Petroleum Africa
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Monday, July 29, 2013
Kinetiko Energy reported that its partner in the Amersfoort project in South Africa, Badimo Gas, has paid approximately $1.1 million pursuant to cash calls made up to the end of May 2013. The company said that the payment reinforced the operational support of Badimo to the Amersfoort project and financial capacity of Kinetiko’s local partner to contribute to future commitments.
The funding contribution by Badimo will enable the parties to continue exploration on the Amersfoort project for the remainder of the year and potentially well into Q1 2014. Kinetiko and Badimo have agreed to expedite an exploration program on the Amersfoort project to complete flow testing on the remaining pilot test wells, and investigate further targeting of highly prospective pilot test well sites adjacent to successful wells. This undertaking has the objective of achieving the booking of reserves by Q1 2014.
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