Kinetiko Energy completes acquisition of Badimo Gas
Australia-listed Kinetiko Energy on September 21 announced that it had completed the acquisition of the 51% interest in Afro Energy from its joint venture partner, Badimo Gas. It now holds 100% of the issued capital of Afro and, in turn, 100% of the exploration rights to the flagship Amersfoort gas project in South Africa.
"Years of significant cooperation between the Badimo and Kinetiko teams have today achieved a unification of the South African assets. This merger unlocks significant value by de-risking the project, opening access to additional funding and corporate opportunities, and providing operational and development efficiencies,” Kinetiko's executive chairman, Adam Sierakowski, said.
“We welcome on to the Kinetiko board Badimo founder and largest shareholder, Don Ncube, and fellow Badimo shareholder Rob Bulder who had been instrumental in securing the merger completion,” he added.
Kinetiko originally owned 49% of Afro. The deal to acquire the remaining 51% stake was originally announced in December 2021. The acquisition of Afro will give Kinetiko a significant presence in the South African gas market. The company will now have a portfolio of exploration and production assets, as well as the ability to develop and commercialise gas projects.