All, following on from SM's comments, using some indicative...

All, following on from SM's comments, using some indicative numbers in a spreadsheet, I got a breakeven flow rate of 225mcf/day for this financial year (though the cash situation would rapidly improve in FY2025 with a full year's production). This assumes 8% helium concentration, 4 drills this financial year, 2.5 months' weighted average production across the 4 wells, a USD450/mcf helium price, USD1.5m p.a. in corporate costs, USD400 per drill. Also assumes all the plant costs are fixed costs. The Galactica flow rates reported for the exploration wells were in the range of 300-400. There is some discussion in the broker reports of 400-500mcf/day for a few wells in the Model Dome area which is closer to Voyager but I don't know how much this can be relied on.

Obviously if the helium percentage is only 4% then we would need 450mcf/day to breakeven this FY. Happy to hear any corrections or different views/numbers.

				FY24	FY25
Summary	Average Flow Rate			225	225
	No of Wells Drilled			4	5
	No of Producing Wells			4	9
	Helium Produced		MMcf	3.9	30.4
	Operating Profit		USD$m	-$2.9	$8.9
	Corporate Costs		USD$m	$1.5	$1.8
	DrillingCosts		USD$m	$1.6	$2.1
	Net Cash Flow		USD$m	-$6.0	$5.0
	Cash on Hand (EOFY)		USD$m	$0.0	$5.0
				FY24	FY25
Summary	Average Flow Rate			400	400
	No of Wells Drilled			4	5
	No of Producing Wells			4	9
	Helium Produced		MMcf	6.9	41.5
	Operating Profit		USD$m	-$1.5	$13.9
	Corporate Costs		USD$m	$1.5	$1.8
	DrillingCosts		USD$m	$1.6	$2.1
	Net Cash Flow		USD$m	-$4.6	$10.0
	Cash on Hand (EOFY)		USD$m	$1.4	$11.4