There was speculation that Penrite could move with Reynolds given he brought the backing to Grove Racing from Erebus ahead of the 2021 season.
It had become clearer that Penrite would stay put in recent weeks, though, this announcement now putting it beyond doubt.
“We're really pleased to continue our relationship with Grove Racing,” said Penrite CEO Toby Dymond.
“It was only fitting that Reynolds, who has been a fantastic brand ambassador for us across eight years, was behind the wheel for the win and we wish him continued success at his new team. But first we want one more in Adelaide to send him off in style.
“For 2024 onwards we wanted naming rights on two cars and a multi-year term to demonstrate our intentions to be here for the long term in Supercars.
“We love our shared vision for victory with the Grove family and look forward to achieving great results together.”
Cauchi heralded the new deal as the beginning of a new chapter.
“It's fantastic to be renewing our partnership with Penrite Oil,” he said.
“We are proud to represent such an iconic Australian brand who have a rich history in Australian motorsport.
“We look forward to this next chapter in our partnership where we can build on our strong foundations developed over the past two years.”