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RENERGEN LIMITED - C3PO Gas Strike with 1.7% Helium and 95% Methane

Release Date: 30/06/2021 08:30
Code(s): REN     PDF:  
Wrap Text
C3PO Gas Strike with 1.7% Helium and 95% Methane

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”)


Natural gas and helium producer Renergen is pleased to announce that one of its current wells,
C3PO, has struck gas, with an exceptional helium concentration of 1.7%, slightly above pre-drill
expectations for this well.

The well is currently waterlogged in order to allow for the running of standard electronic wireline
logs, but despite this water load, the well began producing over 30,000 standard cubic feet per
day with 1.7% helium and 95% methane. The well will shortly undergo completion work, including
casing and cementation before all the water is evacuated and updated flow readings are taken.

Well R2D2 is also showing promise, with preliminary helium readings of somewhere between 1%
and 2.5%. The recording of close to 1% helium, despite the sample being diluted with air,
indicates that R2D2 is in line with pre-drill expectations on gas composition. R2D2 is currently
being electronically logged in order to determine the final completion strategy.

The Company will plug and abandon wells P10 and P12, as they are showing less promise
although the data from the two wells is proving valuable in refining drilling targets going forward.
“This drilling campaign has been a big success with 4 strikes out of the 6 planned wells and holds
significant promise for the future of the Company. What is amazing is the wells never disappoint
in delivering high helium concentrations, and now we have developed a good roadmap on how
to target the gas bearing structures most effectively,” said CEO, Stefano Marani.

30 June 2021

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.

Date: 30-06-2021 08:30:00
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