Petroleum Africa
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Friday, August 21, 2015
Kinetiko Energy, with its major shareholder in Afro Energy, Badimo Gas, executed a memorandum of cooperation (MoC) with Gigajoule International to investigate and pursue an opportunities for the supply of methane gas by Afro Energy from within certain areas on the ER56 tenement at Amersfoort in South Africa.
Under the MoC the parties intend to undertake a pre-feasibility study under the direction of a working group that shall be established with a representative from both Gigajoule and Afro Energy. Kinetiko said that provided the outcome of the pre-feasibility study is positive and recommendations to proceed with the project are approved by the respective boards of both parties, then both Afro Energy and Gigajoule intend to conclude a gas sales agreement.
The agreement is for a period of three years, and may be extended by mutual agreement. During the term of the MoC and for a period of one year after termination neither of the parties shall pursue opportunities that are similar to the project or would prejudice either company’s confidential information.
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