ASP Isotopes reports strong drilling, operational, and commercial progress at the Renergen Helium Project, targeting full commissioning and cash flow by 2026.
ASP Isotopes Inc. has released a comprehensive production update on the Renergen Helium Project following the completion of its acquisition of Renergen Limited on January 6, 2026. The update highlights the substantial operational, technical, and commercial progress achieved since ASP Isotopes began supporting the project, marking a clear improvement in overall performance and execution.
Phase 1C of the Renergen Helium Project continues to move steadily toward full commercial operations. Since drilling and production activities were restarted in April 2025, supported by bridge loan funding from ASP Isotopes prior to the acquisition, the project has advanced meaningfully across several critical areas. These include drilling efficiency, gas production volumes, processing plant readiness, and commercial development. Compared to the period before ASP Isotopes鈥� involvement, operational performance has improved significantly. Based on current progress and forward projections, management expects the project to achieve positive operational cash flow before the end of 2026.
Following the restart of operations, the Phase 1 processing plant has undergone progressive upgrades to support higher gas throughput and ensure stable operations as additional production wells are connected. Management estimates that gas throughput has increased by approximately 60% since ASP Isotopes began funding the project. Enhancements completed to date include the installation of an additional compressor station to increase overall compression capacity, optimization of the dewar filling system to enable efficient liquid helium offtake during the ramp-up phase, and modifications to the cold box and cryogenic systems to improve plant availability and reliability. Final commissioning work remains ongoing, including the commissioning of Compressor Station C, which is expected to be completed by the end of the first quarter of 2026. To support continuous operations during planned maintenance periods, two additional 220 cubic meter storage tanks have been ordered for installation in 2027. An additional CO2 scrubber has also been installed, allowing the plant to handle a broader range of gas compositions.
Drilling and subsurface activities since April 2025 have focused on increasing gas supply while significantly improving geological confidence. A key change following the restart of operations was the engagement of Kinley Exploration, an independent specialist firm providing expertise in seismic interpretation, reservoir modeling, well placement, well design, and drilling execution. This approach represents a departure from previous drilling practices and has directly contributed to improved target selection and well performance. To date, 15 of the 18 wells drilled in the fractured reservoir have successfully intersected gas. In addition, four wells were drilled into a newly identified shallow sandstone reservoir at depths of less than 400 meters, with gas confirmed in two completed wells. This sandstone reservoir is not included in existing independent reserve assessments, and further flow testing and evaluation are ongoing. Drilling has also confirmed that gas-bearing zones in the fractured reservoir extend deeper than previously drilled. A trial workover conducted on an existing well resulted in a material increase in gas flow rates, and similar workovers are planned for additional wells. While drilling schedules have been adjusted due to deeper-than-anticipated targets, water management requirements, land access coordination, and localized impacts from historical underground mining, the company continues to expect completion of the current drilling campaign in the first half of 2026.
Gas gathering infrastructure has continued to expand as new production wells are brought online. Work completed includes the tie-in of new wells to the processing facility, upgrades to pipeline components and low-point drains to improve gas flow, and completion of dynamic hydraulic modeling to support future system optimization. Overall, the gas gathering network is estimated to be more than 70% complete. To further improve power reliability, designs and approvals have been finalized to connect Compressor Station A to the main 33 kV power supply feeding the processing plant, with implementation expected in the second half of 2026.
Alongside operational progress, commercial development for both helium and LNG has advanced. Renergen has supplied LNG to industrial customers since 2022, and during the fourth quarter of 2025, a pilot program was completed with Time Link Cargo using LNG-powered Volvo trucks in logistics operations. Following this pilot, a supply agreement with a transport customer is expected, subject to the successful completion of a dual-fuel LNG pilot planned for the first quarter of 2026. Looking ahead, the company plans to complete Phase 1 drilling, advance toward positive cash flow, finalize commissioning, and begin pre-development activities for Phase 2, with continued drilling and expanded seismic work expected to support future reserve growth.
