FinTechFunding

Renergen: Confirms unexpected find in South Africa

  • Renergen has posted a drilling update to the market today suggesting it has uncovered gaseous odour at its Virginia Gas Project in South Africa
  • The Virginia Gas Project covers an area of 187,000 hectares of gas fields across Welkom and Theunissen in the country
  • Then hole P2V2 aims to drill through the base of Karoo sedimentary rock and into the gas-bearing fault structures
  • Previous work at MDR1 determined it to be 200 meters away from a gas bearing structure but upon recent re-entry, a gaseous odour found
  • This new work expected to begin in the next three to four days once logging is complete
  • Renergen is down 7.26 percent on the market with shares trading for $1.15 each
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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