Name of the Project
Virginia gas project.

Location
The project spans 187 000 ha across Welkom, Virginia, and Theunissen in the Free State, South Africa.

Project Owner/s
Development stage advanced materials company ASP Isotopes completed the acquisition of Renergen in January 2026.

Project Description
The Virginia gas project involves building a 52 km gas-gathering pipeline and cryogenic liquefaction facilities. It aims to meet South Africa’s helium demand and export the surplus, alongside the country’s first commercial LNG output.

Phase 1 aims to produce 350 kg/d of helium and 50 t/d of LNG (about 75 000 ℓ/d diesel equivalent). Phase 2 will significantly scale up output and infrastructure.
Phase 2 will entail drilling additional gas wells, building additional gas-gathering pipelines and a larger processing and liquefaction facility, as well as the associated road tanker distribution and downstream customer dispensing facilities.

In this phase, production output will increase by 34 400 GJ/d of LNG and 4 200 kg/d of liquid helium, in addition to the Phase 1 operation.

Potential Job Creation
An estimated 360 temporary jobs during development and 160 permanent jobs once fully operational.

Capital Expenditure
Phase 1 – about R1-billion.
Phase 2 – about $1.16-billion
Planned Start/End Date
Phase 2 operations are expected to start in 2026.

Latest Developments
ASP Isotopes has reported material operational progress since April 2025, following bridge loan funding provided before completing its acquisition of Renergen. 

Since operations restarted, the Phase 1C processing plant has been progressively enhanced, and management estimates that gas throughput has increased by about 60 % as additional wells are tied in. 

The company has also engaged Kinley Exploration to improve subsurface evaluation and drilling design, resulting in more accurate gas intersections and greater drilling efficiency, with 15 of 18 wells drilled in the fractured reservoir intersecting gas. Four wells drilled into a shallow sandstone reservoir – not previously included in reserve assessments – have confirmed gas, and further evaluation of this zone is under way. 

Ongoing plant upgrades include the installation of an additional compressor station, a completed dewar filling system, and cold-box and system modifications to support stable cryogenic operations, with final commissioning work, such as Compressor Station C, expected to finish by the end of the first quarter of 2026.

Gas gathering infrastructure continues to expand, with more than 70 % completed, with additional storage capacity and equipment enhancements planned to support operational continuity.

Commercial readiness has also advanced: about 60 % of Phase 1 LNG offtake is now contracted with industrial customers, with the remainder in advanced negotiations, and initial domestic helium supply agreements are in place. 

Based on current drilling outcomes, plant readiness and contracted volumes, ASP Isotopes that believes the project is on track to achieve positive operational cash flow before the end of 2026, while continuing drilling, commissioning and preparatory work for Phase 2 through the year. 

Key Contracts, Suppliers and Consultants
Phase 1 contractors include: Sproule (helium reserve independent expert); VGI (owner’s engineer – engineering and procurement phase, or EPC); EPCM Bonisana, a subsidiary of EPCM Holdings (EPC contractor for the gas-gathering pipeline); Western Shell Cryogenic Equipment (technology and equipment); Babcock (DAF CF 430 trucks); and Volvo (FM440 trucks) were provided by Babcock and Volvo respectively.

Phase 2 contracts include: Saipem (front-end engineering design – downstream LNG and helium processing facilities); Sproule (evaluation and certification of reserves, based on ongoing drilling, building on previous work done by MHA Petroleum Consultants); Worley RSA (owner’s engineer scope for the expansion). 

Contact Details for Project Information
Renergen, tel +27 10 045 6000 or email info@renergen.co.za/investorrelations@renergen.co.za.