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 and Australia. The association of natural gas with globally significant helium concentrations gives the company a material point of differentiation versus to its listed upstream peers. D3E is currently working through its Production Right Application (PRA) and FEED processes looking to achieve commercial resolution / project sanction on an initial production project in 2026. Planned geophysical campaigns will underpin a new phase of drilling and significantly positive test results could generate an increase in independent reserves and resources certification. The gas resource is biogenic in nature and importantly, it recharges so, the upside case could be considered in practical terms as potentially ‘open-ended’ on gas reserves, per well recoveries and valuation, noting the inexpensive nature of drilling and completion capex on an absolute basis. To achieve commercial definition in under two years from listing would represent material outperformance compared to peers. Holding assets in South Africa is strategic in a country facing a gas deficit with strong political support for new developments. D3E is aiming to secure a partnering deal to underpin the drilling of its Hydrohelix prospect this year. We believe D3 Energy is a niche opportunity in the global energy landscape by tapping into overlooked helium and gas plays that could be ready for project sanction by end-2026.