Peers, page-46

Some calculations
the oil and gas industry use a variety of ways to calculate the value of thier in ground resources. This is particularly important in mergers and acquisitions. They use a variety of scales depending on where projects are in thier life cycle, from development to production and resources classification from proven to possible. Noting bnl doesn't have even a possible resources classification only an estimate, however if we use the P90 estimate as if we have drilled enterprise an established a possible resource at the P90 estimate of 372mmcf of recoverable helium gasses which would equate to (using model domes figures) 8% pure helium at 99.9% purity fetching $280+ per mcf. and then use the oil and gas industry average of 6.8% for possible resource in-ground value or( $280 *6.8%)= $19.4 per mcf, bnl would have a $577m in-ground value resource, not bad for Enterprise alone on the P90 estimate, however there is a lot of work required to a reach a possible resources category and it would take many drills, but once in production if the resource was determined in that category the in ground value would increace to 9.3% of resource market value. Expect lots of CR but enjoy the ride and lets go drilling.