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Unauthorised Construction of Solar Facility in Production Right Area
RENERGEN LIMITED
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")
UNAUTHORISED CONSTRUCTION OF SOLAR FACILITY IN PRODUCTION RIGHT AREA
The Company has expressed concerns regarding the ongoing construction of the Springbok
Solar project in an area designated for future natural gas extraction. As the holder of a valid
onshore petroleum Production Right granted in 2012, under the Mineral and Petroleum
Resources Development Act (MPRDA), it is incumbent on new developments to obtain
permission from the Petroleum Production Right holder under Section 53 ministerial consent
of the MPRDA and to execute a co-existence agreement.
In an egregious attempt to force the Company into granting them such permission, the
Company noted an unrelated appeal by Springbok Solar challenging aspects of the Production
Right, which has no bearing on the case at hand. We believe the challenge by Springbok Solar
lacks substance to make changes to the Company's Production Right and will likely take years
before it reaches a court for a decision.
The Company has attempted to engage in open and constructive dialogue with Springbok
Solar to ensure we retain access to our gas-bearing structures in order for us to continue with
our core business activities of exploration and production of natural gas. This is essential for
driving the decarbonisation of South Africa's manufacturing and heavy logistics sectors
through the adoption of cleaner burning natural gas, but this was met with obstructive
behaviour and a non-willingness to grant the Company a buffer zone around the gas bearing
structures in order for the Company to continue with its core business which remains the
Company's key objective to preserve our resource and shareholder value. The land access
required to build their solar project needs the Company's consent under the law in the interest
of all stakeholders to work together. Multiple solar facilities and battery energy storage system
facilities are being planned within the Company's Production Right area.
Renergen's CEO, Stefano Marani said, "We welcome solar developments as a key to
transitioning and bolstering South Africa's energy landscape. Unbeknown to most, helium is
essential in fabricating solar panels and wind turbines which increases demand for our
product, making our co-existence mutually beneficial. We are meaningfully engaged with
many other solar developers in the area, requiring no compensation on the basis that they
design their installations around our gas bearing structures, and have good relationships with
all of them. In the case of Springbok Solar project, construction commenced without our prior
consent or a co-existence agreement, thus not taking our requirements, or those stipulated in
the law, into account."
The Company remains committed to the principles established under the MPRDA and will
continue to pursue meaningful engagement for amicable co-existence agreement which must
above all protect our legal right to access gas bearing structures across the extent of our
Production Right. The Company is determined to resolve this matter with Springbok Solar in
the interest of all stakeholders, whilst protecting our rights under the rule of law.
Johannesburg
28 October 2024
Authorised by: Stefano Marani
Chief Executive Officer
Designated Advisor
PSG Capital
www.renergen.co.za
For all media relations please contact:
investorrelations@renergen.co.za
For all US investors and media relations please contact:
Georg Venturatos – Gateway Group, (949) 574-3860
Ren@gateway-grp.com
Date: 28-10-2024 08:30:00
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