RENERGEN LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2014/195093/06)
JSE Share code: REN
A2X Share code: REN
ISIN: ZAE000202610
LEI: 378900B1512179F35A69
Australian Business Number (ABN): 93 998 352 675
ASX Share code: RLT
(“Renergen” or “the Company”)



CENTRAL ENERGY FUND DUE DILIGENCE SUCCESSFULLY COMPLETED ON R1BN
INVESTMENT



Renergen is pleased to announce successful completion of due diligence by the Central Energy
Fund SOC Limited (“CEF”), on its agreement to invest R1bn (~A$86m) for a 10% ownership stake
in the Virginia Gas Project (“Virginia”).
This is a major step forward in finalising the agreement between Renergen and CEF. As per the
announcement made on 28 March 2022, following successful completion of the due diligence,
both parties have now commenced engaging with their respective stakeholders to obtain final
approvals to complete the transaction.
“The successful conclusion of the due diligence signifies strategic nature of the Virginia Gas
project and further marks another significant step forward in closing out the capital required for
Phase Two operations at Virginia. We look forward to working with the CEF who also brings with
it a wealth of experience in upstream oil and gas exploration, midstream natural gas to liquids
processing and lastly large scale pipeline operations and maintenance experience. This will all
assist in bringing a new and critical source of energy online, at a time where South Africa is
suffering a significant energy crisis,” said Stefano Marani, CEO of the Company.
Commenting on the commissioning progress of Virginia ahead of commencement of Phase One
operations, Stefano Marani said, “Turning the plant on for Phase One operations is a function of
coordinating all the sites to turn on simultaneously, and importantly, the relevant teams are
making sure that all aspects of the operation will run according to design.
“The delay faced thus far in terms of commissioning is immaterial when considering we are
commissioning a world-class plant that will be in operation for the next 20 years. We have no
intention of rushing the process at this late stage and introducing risk. Since commencing
construction at Virginia prior to COVID, the total delays experienced in the context of several
global macro events of the past two years could have been significantly worse had we not
implemented several mitigations to reduce the overall impact on the project. We are very proud
of the way our team embraces challenges and simply focuses on finding solutions. The entire
Renergen team is really excited at the prospect of the first liquid being produced by the plant in
due course and seeing us move from a developer to a producer.”
Johannesburg
10 August 2022
Authorised by: Stefano Marani
Chief Executive Officer

Designated Advisor
PSG Capital




For Australian Investors & Media, contact Citadel-MAGNUS
Cameron Gilenko, 0466 984 953

To readers reviewing this announcement on the Stock Exchange News Service (SENS), this
announcement may contain graphics and/or images which can be found in the PDF version
posted on the Company’s website.

www.renergen.co.za