Ann: Exploration Update, page-59

commercialisation is where it’s all at. Obviously proving a resource is one thing and helium in the ground has a “value” but in reality it is only a “potential value”. Once that helium is in a tank and on the market readily exchangeable for cash it has “real value”. There are a lot of explorers out there for all sorts of things because it doesn’t take a genius to buy up some tenements, create a story, raise some cash and go digging holes in the ground. If they find something in those holes then you can go about proving up the resource to find out how much stuff you have in the ground, again that’s more stories, more capital raising, more digging holes. So far you haven’t actually created any “real value”. You’ve created stories, raised capital and spent it on drilling rigs. actually getting that stuff out of the ground, refining it, bottling it and bringing it to market (after more capital is raised of course) is a totally different ball game. Not to mention being able to do all that PROFITABLY.even then, if you can do it at a profit it is still a question of who profits because by this time there has been so much share dilution due to CR’s, performance rights, bonuses, BOD fees, consulting fees, management fees and salaries, etc. that it is quite possible that there is very little left over for shareholders.why anyone is considering giving these guys performance rights that aren’t linked to shareholder value is beyond me. True shareholder value is measured in share price appreciation and dividends. They are already being paid handsomely for turning up to work and doing their jobs. Rewards for performance above and beyond what you set out to do is fine but it’s not the case here. will it ever be the case? What experience do these guys have to commercialise the helium? If they do manage it, will it be done profitably? If so will it be done profitably to shareholders?only time will tell but looking over the history of BNL it has been run as a lifestyle company for a long time and the latest performance rights resolution is not indicative of a BOD that has decided to change their ways. We can only hope (and vote NO).