We have updated our Royal Helium model on the back of the recent CPR, new helium sales contract, 3D seismic data on the Climax conventional prospects, the Nazare production modelling simulation and the Val Marie initial drilling results. We have increased our base case helium price by 13% to US$450/mcf from US$400/mcf (in line with the GLJ CPR estimate) as a result of the new contract that has been signed with a Space Launch company in the US. We see this as important as it provides external val ....
