Australia's Kinetiko raises A$2.95mn
Australia’s Kinetiko Energy has received firm funding commitments from a private South African institution to raise A$2.95mn ($1.67mn) through the exercise of an option, it said on December 16.
Phefo Power is an energy investment institution whose stakeholders comprise South African oil and gas executives. Kinetiko said the funds will provide the company with a “strong cash position” for 2023 and will be used for accelerated exploration and gas resources growth.
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Sydney-listed Kinetiko is focused on advanced shallow conventional gas and coalbed methane (CBM) opportunities in South Africa. It has a large potential exploration area, of which approximately 7000 km2 is granted and being explored.
Kinetiko is also developing the Amersfoort gas-to-power project in South Africa. It is working with South Africa-based Vutomi Energy for the power project.
The programme entails using existing wells at Amersfoort to produce gas to an in-field, containerised generator linked to the existing grid running through the farmlands. The first phase of commissioning and testing will target 1 MW of output. Further phases are planned for the upgrading of the conductors and transformers to enable scalable modular increased output to 5 MW.