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The recent Renergen announcement dated 7 June 2023, bodes well for exploration and development of onshore gas in South Africa. Phase 2 Senior Debt Approval
The announcement states that Renergen, subject to standard conditions, has secured a debt package of US$ 750 million for funding the bulk of its Phase 2 Virginia onshore gas production project. Even more important is that Standard Bank, a South African bank, will provide US$ 250 million of the debt package.
Not only is this a significant investment into South Africa, but also a vote of confidence in onshore gas exploration and development. The bulk of the debt funding, US$ 500 million, will be provided by an American finance corporation whom I am sure have done the necessary and required due diligences and found South Africa to be a worthwhile investment destination.
For South Africa’s onshore gas industry, this clearly indicates that a tipping point has now been reached and a strong message is being sent to other South African banks and financing institutions that they need to be involved in onshore gas exploration and development. We certainly hope that this is followed up by positive announcements from Kinetiko Energy Limited with their proposed Amersfoort gas development project. We wish Renergen and the teams that made this possible ongoing success.
As Bastion continues to de-risk its onshore gas opportunities through intelligent exploration, we look forward to partnering with like-minded companies, development finance institutions and industry as joint venture partners, financiers, contractors and gas off-takers who like us consider this a worthwhile endeavour.
For more information please contact the undersigned at barrisford@bastionoil.com or info@bulwarkoil.co.za
Barrisford Petersen
Founder and Managing Director
Bastion Oil and Gas South Africa (Pty) Ltd
Bulwark Oil And Gas Sa (Pty) Ltd
Rockit Energy (Pty) Ltd
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