03C is the second of three sites we have planned in the current coring program,” Mr de Blocq said.
“We first sensed hydrocarbons in a sandy lens within the upper dolerite sill, which gave us a good indication of what was to come, and then once through the deepest dolerite sill structure in our drilling experience, we discovered the expected gassy sediments and coals lying beneath,” he added.
$0.083Core hole 270-03C is currently coring below 460m meters, drilling through dolerite to 290m before breaking through to the sedimentary/carbonaceous zones.
Core well 270-23C visible gas emissions observed from core samples at depths between 380-390m
About Kinetiko Energy
Kinetiko Energy Limited explores gas and coal bed methane. Its flagship property is the Amersfoort project located in South Africa. The company was incorporated in 2010 and is based in Subiaco, Australia.
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