Borealis Exploration Limited Weekly Update for the Two Weeks Ended 18 November 2013 - Part II

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Slot Sales

Negotiations continue worldwide for an ever increasing number of Slot Sales.

As these negotiations are completed they will be announced.

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Current Upcoming Conferences:

These are all major events where we are presenting:

We continue to attend conferences several times a month:

November 25-26

<http://marketforce.eu.com/airtransport> Future of Air Transport Conference

London, England

December 3-4

<http://www.aircraft-commerce.com/conferences/default.asp> 7th Flight Ops

Conference

Frankfurt, Germany

December 4-5

<https://www.ipm-scm.com/en/aviation-forum/> Aviation Forum

Hamburg, Germany

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WheelTug plc New Private Placement Memorandum

The current PPM is dated 02 August 2013.

It is available to qualified investors under Non-Disclosure Agreement.

Please contact kalin@wheeltug.gi

It should be noted that we expect all our current offerings to sell out in

fairly short order. WheelTug® is becoming a reality.

Our Solicitors are now working on what should be our last Private Placement

Memorandum for WheelTug plc.As soon as this offering is sold out we can reasonable expect to commence

work on listing WheelTug plc shares on the Prague Stock Exchange. The

listing is subject to all the standard listing issues and approvals.

NO OFFER OR SALE OF SHARES OF WHEELTUG PLC IS BEING MADE HEREBY.

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Public Information about our Companies and trading platforms:

No improvement in third party reporting of our financial information. You

would think that the financial reporting services would know some shame. If

a shareholder relying on MarketWatch information sells out using the bad

information from MarketWatch would the seller have a claim against

MarketWatch?

Note:

<http://www.marketwatch.com/investing/stock/boref/financials>

http://www.marketwatch.com/investing/stock/boref/financials

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Iron Ore Prices

Another Copyrighted Story: Iron Ore sure looks like the place to be:

<http://www.reuters.com/article/2013/11/14/csn-results-idUSL2N0IZ0GL20131114

>

http://www.reuters.com/article/2013/11/14/csn-results-idUSL2N0IZ0GL20131114

UPDATE 3-Iron ore, prices to boost Brazil's CSN fourth-quarter profit

Thu Nov 14, 2013 1:12pm EST

By Guillermo Parra-Bernal and Alberto Alerigi

Nov 14 (Reuters) - Price hikes and rising iron ore output will lift Cia

Siderúrgica Nacional SA's profitability in coming months, executives and

analysts said on Thursday, after Brazil's No. 2 producer of flat steel

products beat third-quarter estimates.

CSN, as the São Paulo-based company is known, is in talks with

<http://www.reuters.com/places/brazil> Brazil-based carmakers for a price

hike that could be implemented by year-end, Luis Fernando Martínez, senior

vice president for the steel unit, said on a conference call to discuss

third-quarter earnings.

Sales volume in the steel unit may improve marginally, while pricing in the

domestic market will stay favorable in coming months, he added. Domestic

steel price premiums as well as iron ore prices, which helped the company

beat <http://www.reuters.com/finance/earnings> earnings forecasts last

quarter, are unlikely to fall in coming months, other executives added.

"Trends remain supportive," Martínez said in the call.

CSN shares posted their biggest intraday gain in two weeks on optimism that

strong earnings momentum could continue into the fourth quarter as the

company and its rivals seek to push further price increases for plates, slab

and coiled steel products. The shares rose as much as 6.7 percent to 12.99

reais, their highest level since Nov. 7.

"We believe steel price strength could carry into the fourth quarter,

supported by elevated iron ore prices, leaving upside risk to our estimates

in the short term," Andreas Bokkenheuser, an analyst with UBS Securities in

New York, said.

CSN earned 502.88 million reais ($215 million) in the third quarter, above

an average estimate of 433 million reais in a Thomson Reuters poll of

analysts. Compared with the prior three months, profit remained roughly

stable, increasing 0.2 percent, the company said in a securities filing on

Thursday.

LOCAL MILLS

CSN's results confirmed what most investors expected for local mills: Higher

prices in some flat steel market segments, combined with the positive impact

of a weaker currency on exports, compensated for feeble growth in sales

volume.

Quarterly earnings at Gerdau SA and Usinas Siderúrgicas de Minas Gerais SA,

or Usiminas, showed a better sales mix, fatter operating earnings and signs

that months of expense controls had paid off. Gerdau is the largest

steelmaker in the Americas, while Usiminas is Brazil's No. 1 producer of

flat steel products.

Shares are up 16 percent this year, outperforming those of rivals Gerdau and

Usiminas, partly after concern eased that Chief Executive Benjamin

Steinbruch would embark on a spree of risky acquisitions.

In the last two years, CSN shares fell a combined 55 percent after

Steinbruch failed to invest further to integrate CSN's iron ore mines

vertically and protect the steel unit from long-term cost increases as well

as regulatory- and competition-related risk.

In Thursday's call, David Salama, head of investor relations, said CSN has

not signed any binding mergers and acquisitions agreement with any other

company. He added that any potential takeover would have to be "accretive."

DEBT

CSN's net revenue jumped 15 percent on a quarter-on-quarter basis to 4.66

billion reais, the highest on record, but fell short of analysts' average

estimate of 4.85 billion reais because of a 3.5 percent decline in shipped

volumes.

Its average price for flat steel in Brazil rose 5 percent from the prior

quarter, and domestic sales' share of total revenue fell to 60 percent from

68 percent. Usiminas, in contrast, is getting more of its sales from the

local market, where prices are higher than in other countries.

Yet debt metrics at CSN, an ongoing worry for analysts, deteriorated further

in the third quarter. Capital spending rose 38 percent, while net debt

increased 4.7 percent to 17.8 billion reais, a one-year high. The company's

need for working capital jumped 27 percent after accounts receivable rose

and tax prepayments were made.

As a result, free cash flow, or the cash left after payments to bond and

shareholders, was a negative 610 million reais, despite the strong

operational numbers, according to Thomson Reuters estimates.

CSN's cost of goods sold rose 7.9 percent to 3.26 billion reais in the

quarter, well below the poll's estimate of 3.43 billion reais. Selling,

administrative and general expenses dropped 17 percent to 315 million reais

due to a tumble in distribution costs, the company said in a securities

filing.

Earnings before interest, tax, depreciation and amortization rose 51 percent

to 1.65 billion reais on a quarterly basis, the filing said. The poll

expected EBITDA of 1.38 billion reais.

The company paid 63.4 million reais in taxes, compared with a tax credit of

161 million reais in the second quarter.