Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-19

Phase 2 is projected to be like 200 to 300 wells. About 3% average expected and flow rate about 100 to 150mcf/day average. Wells are cheap only 13.4m zar or AUD 1.06m so far for 8 wells in today's Phase One announcement albeit wells still in progress.

Phase 2 is meant to supply about 6 to 8% of global helium production..

Meanwhile the 2019-2020 discovery in sandstone was at 12% helium the remainder predominantly methane at a flow rate of 850mcf/day.

By the time of this sandstone discovery Renergen had already secured US DFC funding in 2019 for Phase One to develop the 3% zone and subsequently increased the reserves in 2021 in this area to underpin the plans for the much larger Phase 2 plant about x12 the scale of Phase One..

So Renergen appears it could be sitting on huge upside at that sandstone area to expand beyond Phase Two.. Flow rates x6 to x8 (850mcf/d v 100 to 150mcf/day) and helium concentrations x4 (12% v 3%)