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Friday, June 6, 2014
Kinetiko Energy reported that its JOA partner, Badimo Gas will withdraw from the Amersfoort project in South Africa. The company said that Badimo has been issued with a notice of withdrawal to exit the JOA and in terms of such notice will transfer its 51% participating interest in the Amersfoort to Kinetiko.
Under the terms of the JOA, expenditure on the Amersfoort project is obligated to be funded by both parties in accordance with their participating interest position. Badimo has failed to meet cash calls now totaling approximately A$1.4 million and has remained in default despite the issue of default notices by Kinetiko in terms of the JOA; failing to rectify its payment default within a period of 60 days. Kinetiko has therefore exercised its option under the JOA to have Badimo withdraw from the Amersfoort Project.
Notwithstanding the terms and conditions as agreed under the JOA, it is anticipated that Badimo may seek to salvage its rights. However, Kinetiko is taking all necessary and required regulatory steps to have Badimo’s 51% participating interest in the Amersfoort Exploration Rights transferred to Kinetiko, which once completed will result in Kinetiko holding a 100% participating interest in the Amersfoort Project.
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