Page 8 - AfrOil Week 45 2022

AfrOil INVESTMENT AfrOil

Renergen has had to delay the commissioning of its LNG plant in Free State (Photo: Renergen)
Furthermore, the company did not believe that company’s strategy is to expand the project with
confidentiality had been lost for the purposes of a staged construction of a new helium and LNG
its continuous disclosure obligations under the plant.
ASX listing rules. In late September, Renergen completed a
The Virginia gas project is the company’s first commissioning process on the Virginia gas pro-
and only onshore petroleum production right in ject LNG plant and reported its first gas produc-
South Africa, it is also Renergen’s principal asset tion. However, the plant was temporarily halted
with a 100% shareholding. in October to repair a utility issue detected while
The licence comprises exploration and pro- commissioning the helium plant, the company
duction rights of 187,000 hectares of gas fields said.
across Welkom, Virginia and Theunissen, in The delayed commissioning of Phase 1 of the
Free State. Virginia plant has resulted in additional costs
The gas fields contain proven reserves of and lost revenue. According to Mining Weekly,
methane-rich natural gas with one of the richest the proposed capital raise would have been used
helium concentrations recorded globally. The to shore up the company’s balance sheet. ™

Sasol offers $750mn worth of

guaranteed convertible bonds

SOUTH AFRICA SOUTH Africa’s Sasol Financing USA LLC has
launched an offering of $750mn guaranteed
senior convertible bonds, the proceeds of which
have been earmarked for general corporate use
and for refinancing its parent company, Sasol
Ltd’s debt.
Sasol, a global energy and chemicals pro-
ducer headquartered in South Africa, said the
convertible bonds will be issued on or around
November 8 and that it would guarantee pay-
ments in respect of the instrument.
According to a company statement pub-
lished on Tuesday, November 1, the bonds Part of the proceeds of the issue will be used to refinance debt (Photo: Sasol)
are expected to pay a coupon of between 4.0%
and 4.5% per annum, payable semi-annually shareholders of Sasol, will be convertible into
in arrear in equal instalments on May 8 and new and/or existing ordinary shares of Sasol,
November 8 of each year. cash at the election of the company, or a combi-
The bonds, subject to the receipt of the nation thereof, in each case, pursuant to and in
requisite approvals at a general meeting of the accordance with the conditions.

P8 www. NEWSBASE .com Week 45 10•November•2022