Renergen names iSi automotive as customer in direct helium sales deal
DURBAN - RENERGEN said yesterday it had signed a 10-year sales agreement for the supply of helium with iSi Automotive, which was the company’s first direct-to-customer helium deal.
The domestic producer of natural gas and helium did not name iSi Automotive as its customer on Monday when it announced the sales agreement, citing confidentiality, but the Australian Stock Exchange (ASX) informed the company that it was not technically complying with ASX guidance note 8 section 4.15.
ASX advised the company to halt trading on the stock market as a result. The group said yesterday that its first helium sales agreement for the Phase 2 plant for the Virginia Gas Project was with iSi Automotive.
“The 10-year sales agreement commences on the completion of construction of our plant for Phase 2 of Virginia Gas Project. The completion of the feasibility studies for Renergen’s Virginia Gas Project’s Phase 2 development is expected to be completed by the end of the second quarter of 2021,” the group said.
After naming the customer, the trading halt on the ASX was lifted.