Kinetiko Energy Limited, listed on the Australian stock exchange, announced on 13 June 2023 the successful drilling of two core holes in their exploration right area ER272 as part of their accelerated drilling programme. Herewith the link to their public announcement. Strong Gas Results from First Core Wells on Er272 near largest energy infrastructure. Therein, Kinetiko’s CEO comments as follows:
“It is always very rewarding to enter a new exploration block and have such an unexpectedly high level of success in the initial core holes. The TD (Terminal Depth) was shallower than what we encountered further south, just as predicted, due to the sloping nature of the Karoo basement structures; so the logged stratigraphy returning over 100m of gassy pay in both 272-01C and 272-02C was a most encouraging outcome. We are in the process of moving the two core rigs to sites 272-06C and 272-08C due to the logistical expedience of proximity, and we have no reason to expect anything but success from these core holes as well. Of course, the strategical placement of the current exploration effort so close to Secunda is obvious. Sasol runs one of the world’s biggest and best Coal-To-Liquids plant at Secunda, and they have stated their need to move towards a Gas-To-Liquids conversion as they reduce pollution whilst increasing the quantum of their fuels output going forward. We absolutely expect to be a large part of that positive evolution towards greener liquid fuels.”
These drilling successes expands our understanding of the geology of the Permian aged Karoo coal basin, increases onshore potential gas resources and further reduces exploration risk in the surrounding areas. It is worth noting that one of Bastion’s blocks (reference 369ER on the map below) borders Kinetiko’s ER272 to the east, measuring 2061km2., approximately 3 times the size of ER272.
To the south of ER272 lies Bastion’s affiliate, Bulwark’s technical cooperation permit area (reference 209TCP on the map below) measuring 1242km2. These results fall in line with our belief that onshore gas, in close proximity to Sasol’s Secunda, have the potential to supply them with readily available gas and facilitates Sasol’s desire to transition to gas as primary feedstock.
As Bastion continues to de-risk its onshore gas opportunities through intelligent exploration, we look forward to partnering with like-minded companies, development finance institutions and industry as joint venture partners, financiers, contractors and gas off-takers who like us consider this a worthwhile endeavour.
For more information please contact the undersigned at barrisford@bastionoil.com or info@bulwarkoil.co.za
Barrisford Petersen
Founder and Managing Director
Bastion Oil and Gas South Africa (Pty) Ltd
Bulwark Oil And Gas Sa (Pty) Ltd
Rockit Energy (Pty) Ltd
LEGAL DISCLAIMER
DISTRIBUTION OF THIS DOCUMENT MAY BE RESTRICTED BY LAW. ACCORDINGLY, THIS DOCUMENT MAY NOT BE DISTRIBUTED IN ANY JURISDICTION EXCEPT IN ACCORDANCE WITH THE LEGAL REQUIREMENTS APPLICABLE TO SUCH JURISDICTION. IN PARTICULAR, YOU MAY NOT DISTRIBUTE, FORWARD, REPRODUCE, TRANSMIT OR OTHERWISE MAKE AVAILABLE THIS DOCUMENT OR DISCLOSE ANY INFORMATION CONTAINED IN IT OR CONVEYED DURING ANY ACCOMPANYING ORAL PRESENTATION (THE “INFORMATION”), IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL. FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES ARE REQUIRED BY THE COMPANY TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. NEITHER BASTION OIL AND GAS SOUTH AFRICA (PTY) LTD (INCLUDING ITS AFFILIATE BULWARK OIL AND GAS SA) (“COMPANY”) NOR ITS DIRECTORS, OFFICERS, EMPLOYEES, RESPECTIVE AFFILIATES, AGENTS OR ADVISERS ACCEPT ANY LIABILITY TO ANY PERSON IN RELATION TO THE DISTRIBUTION OR POSSESSION OF THIS DOCUMENT IN OR FROM ANY JURISDICTION.
The Document and the Information have been prepared by or on behalf of and is the sole property of the Company. The Information is being provided to you is not a complete record. The Information does not purport to be full or complete and does not constitute investment advice. No representation or warranty, express or implied, is given by or on behalf of the Company, its affiliates, agents or advisers or any other person as to, and no reliance may be placed for any purposes whatsoever on, the adequacy, accuracy, completeness, fairness or reasonableness of the Information. None of the information has been independently verified by the Company, its affiliates, agents or advisers or any other person, and no liability or responsibility whatsoever is accepted by any of them for any loss howsoever arising, directly or indirectly, from any use of the Information or otherwise arising in connection therewith. The Company, its affiliates, agents and advisers do not undertake and are not under any duty to update this Document or to correct any inaccuracies in the Information which may become apparent or to provide you with any additional information.
The sole purpose of this Document is to provide background information to assist you in obtaining a general understanding of the business of the Company. This Document does not constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, securities of the Company in any jurisdiction. It is not intended to provide the basis of any investment decision, financing or any other evaluation and is not to be considered as a recommendation by the Company, its affiliates, agents or advisers that any recipient of this Document purchase or subscribe for any securities in the Company. Each recipient of this Document contemplating any investment in the Company is required to make and will be deemed to have made its own independent investigation and appraisal of the business, results of operations, financial condition, liquidity, performance and prospects of the Company and the merits and risks of an investment in the securities of the Company. The delivery of this Document at any time does not imply that the information in it is correct as of any time after its date, or that there has been no change in the business, results of operations, financial condition, liquidity, performance and prospects of the Company since that date and no obligations is accepted to update any such information after the date of the Document. No person affiliated with the Company, their directors, officers, employees, respective affiliates, agents or advisers has been authorised to give any information or to make any representation not contained in this Document and, if given or made, such information or representation must not be relied upon. This Document may contain forward-looking statements, including, but not limited to, statements as to the Company’s business, results of operations, financial condition, liquidity, performance and prospects and trends and developments in the markets in which the Company operates. Forward-looking statements include all statements other than statements of historical fact and in some cases may be identified by terms such as “targets”, “believes”, “expects”, “anticipates”, “estimates”, “aims”, “intends”, “will”, “may”, “would”, “could” or, in each case, their negative or comparable terms. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Several factors, which may be beyond the control of the Company, its affiliates, agents and advisers, could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements in this Document reflect the Company’s view with respect to future events as at the date hereof and are subject to known and unknown risks, uncertainties and assumptions relating to the Company’s operations, results of operations, financial condition, growth, strategy, liquidity and the markets in which the Company operates. No assurances can be given that the forward-looking statements in this Document will be realised. Forward-looking statements are not guarantees of future performance. The Company, its affiliates, agents and advisers undertake no obligation and do not intend to update any forward-looking statements in this Document to reflect events or circumstances after the date of this Document.
Good for local small business as it should expose us to opportunities never before accessed.
This should be an opportunity afforded to the smme to grow, as well.