Past year: ▲ 65%(36.5c – 1.34 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 May 2020annual report● Neutral
Lodgement of the 2020 Integrated Annual Report for the year to 29 February 2020, with notes that Australian takeover rules do not apply and South African law limits share acquisitions. The cover note adds no new results beyond the preliminary report.
28 May 2020regulatory community update▲ Good
Contractor EPCM Bonisana will return to site on 1 June 2020 to restart pipeline construction, which was halted by the COVID-19 lockdown from 26 March.
19 May 2020investor presentation● Neutral
Investor update presentation; the text extracted is only chart axes and bullet markers, with no readable content. Text not readable.
13 May 2020drilling scheduled▲ GoodMajor
Contract signed with Bohrmeister to drill the first inclined well for Phase 1, about 6 weeks to mobilise and 8 weeks to drill. It tests the inclined-well plan adopted in March, aiming at fractures where helium is around 2%.
30 Apr 2020annual report▼ Bad
Preliminary results for the year to 29 February 2020: revenue fell 13% to R2.6m, and net loss rose 17% to R52.6m. The company attributes the revenue fall to the five-month Virginia strike and the loss to once-off IPO and US$40m loan costs. No dividend.
17 Apr 2020other● Neutral
Pipeline design completed 16 April, the third milestone, 8 days behind schedule. The company says it is not on the critical path and expects no delay to the final completion date.
18 Mar 2020regulatory community update● Neutral
Staff moved to home working and non-essential plant staff put on leave after South Africa declared COVID-19 a national disaster. The company says no substantial delays yet to the liquefaction equipment or pipeline.
10 Mar 2020drilling progress report● NeutralMajor
The horizontal well suffered technical problems and water ingress, needing several side-tracks. Data shows the 12% helium gas rises along two faults with about 31km combined strike, so the company will switch to inclined wells every ~300m. Updated reserves are expected in Q2 2020.
3 Mar 2020other● Neutral
Prescribed officer JHJ Weideman bought 1,300 shares on-market at R14.80 (R19,240). No other substance.
7 Feb 2020contract award▲ GoodMajor
Tetra4, Renergen's subsidiary, signed an LNG supply agreement with Bulk Hauliers International Transport to fuel about fifty trucks using dual-fuel technology. It added a new logistics customer for the planned LNG output.
29 Jan 2020capital raising announcement● NeutralMajor
The placement was scaled back at settlement to 4,791,667 CDIs at A$1.20, raising A$5.75m instead of A$6.72m. The company says this still covers the Tetra4 stake purchase, giving 100% of the Virginia Gas Project.
What it means for a shareholder
4.8m new shares at A$1.20 to raise about A$5.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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22 Jan 2020capital raising announcement▲ GoodMajor
Placement of 5.6m CDIs at A$1.20 to raise A$6.72m, a 4.7% discount to the 30-day VWAP. It replenishes cash used to buy the remaining Tetra4 stake, with the balance for exploring the December sandstone discovery.
What it means for a shareholder
5.6m new shares at A$1.20 to raise about A$6.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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21 Jan 2020drilling progress report● Neutral
Drilling was paused over the holidays, with gas pressure unchanged. Electric logging began 17 January to plan the next steps, with results due in weeks. The first inclined Phase 1 well is expected to spud in early February. The project is described as 100% owned.
2 Jan 2020other● Neutral
Prescribed officer JHJ Weideman bought 4,800 shares on-market at R13.92 (R66,816). No other substance.
24 Dec 2019other● Neutral
Prescribed officer JHJ Weideman bought 500 shares on-market at R13.39 (R6,695). No other substance.
23 Dec 2019quarterly activities report▲ GoodMajor
Quarterly presentation recapping the 12% helium sandstone strike, the second CNG station, the Western Shell liquefier order and two milestones met. It adds that Renergen bought the remaining 10% of Tetra4 on 17 December for a net R23m, and first gas to the plant is expected July 2021.
16 Dec 2019drilling result▲ GoodMajor
The horizontal well hit gas-charged sandstone, flaring at 850,000 scf/day (valves partly closed) with 12% helium and over 75% methane. This resolves the pending sandstone test positively and is a new discovery not in prior reserves; a further 1,200m is planned, with testing due March 2020.
11 Dec 2019other▲ Good
Second construction milestone met ahead of schedule: EPCM Bonisana has set up the site for pipeline construction. The company says work remains on track.
5 Dec 2019other▲ Good
First Phase 1 construction milestone met: the Balance of Plant contract with EPCM Bonisana has been executed. The company says all workstreams are on track.
2 Dec 2019drilling progress report● Neutral
The horizontal sandstone well was drilled to 254m and casing set; after drilling out on 29 November, gas shows and a short venting of pressurised gas occurred in the Karoo, before reaching the target sandstone. Cautionary notice issued; no result yet.
20 Nov 2019other● Neutral
Renergen approved for a secondary listing on South Africa's A2X Markets, starting 27 November 2019. The company says there is no extra cost or compliance, and the JSE and ASX primary listings are unaffected.
12 Nov 2019security holder rights change● Neutral
Shareholders approved the board's general authority to issue shares for cash up to 5% of issued capital, with 99.84% in favour (77.82% of voting rights voted). This completes the vote opened in October after the earlier 50% proposal was withdrawn.
29 Oct 2019contract award▲ GoodMajor
China's Western Shell Cryogenic Equipment awarded the contract to supply technology and equipment for the Virginia LNG and liquid helium plant, which EPCM will install. Plant targeted for first half 2021 at up to 2,700 GJ LNG and 350 kg helium daily.
21 Oct 2019contract award▲ Good
Second CNG filling station commissioned in Johannesburg to supply about 15 Black Knight Logistics dual-fuel trucks from this month. The company says it will significantly lift pilot-phase revenue; it runs until the LNG plant starts in 2021.
17 Oct 2019drilling progress report● Neutral
Horizontal sandstone well is on schedule, with the vertical section at 145 metres. Next, a directional rig will drill a 1.5km string into the Vryheid sandstone and Dwyka targets. No result yet.
14 Oct 2019security holder rights change● Neutral
A prior resolution letting the board issue up to 50% of shares for cash was withdrawn as too dilutive. Shareholders are now asked to approve a cap of 5%, with voting closing 8 November. The company says it does not expect to need much more capital.
30 Sept 2019half year report▼ Bad
Appendix 4D for the six months to 31 August 2019: revenue R1.4m (down 22%) and net loss R40.0m (up 129%). The company cites a five-month strike cutting CNG sales, share options granted for the ASX listing, and raising costs. Auditor Mazars gave an unmodified review.
30 Sept 2019half year report● Neutral
Reviewed interim results for the six months to 31 August 2019, repeating the Appendix 4D figures. The company says it is fully funded to build Phase 1 and drill the sandstone well, following the board's investment decision on the capex and drilling programme.
27 Sept 2019other▼ Bad
JSE-required trading statement: loss per share for the six months to 31 August 2019 expected at 33.30 to 37.19 cents, up 71% to 91% from 19.43 cents. The company attributes it to one-off costs of the ASX IPO and the US$40 million OPIC loan.
17 Sept 2019debt financing▲ Good
The A$500,000 convertible notes issued in December 2018 were redeemed at face value. The notes carried 15% interest and converted at A$0.74 per share, so redemption removes costly debt and that potential dilution.
