Ann: Enterprise 16-1 well spudded, page-51

Ok - are you actually serious with the question you posed? I will qualify that question by saying that no one has some magic crystal ball that can give a definitive answer on where BNL will be at the end of 2022.

What we have is a company that his just put its first drill bit into the ground in Colorado. A company that plans to repeat that 10 times in 2022. Has sufficient funds ($15mil or close to that) to complete this years drilling projects. Has a huge area of ground to drill into. That acreage has a history of helium strikes. It also has entered into a JV agreement (50% for BNL) where it has partners that will also be drilling. The JV partners and BNL have additional drilling permit applications in play.

I did actually answer your question in a way. If BNL is fortunate enough to strike high level helium deposits of commercial sizes, then it will either sell the gas directly or even set up its own helium processing plants - these I believe are mobile plants and I think they could even be leased. If there is anyone on this forum with more expert knowledge who could clarify the actual process, your input would be appreciated. Happy to be corrected if I am off target. In this case, BNL could flog off the helium directly to the market.

We need to remember that only one hole has been started - no results are in yet.

As for take overs - that can happen at any time for any company. Certainly, if BNL does strike very large commercial deposits, then it would look very attractive to a large player - great assets in land and confirmed helium where the supply of helium is constrained at a relatively low price. Current MC is around $100mil and even a 20-30 cent TO price would make for a mere $500mil - cheap if the gas reserves are high in Helium in large amounts.

I suspect that the circumstances regarding Helium strikes and decisions on whether there are significant commercial quantities will come in 2022 and maybe we will get significant indications by June. Until we get some results from drilling, then no one knows for sure.

Hopefully, this may at least give you some idea about where BNL could go in the next 12 months. I actually believe that we will have a much clearer picture by the end of June - and be all very pleasantly surprised.