Renergen updated on Phase 1 and 2 of helium production from the Virginia Gas Project. It now expects first liquid helium production by calendar year-end. It now expects to raise the equity require for the project in two tranches, which will allow a smaller 30mmcf/d capacity of gross gas to be brought on stream with the remaining equity used to expand to the original target of 45mmcf/d. Phase 2 is now expected to achieve commercial operations in calendar year 2027 and will produce 325mmcf/y of liquid helium when fully ramped up. Renergen has also secured multiple 10 to 15-year take-or-pay offtake agreements with several top-tier global industrial companies for just over 50% of the anticipated LHe production. The balance of the LHe is earmarked for sales in the international spot market.
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