Renergen Boss Stefano Marani talks to the huge benefits of a Nasdaq listing for their shareholders
Renergen Limited reported full year results today for the first time as a producer rather than an explorer. The Helium and natural gas producer cut its loss by more than a fifth in its year to end-February.
Renergen, which began production in September, said revenue surged just over 388% to R12.7 million to end-February, with its loss after tax falling 21% to R26.6 million.
The company, valued at R2.6 billion on the JSE, holds SA’s only onshore petroleum right, namely the Virginia Gas Field in the Free State. Phase 1 of its project is expected to see production ramped up to a steady state of 2 700 GJ of liquified natural gas (LNG) and 350kg of helium in the course of its 2024 year.
The company is also looking to complete a second, more substantial phase, hoping to begin initial production in 2026, expected to have full capacity of up to 34 400 GJ per day of LNG and 4 200 kg of liquid helium. The cost of the project estimated at $1.16 billion (about R21 billion) over the next three years.