Oil and Gas Activities

During 2019/20 K2 acquired a drilling interest in an exploration permit in Alabama, USA. The well was drilled to 12,600 feet, and whilst oil shows were encountered, the well was not commercial, particularly at current oil prices.

K2 also has a 1% interest in the Horace Greeley oil and gas exploration prospect in Oil and gas exploration area in Conecuh County, Alabama. The first well drilled was uncommercial.