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Renergen updates on drilling operations, Virginia Gas Project

Emerging domestic natural gas and helium producer Renergen is pleased to provide the following update on drilling operations at its 100% owned Virginia Gas Project. As advised in releases to market on 16 December and 20 December 2019, horizontal well NAEO2HT4 intersected gas charged sandstone in the inclined section of the well on 9 December 2019. The following day, after drilling ahead through the interpreted sandstone section and into the underlying formation, and intersecting a number of fractures, the well flowed gas to surface at a rate over 850,000 standard cubic feet per day, with a subsequently estimated helium concentration of 12% (the balance of the gas being predominantly methane). Drilling operations were suspended over the holiday period, save for occasional flaring and monitoring, which confirmed no reduction in the gas pressure in the well.

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