The share price of ASX-listed Kinetiko Energy surged by nearly 40% on Tuesday on the signing of a non-binding term sheet with the Industrial Development Corporation (IDC) of South Africa to jointly develop South Africa’s largest onshore liquefied natural gas (LNG) project. Kinetiko, through its subsidiary Afro Energy, would use its granted exploration rights to develop an initial 50 MW operation, eventually expanding this to a 500 MW operation. The expanded operation would make use of additional onshore natural gas wells within the existing ranted exploration rights.
PERTH – The share price of ASX-listed Kinetiko Energy surged by nearly 40% on Tuesday on the signing of a non-binding term sheet with the Industrial Development Corporation of South Africa to jointly develop South Africa’s largest onshore liquefied natural gas project.
Kinetiko on Tuesday said that the initial development costs for the upstream and midstream activities for the natural gas development would amount to some R1.68-billion, of which R1.09-billion will be funded through equity and R0.59-billion through debt “This is a step change in the scale of the company’s development and represents a national project to support South Africa’s transition to cleaner, reliable, affordable energy,” said Kinetiko CEO“I cannot overstate the importance of this massive step we have taken in collaboration with our IDC joint venture partners, as it represents a level of confidence in our project from high layers of government.
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