Listing on the Australian Stock Exchange (“ASX”) and Updated Reserve and Evaluation Report
Incorporated in the Republic of South Africa
(Registration number: 2014/195093/06)
Share code: REN
(“Renergen” or “the Company” or “the Group”)
LISTING ON THE AUSTRALIAN STOCK EXCHANGE (“ASX”) AND UPDATED
RESERVE AND EVALUATION REPORT
LISTING ON THE ASX
Shareholders are referred to various announcements wherein the Company advised that it was
contemplating a capital raise in Australia which will result in a listing on the ASX (“the Listing”).
Renergen is pleased to advise that the Prospectus for the Listing, incorporating the MHA Update is
available on the Company’s website at www.renergen.com.au/investor-relations.
Further details on the Listing will be announced in due course.
UPDATED RESERVE AND EVALUTAION REPORT
As a result of the Listing and as previously announced on SENS on 4 March 2019, the Company is
pleased to release the latest independent reserve review compiled by MHA Petroleum Consultants LLC
(“MHA”) from the United States of America in respect of the Virginia Project held by the Company’s
subsidiary Tetra4 Proprietary Limited (“Tetra4”), dated 23 April 2019 (“MHA Update”).
The key highlights include:
• 12.2% increase in proven methane since March 2018
• 16.1% increase in proven helium since March 2018
• Economic valuation up 16.4% to R9.8bn using a 15% discount for 2P
• Inclusion of ongoing work relating to shallow conventional “White Sandstone” discovered where
helium concentrations are up to 11%
The Summary of methane and helium net gas reserves is as follows:
Total Probable Proved and Possible Proved,
Proved Probable Probable and
Methane (BCF) 40.76 98.23 138.99 145.18 284.18
Helium (BCF) 1.01 2.39 3.41 3.45 6.86
The MHA Update includes a revised reserve evaluation which has resulted in an updated economic
assessment of Tetra4’s assets as set out below in ZAR million:
Discount Proved Probable Proved and Possible Proved,
rate Probable Probable
0% 17,069 50,367 64,477 75,065 135,196
5% 7,995 20,988 27,754 30,430 56,387
8% 5,599 14,369 19,059 20,481 38,224
10% 4,541 11,620 15,375 16,376 30,624
15% 2,878 7,516 9,788 10,301 19,242
20% 1,945 5,318 6,758 7,092 13,162
30% 978 3,104 3,699 3,929 7,127
The above reserve estimates were signed off on 23 April 2019 by a qualified reserves evaluator, Mr
Jeffrey B. Aldrich, and is based on assumptions including a gas sales price of ZAR 236/mcf. Mr Aldrich
has approved the information contained in this announcement in writing prior to the release thereof. The
reserve estimates have been compiled in accordance with the Society of Petroleum Engineers (“SPE”)
Petroleum Resources Management (“PRMS”) and South African Code for the Reporting of Oil and Gas
MHA has approved the gas reserve estimates, in writing in advance of this announcement.
“The continuous improvement in reserves as we further our geological understanding of the resource is
highly encouraging. Favourable market conditions, particularly with the massive upward shift in helium
prices, has made Tetra4’s prospects of becoming a global helium participant all the more tangible,” said
Stefano Marani (CEO).
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24 April 2019
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