https://www.engineeringnews.co.za

Renergen hikes Virginia project gas reserves

5th October 2016

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

Alternative energy company Renergen on Wednesday announced a 24% increase in the natural gas reserves held at subsidiary Tetra4’s Virginia project, in the Free State.

The Alt-X-listed group’s R4.8-million drilling and exploration activities uncovered total net proven and probable reserves of 100-billion cubic feet of natural gas, up from the 81-billion cubic feet reported in 2015.

This followed the drilling of four wells over the last 12 months and the updating of the detailed geological model, which also added a number of probable and possible locations adjacent to the wells, as well as new proven locations along the fault lines.

The revised reserve volumes also led to an updated economic assessment of the Virginia assets, with Venmyn Deloitte unpacking values of R6.6-billion, representing P1 proven gas reserves at 10% discount and P2 probable gas reserves at 20%.

“The increased reserve volumes are material to Renergen, not only because of the increased valuation ascribed to it but, more importantly, that as a company we are now ready to look at meaningful baseload power solutions to industrial companies in the area,” concluded CEO Stefano Marani.

Edited by Creamer Media Reporter

Comments

Showroom

Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.088 0.142s - 170pq - 2rq
Subscribe Now