Ann: Completion of Placement and SPP to Raise $4.8 Million, page-6

I think your summary is quite off the mark and doesn’t give any credit to the way this company has been managed for many years now to ensure that shareholders do not get unnecessarily diluted. I’m unclear how you can interpret that the sophisticated investors/insto's did not like what they saw in their DD.

Whilst the journey has been a long one, the Company is now on the cusp of being able to deliver on its enormous potential. It should not be forgotten that the major shareholders and board/management have “walked the talk” over many years that will now allow shareholders to potentially be in a position to be significantly rewarded. Your comments concerning the directors’ remuneration and implying that they are not focussed on the project are quite disingenuous given the achievements over the past few years. It’s hard to be critical of directors that have been the largest contributors to rights issues and company loans over many years, particularly for the two years the Company was suspended from 2017-2020, when its future was uncertain. The SP has increased more than 500% since then and now the Company has secured funding for further exploration. I also note that it was $2.8m raised by sophs, not the $2m that whatsup noted as being disappointed by. That $2m is going to current shareholders, a considerable opportunity for those whom have remained loyal to this company and continued to support the project.

The key to unlocking the Company’s significant value is drilling holes in order to achieve first reserves and to secure 100% ownership of the project. Many of these objectives have been closed out with only a few remaining, those of which are close to being achieved.

As I understand it, the recent Capital raising was strongly supported by existing shareholders and a few new funds. This was despite it being undertaken at year-end and with a vast majority of the country being locked down through COVID. This is what can happen in the market. But at least the Company had the fortitude to proceed when many others would have baulked!

To put it simply, when you combine the $2.8m placement along with a $2m SPP you get $4.8m of fresh capital to commence drilling. This equates to effectively at least a 12-month drilling program and that is without the possibility of South African institutions coming into develop a pilot field on the project. As a long-term shareholder, I’m happy the dilution is kept to the minimum, all shareholders get to participate at the same price and the Company is well funded for the next 12 to 18 months.

In my recent discussions with the Executive Chairman of KKO, the Company does not have any risk increases due to the above matters, and now with funding it can aggressively pursue the following:

• Further well work overs for potential gas production
• Continued aeromagnetic surveys for well drilling prioritisation
• Complete negotiations for small scale off-take
• Advance new exploration drilling on pre-approved programs
• Continue negotiations with SA institutional groups to develop a pilot production field
• Move to certifying first reserves and achieve first revenues all within the next 12 months

In the short-term the drivers of significant value for the Company is 100% control of the project and first reserves! The Company has a clear and well funded path to deliver this!

Shareholders can always call the company direct and the chairman is often accessible and will return calls which is a more informative communication than emails which are never certain of being received.

And finally, not to personally attack you, BUT (haha) on the 30/06 you noted a CR of $5m @ 10c would be a "massive derisking factor for me and a good sign that the project will progress as planned." You then received this announcement days later and decided to sell out whilst plastering the forum with your negative views on the company? Couple that with a prior post in which you noted you had bought in on the 21/06... How much chance have you really given this company before weighing in as you have done?