Renergen's Q2’24 Results Updates on Cold Box Issue

Renergen’s Q2 fiscal year 2024 report updated on the cold box leak that has led to the major delays to first commercial helium production: the performance test has now been delayed to November from October. Renergen’s milestones in the quarter included environmental authorisation for the Virginia Phase 2 Gas Project and an 88% increase in LNG production compared to the previous quarter, reaching 1,564 tons. It also made identified new gas anomalies through data integration, and initiated two promising wells that showed gas signs before reaching the target depth. Renergen ended the quarter with a cash position of ZAR 186mm (US$9.8mm).

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