The Renergen (ASX:RLT) share price is soaring 24% higher today. Here’s why

The Renergen Limited (ASX: RLT) share price is on a tear today, up 24.58% at $1.50 in early afternoon trading.

The All Ordinaries Index (ASX: XAO), meanwhile, is heading the other way, down 0.8% at time of writing.

Why is the Renergen share price shooting higher?

The emerging helium and natural gas company’s share price is soaring today following an update on its phase 2 Virginia Gas Project.

Located in Free State, South Africa, the Virginia Gas Project contains one of the richest helium concentrations recorded around the world, with readings of up to 12%.

The company reported it has contracted with 3 companies for the engineering studies of the project.

Saipem SpA was granted the front-end engineering design (FEED) contract to…