Past year: ▲ 65%(36.5c – 1.34 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Nov 2020material agreement▲ Good
At the SA Investment Conference, Renergen announced a cold-chain LNG trailer concept with Henred Fruehauf, claiming up to 23% fuel bill savings. It also said the Total LNG tie-up will extend to the N1 Johannesburg–Cape Town route in 2021.
16 Nov 2020half year report● Neutral
Mazars' independent review report on the interim financials lodged 20 October, dated 16 October 2020. It gives an unmodified conclusion. No new information.
30 Oct 2020drilling progress report▲ Good
P2V2 has drilled through the base of the Karoo and is being logged. A gaseous odour was found on re-entering old well MDR1, where no gas was recorded originally. The CEO says it is encouraging but not a strike.
22 Oct 2020other● Neutral
Prescribed officer Johann Weideman bought 1,831 shares on-market at R12.65 (R23,162). No other substance.
22 Oct 2020other● Neutral
CFO Fulufhedzani Ravele exercised options for 58,734 shares at R12.70 (R745,922) under the share incentive scheme. Off-market, no other substance.
21 Oct 2020drilling progress report▲ Good
Replacement well P2V2 has set intermediate casing and is expected at or near target by the end of the first week of November. A second directional rig will start on 30 October re-entering old well MDR1, saving time and cost.
20 Oct 2020half year report● Neutral
Reviewed interim results to 31 August 2020: revenue down 36% to R0.9m, with no Tetra4 revenue in April and May. Property, plant and equipment rose to R420.5m with plant construction. The second DFC draw of US$12.5m (R216.3m) is noted.
19 Oct 2020half year report● Neutral
Half-year to 31 August 2020: revenue fell to R910k from R1.44m, blamed on COVID-19 lockdown. Net loss narrowed to R26.9m from R40.0m. Net tangible assets fell to 102.55 cents per share. Mazars gave an unmodified review conclusion.
14 Oct 2020other▲ Good
JSE trading statement: half-year loss per share is expected at 19.38 to 26.42 cents, down 25% to 45% from 35.24 cents a year earlier. The prior year included once-off costs for the DFC loan and ASX IPO. Figures are unreviewed.
6 Oct 2020contract award▲ Good
Renergen signed an LNG supply agreement with Logico Logistics, a transport company, to supply LNG at Total filling stations on the N3 Johannesburg–Durban route. No volumes or values are given. It adds to the offtake customers.
30 Sept 2020quarterly activities report● Neutral
Quarterly report to September 2020: first inclined well abandoned, replacement well spudded, three more wells designed. LNG auction registrations beat expectations. Next milestone, plant batch 1 FOB due 1 November, is likely to run behind schedule because of COVID-19.
30 Sept 2020quarterly activities report● Neutral
Appendix 5B for the quarter to 31 August 2020: cash rose to R250.7m from R82.5m, helped by R216.3m of loan proceeds (the second DFC tranche). Operating outflow was R9.0m and investing outflow R21.8m.
10 Sept 2020drilling result▼ BadMajor
The first inclined well was abandoned after the bottom hole assembly was lost in a drill string rupture before reaching the base of the Karoo. It was drilled turnkey, so no cost to Renergen. A new rotary directional rig and an old cased well are now planned.
3 Sept 2020other▲ Good
Registrations for South Africa's first LNG auction closed 28 August and 'significantly exceeded expectations', with no count given. Bids are due by end October after information sharing, so no prices or volumes are known yet.
4 Aug 2020investor presentation● Neutral
August 2020 investor presentation; the extracted text is only charts and bullets with no readable content. No new figures can be taken from it.
3 Aug 2020drilling spud● NeutralMajor
The drill rig is preparing to spud the first well of the inclined programme at Virginia, which was delayed from earlier timing. Results are about a month away, when the well reaches the base of the Karoo. No result yet.
29 July 2020other▲ Good
Plant design completed 22 days ahead of schedule, the fourth Phase 1 milestone, compared with the 18 August target in the quarterly report. The company still targets production in 2021. The release is dated 28 June, though lodged 29 July.
20 July 2020other● Neutral
Renergen launches South Africa's first LNG auction, inviting parties to bid for allocation of Virginia-produced LNG. It restates Phase 1 production in 2021 and Phase 2 by 2023. No bid results or prices are given.
9 July 2020drilling progress report● Neutral
First inclined well is delayed by COVID-19 restrictions: drill site access was given 2 July, spud expected late July, and target reached late August. The CEO says the focus is a successful well over a fast one.
7 July 2020resource reserve update▲ GoodMajor
Sproule estimates undiscovered prospective helium resources at the Virginia project of 32.5 / 106.3 / 344.2 Bcf (low / best / high), un-risked. These are new and sit alongside the earlier 6.8 Bcf reserves and 20.9 Bcf contingent resources; they carry significant exploration risk.
2 July 2020regulatory community update● Neutral
Notice that the annual broad-based black economic empowerment compliance reports for Renergen and Tetra4 are published on the website. Administrative only.
1 July 2020other● Neutral
Appendix 4G corporate governance disclosure for the year to February 2020, pointing to the governance statement on the company website. Administrative, with no new business information.
29 June 2020quarterly activities report● Neutral
Appendix 5B for the quarter to 31 May 2020: cash fell to R82.5m from R141.0m, with R55.2m of investing outflows. Operating outflow was R4.3m. Loan facilities total R700.7m, with R350.3m drawn.
29 June 2020quarterly activities report● Neutral
Second US$12.5m tranche of the US development finance loan drawn on 15 June. Inclined-well spud is expected within days, slightly behind schedule. Total LNG marketing deal noted; next milestone, plant design, expected 18 August.
26 June 2020other● Neutral
Prescribed officer Khalid Patel bought 990 shares on-market at R13.40 (R13,266). No other substance.
22 June 2020other● Neutral
Prescribed officer Nalanie Naidu bought 1,500 shares on-market at R13.20 (R19,800). No other substance.
18 June 2020material agreement▲ GoodMajor
Renergen signed a joint LNG marketing and distribution agreement with Total South Africa, selling through Total service stations, starting on the N3 Johannesburg–Durban route. The plant is expected to turn on around Q3 2021, a little later than the earlier mid-2021 target.
11 June 2020other● Neutral
Prescribed officer M Stuart bought 130 shares at R14.85 and 697 shares at R14.00 on-market (about R1,930 and R9,758). No other substance.
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.
