Renergen General Discussion, page-850

Thus far Renergen's proven reserves which are only from 14% of the land area equates to:

2P of 0.4tcf of nat gas
2P of 13.6bcf of helium

If you consider nat gas revenues effectively double or more than other projects as linked to diesel/lpg and helium is just as profitable then effectively that's means about 0.8tcf of nat gas equivalent then 1.6tcf including helium considering the higher revenue potential.

Then if you consider projects getting over AUD$1b when sold for about 1tcf worth of nat gas.

Little wonder the CEF was more than happy to pay the equivalent of about AUD$7/share for 10% of Tetra4.

Then there's the big upside potential given the reserves so far are from a small area with 20 wells covering 14% of the land area and Phase 2 will have 300+ wells. Also we know the helium reserves are based on about a 200 sq km area with 3% helium and 120mcf/d wells whilst there is upside from two areas at least not included in the reserves/resources apparently per a recent video. An 110 sq km sandstone area as drilled in 2019 with a massive 12% helium and much higher 850mcf/d well flow rate. And then also a 500 sq km coal seam gas area that apparently is flowing also both nat gas and helium.

So in summary you could potentially value Renergen at as much as AUD1.6b (1.6tcf nat gas equivalent) today based on proven reserves with huge potential to increase the reserves. So rather undervalued today Renergen in my opinion.