Renergen reports 600% increase in South African helium reserves

3rd November 2021 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX-listed Renergen has reported an over 600% increase in methane and helium reserves at its flagship Virginia gas project, in South Africa.

The company told shareholders that following a recent drilling campaign as part of the ongoing assessment and development of Virginia, accreditation agency Sproule had upgraded the methane and helium reserves at Virginia.

The 1P helium reserves are now estimated at 7.2 bcf and the 1P methane reserves have increased to 215.1 bcf, a 620% and 427% respective increase.

“The significant growth in methane and helium reserves at Virginia is a major milestone for the company and confirms Virginia as a world-class helium project. After more than two years of hard work by the exploration team, the results speak for themselves,” said Renergen CEO Stefano Marani.

“We have and continue to work towards ensuring Virginia is well-placed to supply helium into a growing and constrained market. Increasing our 1P helium reserves by over 600% since March 2019 is a great step forward in achieving this goal and importantly, highlights the enormous potential of Virginia to become a significant helium supplier not only in South Africa, but globally as well. Additionally, an estimated 400 PJ of methane at 2P also positions the company exceedingly well to become an integral part of South Africa’s energy mix.”