Ann: COGCC Approves Four Development Wells- Galactica-Pegasus, page-4

Hi all. You may be interested in the following market update comments from the Helium One CEO from two days ago:

Helium MarketGlobal demand for helium continues to grow exponentially while the Russian invasion of Ukraine has prevented any additional new supply being developed from the Amur facility in Siberia as Linde, Air Products and Air Liquide have officially suspended all activities in Russia. With no end in sight for the current supply shortage, both spot and contract helium prices have continued to rise throughout the last six months.Notable milestones from August include:

· Contract pricing from Qatar into China exceeding $400/Mcf . With no domestic helium sources and growing high-tech manufacturing industry, China is the world's largest importer of helium consuming over a billion cubic feet of helium gas every year. As Qatar provides the majority of Chinese helium supply, the rise of average import price to over $400/Mcf reported by Akap Energy is significant and highlights the upward pressure on long term bulk helium contract pricing seen by consumers around the world.

· Spot pricing reported at over $1,000/Mcf . Argonon, who are attempting to create a transparent spot price for trading helium, announced in August the auction of one million cubic feet of helium gas from South Africa. Despite the tender being ex-works without transport and the maiden load from a new plant, bids reached a range of $800-$875/Mcf. Taking into account logistics costs and the distributor's margin, this implies a delivered price into US or Asia of well over $1,000/Mcf.

Continued significant price rises in both contract and spot pricing highlight the tight global helium market and demonstrate the requirement for a new source of high-grade primary helium to satisfy global demand.