Ann: Reserves Update, page-25

Hexing the helium for you. Just a rough look shows it’s got mega potential. And especially considering negligible transport cost.

He sale price approx
$80/thousand cf
$80m/bcf ( Nat gas PJ)
Say $60m/bcf profit

1bcf of natural gas is approx 1 PJ
If natural gas yields $3m/PJ profit then

He is worth 20x the profit of natural gas per volume

Therefore at 5% He the helium is worth at least the value of the natural gas. It’s a fair way to look at as a minimum. And 5% might be conservative and further if the natural gas profits are only $1.5/PJ conservatively, we still get the bonus helium at $60m/bcf profit.


So Say Dukas is 5% He
1000PJ natural gas reserve
50bcf He reserve

@30% to CTP

=15bcf of He x$60m = $900m He profit over 10 to 20 years.

Plus 300PJ natural gas @ $3m profit over same period = $900m (or $450m@$1.5m)



$1.8b to 1.35b profit