Updated Reserve Review Results RENERGEN LIMITED Incorporated in the Republic of South Africa (formerly Dominica Trade Proprietary Limited) (Registration number: 2014/195093/06) Share code: REN ISIN: ZAE000202610 (“Renergen” or “the Company”) UPDATED RESERVE REVIEW RESULTS Shareholders are referred to the Independent Reserves Update Report included in the circular distributed to shareholders on 28 October 2015 (“2015 Report”) and are hereby advised of the results of the latest independent reserve review of the Virginia Project held by the Company’s subsidiary Tetra4 Proprietary Limited, dated 30 September 2016. Net Reserve volumes have increased, primarily based on drilling results during the past 12 months. The table below provides a comparative summary of the results of the reserve review: Proved, Proved Probable Proved Possible Proved, Developed, and Probable Producing Probable and Possible Company Net Gas (million cubic feet) 2015 - 24 830 56 478 81 308 145 721 227 029 2016 - 32 412 68 514 100 927 155 450 256 376 % 0% 31% 21% 24% 7% 13% change Net reserve volumes have increased the total Proved and Probable Reserves to 100,927 MMcf, an increase of 24% since the 2015 Report. Reserve volumes have been reported on a company net basis. This illustrates the volumes attributable to the Company after all burdens have been accounted for. The exploration costs incurred amounted to approximately R4.8 million, which consisted primarily of the drilling of four wells over the last 12 months and the updating of the detailed geological model. Based on the success of this campaign, the new geological information allowed for the addition of a number of Probable and Possible locations adjacent to the wells as well as new Proved locations along the fault lines that were further defined by drilling. ECONOMIC ASSESSMENT The revised reserve volumes have resulted in an updated economic assessment of the Company’s Virginia assets as set out below: Discount Proved, Proved Probable Proved Possible Proved, rate Developed, and Probable Producing Probable and Possible 0% - 15 619 37 131 52 750 84 973 137 723 5% - 6 896 13 305 20 201 25 032 45 233 8% - 4 781 8 549 13 330 14 730 28 060 10% - 3 875 6 689 10 564 11 012 21 576 15% - 2 484 4 076 6 560 6 187 12 747 20% - 1 722 2 771 4 493 3 990 8 483 *The above figures are represented in ZAR million. Venmyn Deloitte's report indicates a value of R6,6 billion representing P1 Proven gas reserves at 10% discount and P2 Probable gas reserves at 20%, which demonstrates the financially prudent and sophisticated scientific methodologies being used in determining where to drill, shows a good understanding of the reserve, demonstrates management’s ability to continue to enhance and unlock shareholder value in the country’s first and only onshore petroleum production right. The above reserve estimates were signed off on the 30th of September 2016 by a qualified reserves evaluator, Mr R Bertram, and is based on assumptions including USD/ZAR of 12 and a gas sales price of ZAR 210/GJ. “The increased reserve volumes are material to Renergen, not only because of the increased valuation ascribed to it, but more importantly that as a company we are now ready to look at meaningful base load power solutions to industrial companies in the area,” said Stefano Marani (CEO). CONFERENCE CALL Renergen and Venmyn Deloitte will host a call at 12:00pm SA today (05 October 2016) to discuss the results of the Reserve Update. Dial +2711 535 3600 to join the call. The presentation and Independent Reserves Update Report are available from www.renergen.co.za. Email investor queries to investorrelations@renergen.co.za Johannesburg 5 October 2016 Designated Adviser Merchantec Capital Independent Techno Economic Advisor Venmyn Deloitte Date: 05/10/2016 08:42:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.