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”)


RENERGEN QUARTERLY UPDATE


In accordance with the ASX listing requirements, the Company has released a Quarterly
Update which is available for viewing on the Company’s website at
https://www.renergen.co.za/asx-quarterly-activity-report-September-2022/

The quarter marked a busy period with significant progress on several fronts:
   • The Phase 1 plant is now producing liquefied natural gas (LNG);
   • The Central Energy Fund has successfully completed due diligence on the proposed
      acquisition of 10% of Tetra4 Proprietary Limited;
   • Two additional wells, Han (drilled during the quarter) and Don Vito, are being
      completed as gas producers; and
   • Aeromagnetic and gravity surveys have been completed and are currently being
      interpreted. In parallel, existing seismic data are being re-processed to improve the
      imaging of potential gas-bearing structures. To date, significantly more targets than
      anticipated have been identified.

Production Status

The Virginia Gas Project commenced production of the country’s first commercial LNG on 5
September 2022, and from 19 September 2022 the plant began operating 24-hour shifts.

Production has commenced at around 1,000 GJ per day, which will be stepped up to around
1,400 GJ in the next month. From there it will be ramped up to a steady rate of 2,500 GJ
(roughly 50 tons) per day by first quarter next year.

The helium module is the next part of the plant to be fully commissioned, with ongoing testing
of the critical components in the helium liquefier. Thus far there have been no mechanical
faults identified during the tests, so the team is looking forward to completing the tests in due
course and commencing helium production.

During the quarter under review, ended 31 August 2022, there were no substantive production
activities.

Central Energy Fund Deal

The Central Energy Fund and Renergen signed a non-binding term sheet for the investment
of ZAR 1 billion into the Virginia Gas Project in return for a 10% stake in Tetra4 Proprietary
Limited at financial close, anticipated in 2023. The transaction was subject to completion of a
due diligence, finalisation of agreements and approval by respective stakeholders. On 10
September 2022 the due diligence was successfully completed, indicating the transaction
should proceed subject only to approval of respective stakeholders and completion of the final
agreements. The process is progressing well, and the parties are actively involved in bringing
this transaction to conclusion by the anticipated financial close date.

Two New Production Wells

Han was drilled to a measured depth of 624 metres, striking gas of approximately 80,000
standard cubic feet (scf) per day. Drilling has been halted in order to log the well to delineate
the gas bearing features in the well. The well has cost ZAR 2.73 million thus far and has an
anticipated completion budget of ZAR 3.8 million.

The Don Vito well, drilled in June 2021 as a vertical pilot hole to log and determine the depth
to the base of the Karoo (in order to plan the trajectories of wells R2D2 and C3PO), was
examined during the quarter and commenced flowing gas. This commencement of gas
production is interpreted as indicating that with the passage of time the well has cleaned up
naturally; the well is now producing approximately 75,000 scf per day. Given the hole was a
pilot hole, it was not anticipated to produce gas, and so is now being completed for production
before being connected to the pipeline. The cost to drill the pilot hole was ZAR 1.41 million
and completion of the well is anticipated to cost an additional ZAR 1.7 million.

Surveys Underway

Gravity and aeromagnetic surveys were undertaken earlier in September 2022 and the data
are now being interpreted in order to improve the resolution of the geological model and
optimise drillhole location accuracy. These surveys, together with seismic data reprocessed
during the quarter, are showing increased prevalence of prospective sub-surface structures
which if gas-bearing will have the potential to materially increase gas production capacity. The
cost of the surveys amounted to ZAR 5.4 million. “Further work is still required before any of
these data will be useable in the field, but this is a welcome surprise and could be quite a
positive outcome for us from a geological perspective,” said Stefano Marani, CEO.

Johannesburg
30 September 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