Ann: Drilling and Permitting Update, page-34

I think - despite all the international headwinds - that we should see a significant increase in the SP by the end of this year.

I am confident enough to just sit on the shares I own and ignore any pressures to sell.

We have had some large sell-offs in recent weeks - but BNL is not alone in that. Small basically spec shares are being sold off - and funds mainly going into gold and energy stocks. Natural investing by bigger players I would suggest - and those investors can't be criticised for that strategy. Maybe the last BNL update was not as dazzling as some would hope and that helped in people deciding to shift their funds for now.

BNL fundamentals have not changed - nor has the great potential. Yes, potential has to be realised at some stage. BNL has so much land and has a drilling programme in place (that is certainly something it did not have 12 months ago. As Murray brought up. the JV people will be drilling by mid year. We all know the odds are good for hitting helium - and helium prices continue to rise.

We just have to remain a bit calm and understand the potential positive outcomes - and we should have a really picture of that by the end of June. Not that long to wait.