Australia’s Kinetiko secures $2.2 million gas deal in South Africa Australian oil and gas firm Kinetiko Energy has secured $2.2 million from a placement to shareholders and directors to fast track the development of its onshore gas project in South Africa’s Mpumalanga Province. The raise also included a $500,000 debt for equity conversion aimed at strengthening the company’s financial position. The funding will support the firm’s ongoing production test program at its Brakfontein site, where Kinetiko is targeting commercial gas flows in one of South Africa’s most promising onshore basins. The company said it expects early results from the drilling campaign in July 2025. Kinetiko said $1.48 million from the fund will go toward exploration and development activities, while $350,000 will be used for corporate expenses, another $350,000 for working capital, and $20,000 for capital raising costs. According to Executive Chairman Adam Sierakowski, the funds will enable the company to push forward with its five well production test program, launched in August 2024, to determine the commercial viability of gas flow from the basin.