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Renergen: Confirms unexpected find in South Africa | Fintech InShorts: Latest fintech news, analysis by experts

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Renergen: Confirms unexpected find in South Africa

By Steve Sam

October 30, 2020

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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