Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-14

Slow progress here? The 13.4bcf prospective resource has made no progress on paper in almost two years towards being upgraded to contingent resources and eventually reserves?

Around last September year BNL was about to receive an updated resource projection from Sproule for Galactica/Pegasus including an expectation of contingent resources. It appears that information from Sproule has not been shared with shareholders for whatever reason?







Without proven reserves needed for debt finance in my opinion the only options are more drilling to try to prove up some reserves or potentially try to get some revenues from hiring a processing plant which BNL appear to be doing on the small 0.6bcf of helium side project at Voyager. What isn't clear is the number of wells needed as I don't see a flow rate? 8.8% helium is great but will it definitely flow and will the flow rate be 100mcf/d so as many 20 wells are needed (hired processing plant can process about 2mmcf/d = 2000mcf/d of raw gas I think) or something much better like 500mcf/d per well at Voyager? Hence it looks like the flow rates at Voyager will be important if development wells for production with a hired processing plant are like maybe US$0.5m per well?