reports
- Sanjeev Bahl
Renergen - On track for liquid production by mid-2021
Renergen had a strong H219 as it secured final funding for Phase 1 of its Virginia Gas Project. The project is now firmly in the development phase, major equipment orders have been placed and first liquid production of both LNG and helium is expected to start around July 2021 – with the latter a first for sub-Saharan Africa. Our updated risked NAV of ZAR23.9/share suggests considerable upside potential to the current share price. However, economics and upside could be further enhanced if a dir...
Edison Investment Research Limited: Edison issues outlook on Renergen ...
Edison Investment Research Limited Edison Investment Research Limited: Edison issues outlook on Renergen (RENJ) 26-Jun-2019 / 11:07 GMT/BST London, UK, 26 June 2019 Edison issues outlook on Renergen (RENJ) Renergen is fully funded for stage one development of its flagship Virginia Gas Project in South Africa. This initial phase of development will produce c 19k tons of LNG and c 112 tons of helium per year. We estimate cash flow from operations of c ZAR91.0m, after first production in FY22. We value Renergen based on the monetisation of the company's audited 2P reserve base, on the basis ...
- Sanjeev Bahl
Renergen - Execution of Virginia stage one development
Renergen is fully funded for stage one development of its flagship Virginia Gas Project in South Africa. This initial phase of development will produce c 19k tons of LNG and c 112 tons of helium per year. We estimate cash flow from operations of c ZAR91.0m, after first production in FY22. We value Renergen based on the monetisation of the company’s audited 2P reserve base, on the basis of staged development as set out in the company’s ASX IPO prospectus. Key investment considerations incl...
- Sanjeev Bahl
Renergen - ASX listing and open offer details
Renergen has provided details of its planned listing on the Australian Stock Exchange (ASX). The replacement prospectus was published on 8 May with the company looking to raise A$5m gross at an offer price of $0.8 per CHESS depository interest (CDI). The closing date of the offer, which is only available to Australian and New Zealand residents, is 22 May 2019 with new CDIs expected to start trading on 31 May. Net proceeds are to be used to drill additional wells into proven gas reserves in the V...
- Sanjeev Bahl
Renergen - OPIC funding a key endorsement
Renergen has announced that US government agency, Overseas Private Investment Corporation (OPIC), has approved a US$40m loan facility in favour of the Renergen subsidiary Tetra4’s Virginia gas field project. The funds, which have a 12-year term and 30 months’ grace period, are to be utilised for the first phase of development and commercialisation of a 36.4bcf natural gas and 0.87bcf helium field in South Africa’s Free State province. First phase development includes the construction and o...
- Ian McLelland
Renergen - ASX listing expected as funding is confirmed
2018 activity was slower than planned for Renergen as its expected funding of the Virginia LNG/helium project in South Africa was delayed due to a long period of economic and political volatility. However, with a recently completed rights issue that unlocks a pre-agreed debt facility, Renergen can now start to order key equipment. The macro environment is more favourable, with helium prices potentially higher after the cessation of public auctions of the US strategic helium reserve. Longer term,...
- Please Change Name Bisset
REN - Redes Energeticas Nacionais, SGPS S.A.: Update following rating ...
INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 12 January 2017 Update RATINGS REN - Redes Energeticas Nacionais, SGPS S.A. Domicile Portugal Long Term Rating Baa3 Type LT Issuer Rating - Fgn Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Niel Bisset
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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