Good News: • The helium plant is now operational and at temperature • Successful production of liquid helium (LHe) at the Virginia Gas Project (VGP) • LNG production has stabilized compared to previous quarters • Two new high helium exploration wells completed and converted to production-ready status • Discovery of an unmodelled gas-bearing fault, which will be targeted for future drilling • Significant reduction in plant start-up and cooldown processes (from 73 days to 9 days) • Successful drilling of two high helium concentration exploration wells (T4KK011 and T4KK011 REV) • T4KK011 well showed 3.32% helium concentration with a flow rate of 106,000 SCFD • T4KK011 REV well confirmed 2.68% helium concentration
Bad News: • LNG production was impacted by several system shutdowns related to final helium system commissioning • Minor efficiency losses in LNG production, which were rectified during annual maintenance • During drilling of T4KK011 REV, a series of rods were lost downhole (about 300m of rods remain downhole) • Net cash used in operating activities for the quarter was negative (R42,997,000)
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