Renergen rockets as helium reserves jump sevenfold
Independent assessment powers shares above R40 and will spur phase 2 of group’s Virginia Gas Project
Natural gas and helium producer Renergen says an independent assessment of its Virginia Gas Project in the Free State has resulted in its proven reserves of helium rising sevenfold — news that sent its shares above R40 for the first time on Wednesday.
New reserves confirmed Renergen’s potential as a major global supplier, CEO Stefano Marani told Business Day, and was the “last piece of the puzzle” as the group gears up for an estimated $800m (R12.2bn) spend on phase 2 of the project. ..