Renergen General Discussion, page-2010

AUD225m marketcap massively undervalued in my opinion.

2P reserves of 407bcf of methane = AUD11.4b in ground value
** At US$19/mcf or mmbtu
** 0.68 US to AUD exchange rate
** One thousand cubic feet (Mcf) of natural gas equals 1.036 mmbtu so about 1 to 1 approx..

2P reserves of 13.6bcf of helium = AUD13.5b in ground value
** US$675/mcf (Avg of 50% at US$500/mcf and 50% at spot US$850/mcf - spot prices could be much higher)
** 0.68 US to AUD exchange rate

So looking at about AUD24.9b of inground value today from proven 2P reserves

Hence the current AUD225m marketcap is only about 1% of the inground value.

Then consider Renergen potentially the inground value long term could increase over double to over AUD50b if contingent resources are converted into proven proven. Even beyond that there is a staggering possibility of over 400bcf of helium being present..

Phase 2 funding is agreed to so its just a matter of execution to have about AUD500m/yr in ebitda from Phase 2 per the March Guidance Note in the 2026/2027 timeframe.. Also revenues today from a US65m phase One plant coming in..

Renergen just massively undervalued in my opinion. Short term I'd expect getting R1b or about AUD80m from the CEF into the bank account when today only an AUD225m marketcap should start a re-rating for Renergen hopefully towards the Nasdaq listing etc..