Global  

Trusted News Discovery Since 2008
One News Page
One News Page > Business News > Renergen raises $6.72 million to progress South African gas discovery

Renergen raises $6.72 million to progress South African gas discovery

Proactive Investors Wednesday, 22 January 2020
Renergen Ltd (ASX:RLT) has raised $6.72 million in a placement of 5.6 million chess depositary interests (CDI) with proceeds to be used to further a gas discovery made at the Virginia project in South Africa last month. The placement price of $1.20 per security represented a 4.7% discount to the 30-day VWAP and was well supported by Australian and New Zealand offshore investors. The funds raised will be used to further explore the discovery made in December 2019 while drilling in the sandstone and this included 12% helium levels. “Well placed” for production Chief executive officer Stefano Marani said, “With the construction of Phase I well underway and on schedule, we are well placed to commence production of 2,700 GJ of LNG and 350 kilograms of helium per day by mid-2021. “We have maintained for a while now that the sandstone deposit had potential and last month’s discovery certainly enhances this view with the level of gas flow and helium concentrations achieved. “Given the findings have been better than expected, we are now reviewing the data and planning how to maximise the flow potential of this area of the production right, as this will inform the magnitude and timing of Phase II. “It remains the company’s ambition to become a globally significant producer of liquid helium, and the successful capital raise today allows us the extra flexibility to ensure that we consider all possible angles.”
0
shares
ShareTweetSavePostSend
 

You Might Like


Recent related videos from verified sources

Colorado oil and gas regulators notify Kerr McGee of $18.25 million fine for Firestone explosion [Video]

Colorado oil and gas regulators notify Kerr McGee of $18.25 million fine for Firestone explosion

The Colorado Oil and Gas Conservation Commission (COGCC) on Thursday announced it is seeking an $18.25 million penalty against Kerr McGee for the deadly 2017 Firestone home explosion – the..

Credit: 7News - The Denver Channel     Duration: 02:36Published
Thief surprised fake $100 bill almost worked at gas station [Video]

Thief surprised fake $100 bill almost worked at gas station

A man in South Brunswick, N.J. attempted to pay his charges at a gas station with a fake $100 bill. Police were called once the gas station clerk realized the trick the man had pulled off. the South..

Credit: In The Know Wibbitz     Duration: 00:56Published

Recent related news from verified sources

Xanadu Mines partners with JOGMEC to progress Red Mountain Project

Xanadu Mines Ltd (ASX:XAM) has entered into an earn-in agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) regarding its Red Mountain...
Proactive Investors


Tweets about this

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2020 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.