Ann: Helium One Farms into Galactica / Pegasus Project, page-8

From the Helium one announcement

"The Subscription was made with a single institutional investor, Cynosure Capital PTY Ltd, with Marex Financial acting as the placing agent, and will enable the Company to meet the financial obligations under the Agreement which will result in the Company acquiring the Interest. Subject to the conditions in the Agreement having been satisfied or waived (if capable of waiver), the net proceeds of the Subscription will be applied in respect of the Acquisition as follows:·

US$1.5 million in respect of past costs incurred by Blue Star on the Galactica Project;· 100% of the costs in respect of six wells capped at US$450,000 per well;· up to US$2.55 million in in respect of the Company's 50% participating interest share of the tie-back, installation andprocessing expenditures required for the development of the Galactica Project;· the balance of US$1.18 million in respect of associated fees, legal costs and working capital and development contingencies.The New Ordinary Shares represent 9.99% of the Company's enlarged share capital after the issue of the New Ordinary Shares. The Issue Price represents a discount of approximately 37 per cent. to the closing price of 1.74 pence per Ordinary Share on 23 August 2024, being the last business day prior to the announcement of the fundraise."

$5,23M USD for 50% of Gal Peg, values Gal Peg at $10.46M USD, or $15.6M AUD when BNL has a market cap of $11.6M AUD.... not a bad deal given the all the resources we have left!

So I would say based on this we are seriously undervalued according to the deal above. DYOR