Kinetiko Energy Limited with its major shareholder in Afro Energy Pty Ltd, Badimo Gas Pty Ltd is pleased to provide an update on the following significant milestones in the evaluation and potential development of the Amersfoort gas discovery in South Africa.
Funding Expression of Interest
By letter to Afro Energy dated 07 July 2015 the Industrial Development Corporation has presented a non binding expression of interest to fund the development of the Amersfoort project through either debt and or equity. This expression of interest is subject to a number of conditions being satisfied including due diligence.
The IDC was established in 1940, and is a national development finance institution set up to promote economic growth and industrial development. The IDC is owned by the South African government and reports to the Minister of Economic Development. The IDC has a vision and a mission to contribute to the creation of balanced, sustainable economic growth in South Africa and on the rest of the continent.