AltX-listed alternative and renewable energy business Renergen has, ahead of its planned listing on the ASX in May, announced a further increase in reserves at its subsidiary Tetra4’s Virginia project, in South Africa’s Free State province.
The company, which on Wednesday published its prospectus for a secondary listing on the ASX, also reported that an independent reserve review by US-based firm MHA Petroleum Consultants has confirmed a 12.2% increase in proven methane reserves to 40.76-billion cubic feet, while proven helium reserves have increased by 16.1% to 1.01-billion cubic feet.
This has resulted in an economic valuation of R9.8-billion for the project’s proven and probable reserves.
“The continuous improvement in reserves as we further our geological understanding of the resource is highly encouraging.
“Favourable market conditions, particularly with the massive upward shift in helium prices, has made Tetra4’s prospects of becoming a global helium participant all the more tangible,” said Renergen CEO Stefano Marani.
Renergen believes a secondary listing on the ASX will enable it to “tap into a deeper pool of investors” to fund its expansion plans.
It hopes to raise A$5-million to fund a second phase of exploration at the Virginia project.