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RENERGEN LIMITED - Liquid Helium Progress

Release Date: 11/06/2024 14:00
Code(s): REN     PDF:  
Wrap Text
Liquid Helium Progress

Incorporated in the Republic of South Africa
(Registration number: 2014/195093/06)
JSE Share code: REN
A2X Share code: REN
ISIN: ZAE000202610
LEI: 378900B1512179F35A69
Australian Business Number (ABN): 93 998 352 675
ASX Share code: RLT
("Renergen" or "the Company" or "the Group")


Shareholders are referred to the announcement released on 6 May 2024, which detailed that
since 2 April 2024, the Original Equipment Manufacturer ("OEM") had brought the helium cold
box to the appropriate temperature to liquify helium in batches from its wells. This process
involved the purification of the helium to a level of 99.999% purity, which was validated by an
independent 3rd-party laboratory. The Company also advised that it would shut down the
facility to recommence the process from warm, demonstrating repeatability while undertaking
system checks, calibrations, and addressing possible corrective actions if necessary.
Renergen would like to advise shareholders that the Company has now completed the
relevant shutdown, checks, calibrations, and corrective actions and has restarted the facility
and resumed liquid helium production as of 4 June 2024. The liquid helium produced is being
utilized to cool the remaining components of the helium train, such as tanks and pipes, to
approximately -269 degrees Celsius.

The OEM contractor must now demonstrate that they are operating the entire plant at desired
temperature, pressure, and production flow parameters before the Contractor is allowed to
commence final contractual obligation of completing a Performance Test. The Performance
Test is envisioned to run over a period of seven days and will measure several critical criteria
that span recoverability of product, purity of product, and overall utility efficiency to ensure the
plant performs in accordance with the original design specifications. Helium produced during
this period will be kept in storage for supply to our customer.

Renergen has appointed two independent helium consultants to bolster our team's skillset for
operation once the Performance Test is complete and the plant has been handed over. The
consultants have a cumulative of several decades of experience in commissioning and running
liquid helium plants around the world, in countries including Algeria, Australia, Poland, Qatar,
Russia, and the United States. These consultants have already had the opportunity to engage
and review the relevant design data of our process plant and assess the overall progress of
the commissioning team on the front-end part of the process thus far. They have indicated
that no fundamental issues are likely to exist with the plant, as we have successfully liquified
helium from raw gas with proven repeatability, and further confirmed that the processes
currently being followed are standard commissioning procedures for a helium plant. They
further emphasized the importance of patience in this final stage of the commissioning
process, as it is a crucial step in ensuring the optimal performance of the plant.

"We acknowledge it has taken longer than originally planned to reach this step, but ensuring
the safe operation of the plant is our main priority right now. The progress achieved to date
puts us amongst only a few companies globally to achieve this status. It is too easy to focus
on the larger milestones and ignore smaller ones, but we should not lose sight that we will
shortly own and operate one of approximately less than 20 liquid helium production facilities
globally," added Renergen CEO, Stefano Marani. "We would like to assure our stakeholders
that everything is being done to conclude the commissioning timeously while ensuring long-
term longevity of the overall plant and consistency of production for years to come."

11 June 2024

Authorised by: Stefano Marani
Chief Executive Officer

Designated Advisor
PSG Capital

To readers reviewing this announcement on the Stock Exchange News Service (SENS), this
announcement may contain graphics and/or images which can be found in the PDF version
posted on the Company's website.

For all media relations please contact:

For all US investors and media relations please contact:
Georg Venturatos – Gateway Group, (949) 574-3860

Date: 11-06-2024 02:00:00
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