{"id":13553,"date":"2023-04-05T11:27:26","date_gmt":"2023-04-05T11:27:26","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13553"},"modified":"2023-04-05T11:27:26","modified_gmt":"2023-04-05T11:27:26","slug":"south-africa-idc-funds-kinetiko-to-develop-gas-fields","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-idc-funds-kinetiko-to-develop-gas-fields\/","title":{"rendered":"SOUTH AFRICA: IDC Funds Kinetiko to Develop Gas Fields"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Industrial Development Corporation of South Africa (IDC) a wholly owned subsidiary of the South African government mandated to promote economic growth and industrial development in South Africa has advanced R16,300,000 as part of its R70,000,000 commitment into its joint venture with Afro Energy (Pty) Ltd (Afro Energy) the proposed 100% subsidiary of Kinetiko. Kinetiko CEO, Nick de Blocq, commented:<br><em>\u201dThe involvement of the IDC in our project at an asset level is a manifestation of the Government\u2019s confidence in the viability of our transition energy vision. Our current intention is to focus the joint venture we have created with the IDC on the development of producing fields in the southern part of Block ER271, for which we have begun the process of converting to a multi-decade Production Right. With the ability, via this agreement, to expand the IDC\u2019s interest in our production plans going forward beyond this initial LNG development phase, the joint venture has become a launch pad to much<br>larger field development.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>IDC Funding to Prime Joint Venture Development<br><\/strong>Afro Energy has executed a joint development agreement and supporting agreements to jointly develop commercial gas production in the Amersfoort region within Exploration Right 12\/3\/271. The investment and development will be conducted through an incorporated special purpose vehicle named Afro Gas Development SA (Pty) Ltd (AGDSA Project). <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The ADGSA Project is budgeted to cost approximately R155m which will be contributed 45% (R70m) by the IDC and 55% (R85m) by Afro Energy. The contributions are to be made by shareholder loans repayable from ADGSA Project gas production revenues. Afro Energy has advanced R20,000,000 as part of its contribution for its 55% ownership of the joint venture. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The IDC has the first right to participate for up to 45% equity investment in any further special purpose vehicles relating to further gas production blocks up to a total of 60 wells.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Industrial Development Corporation of South Africa (IDC) a wholly owned subsidiary of the South African government mandated to promote economic growth and industrial development in South Africa has advanced &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-idc-funds-kinetiko-to-develop-gas-fields\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[9045,11162,11160,481,11161,9109,9041,2371],"class_list":["post-13553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-afro-energy","tag-agdsa-project","tag-block-er271","tag-coal-bed-methane","tag-er12-3-271","tag-industrial-development-corporation","tag-kinetiko-energy","tag-south-africa","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/South-Africa-ER271.png?fit=496%2C647&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3wB","jetpack-related-posts":[{"id":11267,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-kinetiko-energy-spuds-3rd-well-on-the-korhaan-project\/","url_meta":{"origin":13553,"position":0},"title":"SOUTH AFRICA: Kinetiko Energy Spuds 3rd Well on the Korhaan Project","author":"","date":"December 2, 2021","format":false,"excerpt":"The third well named Korhaan-3 is estimated to reach a depth of 400m-450m to test the gassy sandstones and coal bed methane (CBM) horizons from the known coal beds that were intersected and observed to be gassy from adjacent (400m away) flow tested gas wells KA-03PT2 and KA-03PTR (Figure 1).\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/South-Africa-Koorhan-Project.png?fit=614%2C643&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/South-Africa-Koorhan-Project.png?fit=614%2C643&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/South-Africa-Koorhan-Project.png?fit=614%2C643&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10860,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-kinetiko-energy-sourcing-for-drilling-contractor-for-its-amersfoort-project\/","url_meta":{"origin":13553,"position":1},"title":"SOUTH AFRICA: Kinetiko Energy Sourcing for Drilling Contractor for its Amersfoort Project","author":"","date":"September 13, 2021","format":false,"excerpt":"Kinetiko Energy Limited is in the process of negotiations with a number of drilling contractors in both South Africa and Botswana to undertake the upcoming 3 well drilling program to be drilled within 400 metres of KKO\u2019s proposed gas collection terminal at Amersfoort where access and infrastructure is in place.\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/South-Africa-Amersfoot.jpg?fit=1200%2C581&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/South-Africa-Amersfoot.jpg?fit=1200%2C581&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/South-Africa-Amersfoot.jpg?fit=1200%2C581&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/South-Africa-Amersfoot.jpg?fit=1200%2C581&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/South-Africa-Amersfoot.jpg?fit=1200%2C581&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":9909,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-kinetico-energy-completes-pilot-production-well-workover\/","url_meta":{"origin":13553,"position":2},"title":"SOUTH AFRICA: Kinetico Energy Completes Pilot Production Well Workover","author":"","date":"February 16, 2021","format":false,"excerpt":"Perth-based energy exploration company Kinetiko Energy Limited has announced the successful completion of a well workover program at well KA-03PTR and KA-03PT2 at its Amersfoort project. As a result of being granted a bulk gas production and removal permit, Afro Energy (JV of Kinetiko 49% and Badimo Gas 51% of\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/South-Africa-Amersfoot.jpg?fit=1200%2C581&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/South-Africa-Amersfoot.jpg?fit=1200%2C581&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/South-Africa-Amersfoot.jpg?fit=1200%2C581&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/South-Africa-Amersfoot.jpg?fit=1200%2C581&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/South-Africa-Amersfoot.jpg?fit=1200%2C581&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13522,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-kinetiko-energy-reports-core-well-270-05c-intersected-significant-gassy-zones\/","url_meta":{"origin":13553,"position":3},"title":"SOUTH AFRICA: Kinetiko Energy Reports Core Well 270-05C Intersected Significant Gassy Zones","author":"","date":"March 30, 2023","format":false,"excerpt":"Kinetiko Energy has provided an\u00a0update on its onshore gas exploration and production development activities. Core well 270-05C\u00a0spudded in March 2023 approximately 10kms from South Africa\u2019s largest gas\u00a0pipeline, the Lily Pipeline, which feeds the industries of the KwaZulu-Natal midlands and coastal\u00a0cities. The core hole started encountering intermittent gassy zones from a\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-ER271.png?fit=496%2C647&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11323,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-kinetiko-provides-korhaan-project-update\/","url_meta":{"origin":13553,"position":4},"title":"SOUTH AFRICA: Kinetiko Provides Korhaan Project Update","author":"","date":"December 7, 2021","format":false,"excerpt":"The three new wells of the Korhaan Project have been successfully spudded and each well has been drilled into the dolerite sills and Korhaan-4 has been cased to 150m and cementation operations are underway. Korhaan-4 well is expected to commence drilling into the gassy sandstone and underlying coal seams to\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Koorhan-Drilling-Project.png?fit=603%2C530&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Koorhan-Drilling-Project.png?fit=603%2C530&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Koorhan-Drilling-Project.png?fit=603%2C530&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10573,"url":"https:\/\/www.oilnewskenya.com\/index.php\/sasol-idc-formalize-partnership-to-co-develop-south-africas-hydrogen-economy\/","url_meta":{"origin":13553,"position":5},"title":"SASOL, IDC Formalize Partnership to Co-develop South Africa\u2019s Hydrogen Economy","author":"","date":"July 5, 2021","format":false,"excerpt":"Sasol Limited (Sasol) and the Industrial Development Corporation of South Africa Limited (IDC) have concluded a memorandum of cooperation (MOC) to jointly develop and shape an enabling environment to advance South Africa\u2019s green hydrogen economy. Underpinning the MOC is acknowledgement by the parties that South Africa is in a unique\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Sasol-2.png?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Sasol-2.png?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Sasol-2.png?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Sasol-2.png?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Sasol-2.png?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=13553"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13553\/revisions"}],"predecessor-version":[{"id":13555,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13553\/revisions\/13555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13554"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}