Kinetiko Energy (ASX:KKO) Announces Q4 2024 Activities Report
Health, Safety and Environment
Kinetiko Energy reported no accidents, injuries, health, or environmental incidents during Q4 2024. The company conducted safety meetings before each shift at the well site, achieving over 13,920 person-hours since resuming drilling without any reportable safety incidents.
Production Test Program
The company completed drilling of ER271-23PT, the first well in its five-well production test program, reaching a depth of 463 metres. Although the choke test did not yield commercial gas quantities due to a geological anomaly, Kinetiko remains optimistic about the remaining four wells positioned in geologically favourable areas. Additionally, drilling commenced on the second well, ER271-KV06PT, strategically located near key energy infrastructure, enhancing the program’s commercial viability.
Financial Position
As of 31 December 2024, Kinetiko is debt-free with approximately $2.28 million in available funds. This includes $1.38 million in cash and $0.50 million in proportionate funding to Afro Gas Development Pty Ltd, alongside $0.40 million from the IDC. The company successfully returned initial investment funds, with the first tranche of $1.366 million to Kinetiko and $1.118 million to the IDC completed on 19 December 2024, and the remaining balance returned in early January 2025.
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