Cyber App Solutions (CYRB) 10-K 2023 FY Annual report

EXHIBIT 99.3

WILLIAM M. COBB & ASSOCIATES, INC.

Worldwide Petroleum Consultants

12770 Coit Road, Suite 907	(972) 385-0354
Dallas, Texas 75251	Fax: (972) 788-5165

January 16, 2024

Via email: jcoates@protongreen.com, sel@protongreen.com

Mr. John Coates

Proton Green LLC

2000 Bering Drive, Suite 210

Houston TX 77057

Dear Mr. Coates,

As requested by Proton Green LLC (Proton Green), William M. Cobb & Associates, Inc. (Cobb & Associates) has prepared this resource and cash flow evaluation associated with the planned sales of beverage-grade carbon dioxide (BG CO²) at the St. Johns Field. This is an updated version of the December, 2023 analysis, incorporating revisions to the electrical expansion costs and BG CO² recovery efficiency, applying an accelerated facility installation schedule, and adding a $200 per ton BG CO² price sensitivity case.

Based on project timing, rate estimates, capital cost, operating cost, and estimated sales price information supplied by Proton Green, BG CO² sales can be considered an add-on (incremental) project to the ongoing helium development project currently under way and planned for the St. Johns Field. Therefore, this analysis considers only the incremental costs and revenues associated with BG CO² production.

The base costs are assumed to be borne by the helium development project (well capital and operating costs, flow lines, gas re-injection costs, any radon separation and treatment costs, and facility operating costs for helium recovery). This base helium development project (the “40/160/310 MMCF/D Case”) is described in the January 16, 2024 report (the Helium Report). The well drilling timing and production rates assumed for the helium development project are shown in Table 1 (note, existing wells are included in this table).

St. Johns Field CO² Sales Evaluation
January 16, 2024

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Table 1: Potential Helium Project Schedule
	40/160/310 MMCF/D Case
Year	Tot MCF/Day		Helium MCF/Day		Production Wells		Injection Wells		Total Wells Drilled
2024		0		0		3		0		3
2025		36,127		151		14		0		14
2026		156,127		653		24		10		34
2027		307,363		1,285		18		1		19
2028		310,000		1,296		84		1		85
2029		310,000		1,296		47		1		48
2030		310,000		1,296		27		1		28
2031		310,000		1,296		19		1		20
2032		310,000		1,296		15		1		16
2033		310,000		1,296		13				13
2034		310,000		1,296		12				12
2035		310,000		1,296		12				12
2036		310,000		1,296		12				12
2037		310,000		1,296		12				12
2038		310,000		1,296		12				12
2039		310,000		1,296		12				12
2040		310,000		1,296		4				4
2041		293,556		1,227						0
2042		270,952		1,133						0
2043		250,089		1,045						0
2044		230,832		965						0
2045		213,058		891						0
2046		196,652		822						0
2047		181,510		759						0
2048		167,534		700						0
2049		154,634		646						0
2050		142,727		597						0
2051		131,737		551						0

Note: Of 3 2024 Production Wells, 1 is new drill

The BG CO² project consists of 12 separate plant installations, each consisting of a 500 ton per day (T/D) sales volume BG CO² plant. The project schedule assumes the plants will be installed as six pairs, with the second plant of each pair bearing a “B” designation. Based on information from Proton Green, field CO² offtake is assumed to undergo zero shrinkage as it is processed to yield BG CO². Each plant is assumed to have a 20-year productive life. The construction and production timing and rates for the 12 plants is shown in Table 2, based on information provided by Proton Green.

St. Johns Field CO² Sales Evaluation
January 16, 2024

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Table 2: Beverage Grade Carbon Dioxide Plant Timing and Rates

Plant Number	CO2 Plant Construction Start Date	CO2 Production Start Date	Months to Complete Plant		Field Offtake to Plant (MCF/D)		Plant Beverage Grade CO2 Sales (MCF/D)		Plant Beverage Grade CO2 Sales (T/D)
1	1/2/2024	10/1/2024		9		8,700		8,700		500
1B	1/2/2024	10/1/2024		9		8,700		8,700		500
2	3/2/2024	12/1/2024		9		8,700		8,700		500
2B	3/2/2024	12/1/2024		9		8,700		8,700		500
3	3/2/2024	3/1/2025		12		8,700		8,700		500
3B	3/2/2024	3/1/2025		12		8,700		8,700		500
4	5/2/2024	5/1/2025		12		8,700		8,700		500
4B	5/2/2024	5/1/2025		12		8,700		8,700		500
5	11/1/2024	7/1/2025		8		8,700		8,700		500
5B	11/1/2024	7/1/2025		8		8,700		8,700		500
6	1/2/2025	9/1/2025		8		8,700		8,700		500
6B	1/2/2025	9/1/2025		8		8,700		8,700		500

The ability of the helium project to supply the rates needed by this BG CO² project was confirmed by plotting the total field rate from the helium project and the production rates needed to supply the 12 plants, Figure 1. Note that the helium project development will need to proceed as described in Table 1 to provide the necessary gas production to the BV CO² plants.

St. Johns Field CO² Sales Evaluation
January 16, 2024

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Figure 1: Total Project Rate and Rate Dedicated to CO2 Extraction Plants

 

Each plant’s installation and operating costs are shown in Table 3 based on information provided by Proton Green.

Table 3: Beverage Grade Carbon Dioxide Plant Costs

500 TPD Beverage Grade CO2 Plant	Cost
Pre-Processing	$	1,000,000
Plant Capex	$	8,150,000
Shipping	$	160,000
Construction	$	1,630,000
Loading Bays	$	500,000
Spare Parts	$	300,000
Storage (5500 tons)	$	1,000,000
Total Plant Cost	$	12,740,000
Electricity Expansion Cost (Plant 1 only)	$	3,000,000
Plant Operating cost (monthly)	$	16,979
Electricity (monthly) (based on $0.12 per kwh)		164,376

St. Johns Field CO² Sales Evaluation
January 16, 2024

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Assuming $100/Ton BG CO2 price and the Table 3 cost values, the resulting rates and cash flow for the first plant’s initial 24 months is provided in Table 4:

Table 4: Plant 1 Rates and Cash Flow, First 24 Months

Date	Prod. Mo.		CO2 Production MCF/D		CO2 Sales MCF/D		CO2 Sales T/D		CO2 Sales T/Mo		Plant Capital Cost, $		Plant Operating Cost $/Mo		Electrical Cost, $/Mo		Electrical Expansion, $		Revenue, $/Mo		Cash Flow			Cumulative Cash Flow
Nov-23																					$	0		$	0
Dec-23																					$	0		$	0
Jan-24											$	12,740,000					$	3,000,000			$	(15,740,000	)	$	(15,740,000	)
Feb-24																					$	0		$	15,740,000	)
Mar-24																					$	0		$	(15,740,000	)
Apr-24																					$	0		$	(15,740,000	)
May-24																					$	0		$	(15,740,000	)
Jun-24																					$	0		$	(15,740,000	)
Jul-24																					$	0		$	(15,740,000	)
Aug-24																					$	0		$	(15,740,000	)
Sep-24																					$	0		$	(15,740,000	)
Oct-24		1		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	(13,486,155	)
Nov-24		2		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	(11,232,310	)
Dec-24		3		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	(8,978,466	)
Jan-25		4		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	(6,724,621	)
Feb-25		5		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	(4,470,776	)
Mar-25		6		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	(2,216,931	)
Apr-25		7		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	36,914
May-25		8		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	2,290,759
Jun-25		9		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	4,544,604
Jul-25		10		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	6,798,448
Aug-25		11		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	9,052,293
Sep-25		12		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	11,306,138
Oct-25		13		8,700		8,700		500		15,220			$	16,979	$	164,376			$	2,435,200	$	2,253,845		$	13,559,983

Incremental economics for the BG CO² project over the helium development were run for three cases. The base case assumes a BG CO² sales price at the plant gate of $150/ton, with all costs as supplied by Proton Green. The stress case assumes a BG CO² sales price of $100/ton and all costs equal to 1.5 times the values supplied by Proton Green. A high price case assumes a BG CO² sales price of $200/ton, with all costs as supplied by Proton Green. Under these three sets of assumptions the by-plant and total project are economic in all three cases. A summary of the by-plant and total economics is provided in Table 5, and a comparison of the results for the three cases is provided in Figure 2.

St. Johns Field CO² Sales Evaluation
January 16, 2024

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Table 5: Estimated By-Plant and Total Project Incremental Economics

	$100/Ton Sales Price, 1.5 Cost Factor							$150/Ton Sales Price, 1.0 Cost Factor							$200/Ton Sales Price, 1.0 Cost Factor
Plant Number	NPV, $ Millions		Investors Rate of Return			Years to Payout		NPV, $ Millions		Investors Rate of Return			Years to Payout		NPV, $ Millions		Investors Rate of Return			Years to Payout
1	$	69		45	%		2.8	$	146		110	%		1.5	$	205		147	%		1.3
1B	$	74		55	%		2.4	$	148		134	%		1.3	$	208		179	%		1.2
2	$	73		55	%		2.4	$	146		134	%		1.3	$	205		179	%		1.2
2B	$	73		55	%		2.4	$	146		134	%		1.3	$	205		179	%		1.2
3	$	71		50	%		2.7	$	142		112	%		1.6	$	200		145	%		1.4
3B	$	71		50	%		2.7	$	142		112	%		1.6	$	200		145	%		1.4
4	$	69		50	%		2.7	$	140		112	%		1.6	$	197		145	%		1.4
4B	$	69		50	%		2.7	$	140		112	%		1.6	$	197		145	%		1.4
5	$	69		57	%		2.3	$	138		143	%		1.3	$	194		195	%		1.1
5B	$	69		57	%		2.3	$	138		143	%		1.3	$	194		195	%		1.1
6	$	68		57	%		2.3	$	136		143	%		1.3	$	191		195	%		1.1
6B	$	68		57	%		2.3	$	136		143	%		1.3	$	191		195	%		1.1
Total	$	842		NA			2.9	$	1,701		NA			1.8	$	2,384		NA			1.7

Figure 2: Beverage Grade CO² Project Present Value and Payout Period Results

St. Johns Field CO² Sales Evaluation
January 16, 2024

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Evaluation Stipulations

This potential volumes and values presented in this evaluation is based on the Helium Report’s estimates of in-place and potentially recoverable CO² gas volumes in the St. Johns Field. Because these gases are not hydrocarbons, they are not subject to the SEC’s or the petroleum industry’s hydrocarbon reserves definitions. However, to put these volumes estimates into a technical context, the corresponding reserves category would be “contingent resources”, as defined by the petroleum industry’s Petroleum Resources Management System, revised in June 2018 (the PRMS).

The PRMS defines “contingent resources” as “Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies.” While not petroleum, the CO² gas contained in the Field otherwise fits this definition. The “contingent” aspect of this resource relates to the current absence of a fully- budgeted development project. Commitments to the execution of both the helium and BG CO² development projects would remove this contingency for each area subject to development, with volumes moving to reserves categories as commitments, well data, and production data warrant.

No review has been made of the agreements, if any, under which the Field would be developed and operated, nor of any sales agreements. No on-site Field inspection or review of the title to the properties has been carried out. No review has been made of the permitting requirements of this project, nor of the ability of Proton Green to obtain any such needed permits or approvals.

The results presented in the referenced reports are based on geologic and engineering judgment, and as such are estimates. There are uncertainties in the analysis of the available data. Any estimated future production volumes may or may not, in fact, occur. Volumes may increase or decrease as a result of future operations, or as the result of unforeseen geological conditions. Therefore, those results are not warranted or guaranteed as to their accuracy, but represent opinions based on the interpretation of technical data.

Cobb & Associates appreciates this opportunity to be of service to Proton Green. Please let me know if you have any questions.

Sincerely,

WILLIAM M. COBB & ASSOCIATES, INC.

Texas Registered Engineering Firm F-84

/s/ Randal M. Brush

Randal M. Brush, P.E.

President

      RMB