The amount stated above as Central Energy Fund’s (CEF) projection that its expenditure would increase to R117 billion in the 2014-15 financial year with a revenue of R118 billion due to Irene and other projects coming online on page 688 of her department’s 2014-15 Budget Vote, is not correct and the correct amount is stipulated below as follows:
(a) The turnover for CEF in 2014/15 was R18.5billion, cash from operations was R4.4billion and cash balance was R10billion.
(b) Project Irene did not come to fruition because it could not secure funding.
(c) Project Ikhwezi was approved by the PetroSA Board 2011 as a five-well drilling program. As at the end of the 2014/15 financial year, only 25 BcF of commercial gas reserves was expected, 10% of the initial expected gas. This then shortened the commercial life of the GTL refinery to 2017.