D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South Africa. The association of natural gas with globally significant helium concentrations gives the company a material point of differentiation compared to its listed upstream peers. D3E has delivered significantly positive results through its first stage drilling and testing activity, independent certification of initial reserves and resources, and a Production Right Area (PRA) application that could see the company at a project sanction stage by end-2026. From listing to project definition in under two years would be an impressive outcome, particularly if achieved under budget. Critically, the gas resource is biogenic in nature and it recharges. The upside case could be considered as potentially ‘open-ended’ on gas reserves, per well recoveries and valuation, noting inexpensive infield capex on an absolute basis. The positioning in South Africa is strategic in a country facing a gas deficit with strong political support for new developments. D3E has recently added a new early-stage opportunity with tenements in the Arckaringa Basin (South Australia) and is materially progressing farmout discussion for 2026 drilling. We believe D3 Energy is carving out a niche in the global energy landscape by tapping into overlooked helium and gas plays in a region hungry for reliable energy.