Renergen plans US listing in 2023
Australia and South Africa-listed natural gas and helium producer Renergen is preparing for a potential initial public offering (IPO) in the US and listing on the Nasdaq stock exchange in 2023, it said on January 31.
The timing, number of ordinary shares represented by American Depository Shares (ADSs) to be offered and their price in the IPO have not yet been determined, the company said.
The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.
Renergen submitted a draft registration statement on Form F-1 to the Securities and Exchange Commission (SEC) in late 2022. The proposed listing and capital raise are expected to commence after the SEC completes its final review processes.
Renergen in June last year signed a preliminary agreement for a loan of up to $500mn from the US International Development Finance Corp. for the second phase of the Virginia project which comprises various gas fields across Welkom, Virginia and Theunissen in South Africa's Free State.
The company last week announced the start of liquid helium production from the Virginia project which is the first and only onshore petroleum production concession granted in South Africa, Renergen claims. Last September, it started operations at South Africa’s first commercial LNG plant.
Phase one of Virginia sees the production of about 350kg of helium and 50 metric tons of LNG per day,