Energy company Kinetiko Energy expects that it will formally close the acquisition of 100% of Afro Energy within the next few weeks. Australia-headquartered Kinetiko is developing an energy transition solution for South Africa focused on commercialising advanced shallow conventional gas projects in Mpumalanga.
Energy company Kinetiko Energy expects that it will formally close the acquisition of 100% of Afro Energy within the next few weeks.
The company provided an update on its onshore gas exploration and production development activities on September 4. On December 24, 2021, Kinetiko announced that it had executed binding agreements to acquire the remaining 51% of Afro Energy it did not already own from Badimo Gas, with consideration for the acquisition being about 568-million shares in Kinetiko.
About 72-million of the consideration shares will be issued to T10 at a price of $0.09 a share. The $6.5-million will be released to Badimo in accordance with the terms of the merger agreement and shareholder approvals.
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