As part of the Company’s ongoing assessment and development of the Virginia Gas Project, Renergen commissioned Dr Stuart Gilfillan (Senior Lecturer in Geochemistry) and Professor Finlay Stuart (Professor of Isotope Geosciences) to conduct a conceptual study of the source abundance of helium, within the Company’s Virginia Production Right area (Report entitled “Conceptual study of helium in the Renergen Virginia area, South Africa”, the “Edinburgh Report”). The Production Right area covers 187,000 hectares in the Free State in South Africa around the towns of Welkom, Virginia and Theunissen, and the Company has a valid licence over the area until 2042 (the “Production Right”). The Company holds 100% of the economic interest in the Production Right.

With the benefit of this recently completed report, the Company requested its Reserves and Resources accreditation agency Sproule (formerly known as MHA Petroleum Consultants) to review the report and utilize it, if possible, to estimate helium Prospective Resources under the SPE PRMS standards. Sproule has recently provided its report “Evaluation of Certain Helium Prospective Resources on the Tetra4 Virginia Gas Project, Free State, South Africa as of July 1, 2020” (“Sproule Report”).

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