Renergen has reported a 21% reduction in its loss after tax for the year to end-February, along with a 388% increase in revenue to R12.7m (US$875,000). The company held a cash position of R55.7m and total assets worth R1.9bn. The operating loss reduced from R38.3m to 35.5m. With SA's only onshore petroleum right, the company said it was encouraged by strong global demand for its gases, particularly LNG and helium, due to increased supply tensions caused by the Russia/Ukraine conflict and demand for alternative energy sources. Renergen's Virginia Gas Field project aims to achieve steady-state daily production of 2,700 GJ of LNG and 350kg (~0.07mmcf/d) of helium by 2024, while its second phase is expected to begin production in 2026 with a full capacity of up to 34,400 GJ per day of LNG and 4,200kg (~0.9mmcf/d) of liquid helium.
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