Significant Exploration Rights Renewed

HIGHLIGHTS
• Petroleum Agency of South Africa (PASA) has granted Afro Energy renewals on Exploration Rights 270 and 272
• The Exploration Rights have been renewed for two years
• The renewals granted by PASA supported the approved work programs Kinetiko has in place to accelerate exploration

Kinetiko Energy Ltd an Australian gas explorer and developer focused on advanced shallow conventional gas and coal bed methane in South Africa, is pleased to provide the following update on its onshore gas exploration and production development activities.

The renewals covering an area of approximately 3,135km2 represent a substantial portion of the Company’s current exploration rights and support the majority of the planned exploration activities of 2023 (Figure 1). 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 3 renewal periods of two years. The company intends to apply for production rights in the near future over these exploration rights with would be valid for an initial period of 30 years.

This announcement is authorised for release to the market by the Board of Directors of Kinetiko Energy Limited.