RENERGEN LIMITED - Listing on the Australian Stock Exchange (ASX) and Updated Reserve and Evaluation Report

Listing on the Australian Stock Exchange (“ASX”) and Updated Reserve and Evaluation Report

RENERGEN LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2014/195093/06)
Share code: REN
ISIN: ZAE000202610
(“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
                                                                                   Possible
                                                         (2P)
                         (1P)
                                                                                       (3P)
Methane (BCF)            40.76      98.23          138.99            145.18          284.18


Helium (BCF)             1.01       2.39           3.41              3.45            6.86


ECONOMIC ASSESSMENT

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
                                                                                           and
                                                       (2P)                              Possible
                   (1P)
                                                                                           (3P)


      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
Resources (“SAMOG”).

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).

Email investor queries to investorrelations@renergen.co.za

Johannesburg
24 April 2019

Designated Adviser
PSG Capital

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