Kinetiko Energy to acquire remaining 51% stake in its Afro Energy Joint Venture from Badimo.

Kinetiko Energy, an energy exploration company that provides sandstone gas and coal bed methane exploration, is set to acquire remaining 51% stake in its Afro Energy Joint Venture from Badimo, a gas production and retailer in South Africa. Financial terms were not disclosed. “This union between the historic joint venture partners represents the achievement of a major milestone for the derisking of the development of what is potentially the largest on shore gas project in South Africa. Years of significant cooperation between the Badimo and Kinetiko teams have enabled this acquisition to be realised and will result in delivering substantial shareholder value,” Adam Sierakowsk, Kinetiko Energy Executive Chairman.