PERTH (miningweekly.com) – South Africa-focused Kinetiko Energy has taken full ownership of the Afro Energy joint venture, having completed the acquisition of partner Badimo Gas’ interest.
Kinetiko has issued Badimo with more than 495.4-million shares in the company, thus taking full ownership of Afro Energy and the exploration rights over the flagship Amersfoort gas project.
“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,” said Kinetiko executive chairperson Adam Sierakowski.
Two nominee directors from Badimon, Donald Ncube and Robert Bulder, will now be appointed to the Kinetiko board, effective immediately.
“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,” said Sierakowski.