Kinetiko (ASX:KKO) accelerates gas in South Africa

Kinetiko Energy’s 40 days of testing have shown gas content of over 11m3/t and rising at its standout core hole near Majuba power station in Southern Africa.

The Company, holding 4.9Tcf contingent resources and large potential exploration area, says core hole 271-23C, spudded in late September, indicates significant potential for gas field development.

Meanwhile, its 270-06C hole, located approximately 64km further south, continues to show “strong gassy geology”, with the hole below 445m and still penetrating gassy sandstone beds.

Desorption testing results over 10m3/tonne from coal samples from core hole 271-23C.

”We have proven and re-proven the productivity of our unique geology,” CEO Nick de Blocq said.

“Following the success of core hole 271-23C near Majuba power station, our first borehole in block ER270 has kept our 100% strike rate intact.

“Our 31st borehole showed signs of gas from within the fractured, lower dolerite, which strengthened substantially as we broke through to the sandstone formations beneath.

“The desorption testing on the Majuba samples is now upwards of 11m3/ton and increasing, a very rewarding result from a strategically placed core hole.

“We aim to complete the current coring and logging on 270-06C before mid-December and allow the gas desorption analysis to proceed.”

Price Action

The Company’s ASX-listed shares have risen 4.55 per cent to 11.5c in morning trade.

About Kinetiko Energy and Afro Energy

Kinetiko Energy is an Australian gas explorer focused on advanced shallow conventional gas and coal bed methane (CBM) opportunities in rapidly developing markets in Southern Africa. South Africa has extensive gassy coal basins, widespread energy infrastructure and growing gas demand. The Company has a 4.9Tcf contingent resources and large potential exploration area, of which approximately 7000km2 is granted and being explored.

The Company’s vision is to continue to explore, develop, and commercialise gas production.

Fundamental Data

 

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