Kinetiko shares rise after first drilling in South Africa

Shares in Perth-based oil and gas play Kinetiko Energy have risen after the company reported better than expected results from drilling activities at its Amersfoort joint venture in South Africa.

Kinetiko said drilling of the first well at the Amersfoot JV reached substantial spontaneous gas flows, with preliminary indications of gas pressures and flows exceeding expectations.

The pilot well is the first of a program of three to be drilled on the Amersfoot JV license.

At 1:30PM, Kinetiko shares were up 7.7 per cent, trading at 21 cents.