Dual-listed resource explorer Renergen wants to raise capital for studies into phase two of the Virginia gas project, which seeks to position the group as a key supplier of helium.
It is a key product in the production of semiconductors and electronics and is used as a coolant in MRI scanners. Helium also has a rising use in automotive airbag safety systems as well as in cooling large technology data centres. “We have seen very encouraging gas wells come in [over] the last few months, many with concentrations of helium significantly higher than anticipated, showing that the underlying resource is far healthier and perhaps far more productive than the initial Renergen assumptions, which means that more wells can be drilled closer together to extract more gas,” said Anthony Clark, an independent analyst at Smalltalkdaily Research.
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