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Kinetiko Energy Unit Secures Over AU$1 Million Cooperation Fee Under South Africa Deal; Shares Up 10%

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Kinetiko Energy's (ASX:KKO) South African subsidiary Afro Energy secured a cooperation fee of AU$1.3 million in cash consideration under an agreement with Mulilo Newcastle Wind Power (MNWP) and Mulilo Renewable Project Developments, according to a Wednesday filing with the Australian bourse.

The deal grants MNWP an exclusive use arrangement over a defined exclusion zone, resolving overlapping land use with the proposed Newcastle wind energy facility in South Africa, the filing said.

The cooperation fee will be used to fast-track the first phase of the gas production cluster at Brakfontein, per the filing.

Kinetiko Energy shares rose 10% in morning trade Wednesday.

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