Following the divestment of its portfolio of renewable energy assets during the 2020 financial year, ReNu Energy’s focus is to complete the works to finalise its geothermal remediation activities in the Cooper Basin and actively seek new opportunities.
Cooper Basin remediation
In line with the Company’s increased focus on finalising the abandonment of its two remaining geothermal wells and surrendering its sole remaining tenement during the 2021 financial year, ReNu Energy has engaged the services of WellSafe Pty Ltd. In the first phase of the remediation, WellSafe will provide technical, engineering and other support to assess the options and select the preferred method of abandonment. This will enable the programs to be developed for approval by the South Australian Department for Energy and Mining (Regulator) prior to execution. Mr Tim Scholefield as Executive Director responsible for coordinating the geothermal remediation will be liaising with WellSafe, the Regulator and the other licensee (Origin Energy) on these activities and will oversee the program.
Merger, acquisition and new project opportunities
ReNu Energy is actively pursuing merger, acquisition and new project opportunities to be financed with ReNu Energy scrip and/or external capital. In July 2020, the Company announced the appointment of KPMG Corporate Finance as its financial advisor for such a transaction.