Past year: ▲ 65%(36.5c – 1.34 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Jan 2023production update▲ GoodMajor
First liquid helium produced at Virginia, making Renergen a liquid helium producer and completing all Phase 1 plant components. The helium module is operational and being optimised. This resolves the long-delayed helium start-up; no volumes are given.
23 Nov 2022capital raising announcement● NeutralMajor
Placement of 4,365,670 shares raised R107.6m: CDIs at A$2.14 and ordinary shares at R24.64, a 10% discount to 30-day VWAP. Funds go to working capital, Phase 2 studies and helium start-up. Settles 28 November 2022; follows the March Ivanhoe placement.
15 Nov 2022production update▲ GoodMajor
The LNG plant is back in production after the conduction oil system repair, with commercial deliveries to both customers starting later that week. The helium liquefaction module is next; helium separation recovery exceeds design. This resolves the October shutdown for LNG only.
15 Nov 2022half year report● Neutral
BDO's review report on the half-year financial statements to 31 August 2022, with an unmodified conclusion. A limited-assurance review, not an audit. Repeats information already reported.
8 Nov 2022other● Neutral
ASX paused trading in Renergen securities pending a further announcement. No reason is given in the notice. It likely precedes the 22 November capital raise (inference).
1 Nov 2022other● Neutral
Prescribed officer Leonard Eiser bought 9,374 shares on market on 31 October 2022 at about R26.21, roughly R246k. Minor dealing disclosure.
31 Oct 2022half year report● Neutral
Half year to 31 August 2022: revenue R1.2m, loss R24.5m (19.31 cents per share versus 21.05). BDO gave an unmodified review. Net tangible assets R412.7m on 135.1m shares. New subsidiary Cryovation formed for Cryovac. Reports pre-production results.
26 Oct 2022production update▼ BadMajor
The plant was shut shortly before producing liquid helium because a wrongly installed conduction oil system heated unreliably. It is now repaired, and extra wells were connected while off. LNG restarts first, helium after. This is a setback to the helium timeline.
5 Sept 2022production update▲ GoodMajor
The Virginia Gas Project is operational, producing liquid hydrocarbons and filling bulk storage tanks ahead of customer deliveries, making it South Africa's first commercial LNG plant. Helium liquid is to follow 'in due course'. This ends the long Phase 1 commissioning wait.
18 Aug 2022auditor change● Neutral
BDO South Africa (partner Jacques Barradas) appointed external auditor with immediate effect after a tender, replacing Mazars. Renergen initiated the change, citing BDO's international footprint. Shareholders vote at the 2023 AGM.
11 Aug 2022material agreement▲ GoodMajor
CEF completed due diligence on its R1bn (~A$86m) investment for 10% of the Virginia project (Tetra4). Both sides now seek stakeholder approvals and final agreements. The CEO called plant start-up delays immaterial and said there is no intention of rushing.
18 July 2022business combination▼ BadMajor
The 120-day period for Ivanhoe's strategic agreement ended without conditions being met, so the Second Subscription (to 25%) and Third Subscription (to 55%) have lapsed. Ivanhoe stays a 4.35% holder; the CEO says Phase 2 equity is only needed in 2023.
15 July 2022admin correction● Neutral
Renergen corrects a 27 May 2022 Appendix 2A: 37,431 option-exercise shares were wrongly added to ASX-listed CDIs and were actually issued on the JSE. Issued capital stated as 23,896,204 CDIs and 105,912,019 ordinary shares. Administrative only.
11 July 2022production update▲ GoodMajor
Natural gas was introduced to the Phase 1 plant on 8 July 2022, verifying safety and flare systems. Commercial operation is expected towards end of July 2022, once customer sites are ready. This follows the delays flagged in June, though the date is the company's expectation only.
30 June 2022quarterly activities report▲ GoodMajor
Quarter to 31 May 2022: a US DFC retainer letter for up to US$500m of Phase 2 senior debt, with other lenders indicating up to about US$600m more; targeting 65% debt. Commissioning and Gandalf well progress. CEF deal and Ivanhoe due diligence still pending.
30 June 2022drilling result● Neutral
New well Gandalf hit gas at 480m flowing about 90,000 scf/d; it will be drilled to a 1,200m target, expected by end of August. Phase 1 commissioning continues cautiously, with start-up delayed a few weeks to reduce risk, per the CEO.
20 June 2022regulatory community update● Neutral
Notice that the annual BBBEE compliance report and empowerment certificates for Renergen and Tetra4 are published on the company website. Administrative only.
30 May 2022production update● Neutral
Phase 1 commissioning: cooling, water and nitrogen-removal systems are done, with the plant being finished on nitrogen rather than gas for safety. Commercial operation will be timed with customer sites being ready. No start date is given, and 'imminent' turn-on is still pending.
23 May 2022other● Neutral
Two prescribed officers, Khalid Patel and Mandy Stuart, sold small share parcels on market on 19 May 2022: 4,477 shares at R35.50 (about R159k) and 2,802 at R35.00 (about R98k). Minor routine dealing disclosure.
20 May 2022annual report● Neutral
Integrated annual report for the year to 28 February 2022, covering operations, governance and audited financial statements. It repeats known results and events; the supplied text shows no new figures beyond those already reported.
20 May 2022admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for the year to 28 February 2022. Administrative filing with no new information for shareholders.
2 May 2022production update▲ Good
Phase 1 cold boxes are being purged and pre-cooled with liquid nitrogen ahead of receiving field gas, which is expected in the coming week. Fire protection and instrument air systems are done. Incremental commissioning progress, with no production yet.
2 May 2022annual report● Neutral
Preliminary results for the year to 28 February 2022: revenue R2.6m (up 36.8%), loss R33.8m, loss per share 27.73 cents versus 36.29. Unaudited. Borrowings rose with the final DFC draw and a new R160.7m IDC loan. Plant start-up described as imminent.
26 Apr 2022other● Neutral
Trading statement: loss per share for the year to 28 February 2022 expected between 24.1 and 31.4 cents, 14%-34% lower than 36.29 cents the year before. Attributed to higher energy prices and fewer Covid restrictions. Audited results due about 19 May 2022.
12 Apr 2022production update▲ Good
Hot commissioning of the Phase 1 plant began, with generators synchronised on 10 April and utility systems like air and nitrogen next. This continues the plant start-up that earlier slipped to about April; no first-production date is given.
6 Apr 2022director officer appointment● Neutral
Alex Pickard, Ivanhoe Mines' Vice President of Corporate Development, joins the Renergen board as a non-executive director. This follows Ivanhoe's March investment and gives it board representation.
1 Apr 2022drilling result▲ Good
First two production wells struck gas: Frodo at 23,000 scf/d and Balrog at 90,000 scf/d, with drilling at Balrog continuing. R2D2's flow rose 15% after clean-up. Helium detected in both; composition still to be determined. Balrog was sited by the company's AI vegetation-stress method.
28 Mar 2022asset acquisition disposition▲ GoodMajor
Non-binding term sheet for state-owned Central Energy Fund to take 10% of Tetra4, the Virginia Gas Project owner, for R1bn (A$91.3m), to fund Phase 2. Subject to due diligence and approvals within 141 days, after which price is renegotiated if no binding deal.
15 Mar 2022capital raising announcement▲ GoodMajor
Ivanhoe Mines buys 5,631,787 shares at R35.625 (about A$3.24), raising R200.6m (A$18.3m) for a 4.35% stake. A 120-day due diligence could lead to a 25% holding, then an option to reach 55% via up to US$250m of equity for Phase 2.
4 Feb 2022contract award▲ GoodMajor
Five-year LNG supply deal with Ceramic Industries, an Italtile subsidiary, for up to 800 GJ a day at a fixed price with CPI escalation, plus two optional five-year renewals. It depends on Phase 1 commissioning and customer site readiness. Management calls it the second and final industrial Phase 1 contract.
