Renergen Limited (JSE:REN) News - Central Energy Fund Due Diligence Successfully Completed On R1bn Investment 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 Date: 10-08-2022 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.