Afro Energy Announces Its Partnership With IDC To Develop A Gas Production Field
Afro Energy Announces Its Partnership With IDC To Develop A Gas Production Field. Afro Energy, the subsidiary of Kinetiko Energy has partnered with the Industrial Development Corporation of South Africa (“IDC”) to co-develop a gas production field estimated to comprise up to 20 wells.
Executive Chairman Adam Sierakowski of Kinetiko Energy said in a statement, “Kinetiko’s vision of becoming a major player in South African onshore gas production has today taken a significant step forward with agreements being finalised with the IDC, a leading national development finance institution, to co invest in the development of a gas field adjacent to the Company’s existing Amersfoort wells. This transaction represents the first investment in Kinetiko by a substantial South African institution and will fast track the company’s ambitions to rapidly develop numerous gas fields over the vast gassy geology identified and we are grateful for the IDC teams long support. We look forward to being a development partner with them.”
The gas field development will be undertaken in two phases. The first will be the development of approximately 10 wells and the construction of a gas terminal with gas treatment and processing plant, metering station and pipeline gathering system. The second phase will comprise the commencement of gas production from existing wells and the development of a further approximately 10 wells along with the maintenance and expansion of facilities as required.
Kinetiko Energy is an Australian gas explorer focused on advanced shallow conventional gas and coal bed methane (CBM) opportunities in rapidly developing markets in Southern Africa. According to the company, South Africa has extensive gassy coal basins, extensive energy infrastructure and a growing gas demand, making it an attractive area for investment. The Company has a large potential exploration area, of which approximately 7000km2 is granted and being explored.
