In its quarterly update, Renergen announced that it drilled a new well - Morpheus - at Phase 1 of the Virginia Project, which flowed at 70mcf/d, with helium concentrations of 3.2%. This new well highlighted some important characteristics on the migration path of the gas in this portion of the field, and further down hole studies will be done to map the geology in the section of the field to bolster its underground geological model. The well has cost ZAR1.8mm (~US$100k) to date. At end May'23, Renergen held a cash balance of ZAR15.5k with receipts from customers amounting to ZAR14k.
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