Renergen General Discussion, page-707

We are talking so far proven reserves of:

2P =13.6bcf of helium x 500/0.65 = AUD$10.5b
2P = 407bcf of methane x 25/0.65 = AUD$15.6b

Combined with the above average price assumptions that's an inground value of AUD$26.1b.

The above proven reserves from only about 20 wells over a small land area and the reserves only over about 14% of the land area. Imagine the upside potential to increase the proven reserves once a further 300+ wells are drilled over Phase 2 as planned over a wider land area.

If games are being played on the share price consider the future upside potential here long-term. In a recent video it was mentioned about US$400m/yr = AUD$615m/yr in revenues from Phase 2 based on only 1P which for reference is about 7bcf of helium and 200bcf of methane (nat gas) Proving up the 3Ps into 1Ps of about 20bcf of helium and 600bcf of methane would mean revenues triple the current Phase 2 plans for instance if proven over time and the Phase 2 plant expanded so in such a scenario maybe AUD$1.8b/yr in revenues. That's enough on the helium side for 20 to 25% of global demand for 20 years with potentially plenty more helium in reserve.