ASP Isotopes (ASPI) has provided a production update on the Renergen helium project following the company’s acquisition of Renergen on January 6.

The update reflects on operational progress since April 2025, following bridge loan funding provided by ASPI, and highlights measurable improvements in drilling execution, gas production, subsurface confidence and commercial readiness since ASPI’s involvement.

Following the restart of drilling and production activities in April 2025, the Phase 1 processing plant has been progressively upgraded to support increased gas throughput and stable operations as additional wells are brought online.

Since ASPI began funding the project, management estimates that gas throughput has increased by about 46%.

ASPI highlights significant improvement in subsurface capability following the engagement of Kinley Exploration. This marks the first time an independent exploration, drilling and reservoir modelling specialist has been embedded on the project, post-restart, bringing industry-standard geological modelling, target allocation, well design and drilling expertise.

It says the direct impact of Kinley Exploration’s work is now evident in drilling outcomes. Wells are being drilled against modelled and delineated gas targets, resulting in higher accuracy gas intersections, and more efficient drilling, reducing time and cost per successful well compared with pre-April 2025 operations.

ASPI also cites consistently high drilling success rates post-restart, with 15 gas intersections achieved since the restart, representing up to about 80% drilling success, reflecting improving understanding of the reservoir.

Commercial readiness is materially advanced alongside production progress.

Management estimates about 60% of Phase 1 LNG offtake is signed and contracted with industrial customers, with the balance in advanced contracting across trucking and water sector demand, enabling immediate monetisation as volumes come online.

A clear helium commercial pathway has been established. Initial domestic supply agreements are in place, with helium volumes expected to be sold through a combination of supply agreements and spot markets, and scope to secure long-term take-or-pay contracts following a period of demonstrated reliable export supply.

ASPI says operational progress supports a clear path to earnings generation. Based on current drilling performance, plant readiness and contracted LNG volumes, the project remains on track to achieve positive operational cash flow before the end of this year, consistent with previously communicated expectations.

The company also highlights early evidence of additional upside beyond previously assessed reserves. Multiple productive gas intersections in a shallow sandstone reservoir, not included in prior reserve assessments, indicate potential additional production and reserve upside, with further evaluation under way.