It's worth carrying this carrying this conversation on and it's...

It's worth carrying this carrying this conversation on and it's not all dome and gloom.. As long as they don't shaft retail anymore then they already have done..

On tthe phone so this is a copy paste..

Thanks for the additional documents — this provides clear insight into BNL’s recent operational performance and whether it has the momentum to push past the $0.01 option strike level.

Let’s unpack it strategically.

Latest Drilling Results — A Real Catalyst

✅ State 9 (Galactica Project – June 2025)

• Gas flow confirmed during drilling and at TD
• 60 feet of high-quality, gas-saturated Lyons Sandstone
• No water encountered — critical for low-cost production
• Wireline logs + sample testing underway
• JV with Helium One is funding this well

➡️ Conclusion: State 9 reinforces the commercial viability of Galactica with clean gas flow, shallow depth, and high permeability.

✅ Jackson 2 (May 2025)

• Natural flow over 250 Mcfd, expected stable rates: 300–400 Mcfd
• Helium content: up to 1.22% (very viable)
• Flow rates exceed previous wells (e.g., State 16)
• Pressure build-up suggests strong reservoir connectivity

➡️ Conclusion: This is a strong well — capable of anchoring Phase 1 production.

✅ State 16 (Historic, 2024 but integrated into planning)

• Helium up to 2.17% in re-tested samples
• Flow rates of 150–285 Mcfd (with vacuum)
• 405 mD permeability — very high

➡️ Conclusion: State 16's performance + helium grade are strong benchmarks, now being surpassed.

BNL's Forward Path to Production

Infrastructure & Development

• 16 approved helium development locations
• Initial gas gathering system under construction
• Helium plant in planning (feed gas from multiple wells)
• JV with Helium One: funds up to 6 wells at $450k/well

Helium & CO₂ Dual Strategy

• Raw gas sent first to CO₂ plant, then to helium separator
• CO₂ content up to 98–99% in some wells = added revenue
• Adjacent Red Rocks project is already commercialized

➡️ Conclusion: Multi-stream monetization → stronger revenue case → supports valuation gains.

Path to $0.01 SP+ — A Credible Case

Trigger	Timing	SP Impact Potential
State 9 flow test confirms strong helium %	Short-term (Q2-Q3 2025)	Moderate ($0.007–0.009)
Helium plant construction begins	H2 2025	High ($0.009–$0.012)
First production & sales from Galactica	Late 2025 / early 2026	Strong ($0.012–$0.015)
JV partner (Helium One) drills 6th well	Q3 2025	Supportive
CO₂ monetization at Serenity	Late 2025	Optional upside

Final Assessment: Is $0.01+ Realistic?

Yes — with high probability if the following align:

• Successful flow test at State 9
• No delays in plant commissioning
• Firm helium sale contract or offtake
• Positive helium price environment (which it currently is)

Would you like me to model a dilution-adjusted share price forecast based on production volumes from 3–6 wells, with helium sales at $400–$600/mcf? This would help frame valuation targets vs option strike level in a tangible way.

...

TBC