Brief: Kinetiko Energy IDC Of South Africa Advanced First Funds Towards Co's JV With Afro Energy

Kinetiko Energy

04/04/2023 23:51

April 5 (Reuters) - Kinetiko Energy Ltd  KKO.AX :
    * INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA
ADVANCED
FIRST FUNDS TOWARDS CO'S JV WITH AFRO ENERGY
    * APPROVALS ARE IN PLACE FOR JOINT VENTURE AND FIELD
COMMENCEMENT
ANTICIPATED IN LATE 2023
    * JV WITH AFRO ENERGY TO DEVELOP GAS FIELDS TO PRODUCE GAS
FOR
INDUSTRIAL, COMMERCIAL, TRANSPORTATION OR POWER GENERATION
APPLICATIONS
    * IDC ADVANCED R16.3 MILLION AS PART OF R70 MILLION 
COMMITMENT
INTO JOINT VENTURE WITH AFRO ENERGY
    * IDC HAS FIRST RIGHT TO PARTICIPATE UP TO 45% OF NEXT 60
WELLS
DEVELOPED BY AFRO ENERGY

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 ((Reuters.Briefs@thomsonreuters.com;))