“Following the Minerals and Petroleum Resources Development Act of 2002 (MPRDA) Section 81:(4), under which the company is entitled to continue with exploration and appraisal operations, the renewals granted are for the first of potentially three renewal periods of two years,” Kinetiko Energy indicated in a statement.
In addition to ER 270 and 272, Afro Energy also holds rights to ER 271 in the main Karoo Basin, thus bringing the subsidiary’s total exploration portfolio in the area to 3,577km2 and supporting Kinetiko Energy’s planned exploration activities in 2023.
Meanwhile, Kinetiko Energy has indicated its intention to apply for production rights over these exploration rights for an initial period of 30 years.
