Kavango Resources (AIM: KAV) has raised £6m and quickly invested in copper, silver and gold exploration. CEO, Ben Turney explains the strategy at our Natural Resources Webinar, 5th December at 6 pm. Register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
As I understood it, Tai 3 and itumbula are their best shots. I know they have other areas highlighted but others weren't their first choice. I may be wrong because I'm far from as well researched as many but the plan was to make a discovery and then move on to the A2 tier sites from the A1 / Rukwa.
If HE1 wish to have a raise they'd have to make a very good case for it and if their best shots don't come up with the goods, just saying "we'd like to drill till we find HE" won't really cut it.
If they needed just a bit more funding to cover added costs of the delays that would be completely understandable, but it looks like they have enough cash to finish the current jobs anyway.
So what would be the argument for giving more money to HE1 should things not work out? Their licensed grounds are huge and Tanz is enormous, but they couldn't just ask for more cash to just keep going and going.
I think they must still be as confident as seismic studies allow to make a discovery in the wells they already have funding for.
Without a discovery at Tai ,or Itumbula, or fresh persuasive arguments for more money for elsewhere, would they even ask?
Emphasis on the words -
'Upon completion of the repair and maintenance work, the Company plans to continue the drilling campaign'
The same words repeated clearly and concisely by LB in her interview.
Others would have us believe that once they've spent all the time and effort to rig up and repair the rig, they're all just going to bugger of home and leave a 800,000 + dollar rig left in the middle of know where out in the elements for months.
But aye, I'm the one talking nonsense LOL
Read yesterday's RNS few times .Highly positive RNS. I'm glad bought more below 3 :-)
· Downhole fluid samples successfully recovered from reservoir intervals in the Upper and Lower Karoo Group confirm the presence of helium
· Complete wireline logs and initial petrophysical analyses demonstrate good quality reservoir sands in the Upper and Lower Karoo Group, interbedded with well developed shale prone seals; data recovered demonstrates a stratigraphic section, previously undrilled in the Rukwa Rift Basin
· Onsite pressure-volume-temperature analysis of downhole fluid samples have yielded helium concentrations up to 8,320 parts per million ("ppm") helium, which measure significantly above normal background levels of approximately 5ppm
· No Basement downhole samples were obtained as the wireline tools could not be run past 1,430m measured depth ("MD") due to washouts and ledges
· Tai-3 well has now been suspended for future operations that will involve drilling deeper into the Basement target, where an increase in helium shows were encountered whilst drilling
· Information and data obtained from the Tai-3 well results have provided a much greater understanding of the active working helium system in the region and a new well location on the Itumbula prospect has been identified as a result of these findings
· On completion of rigging down at Tai-3, the Company's drilling rig will be moved to the new Itumbula location where the iron rough neck and hydraulics will be repaired
· Upon completion of the repair and maintenance work, the Company plans to continue the drilling campaign
Funny how they'll likely be drilling Itumbula-2 at the date of the AGM.
Takes a bit of heat off the directors.
And if they can drill Itumbula-2 in December, which is one of the rainiest months, then they can certainly be drilling Tai-3A in January when the rains are easing off.
Provided they don't try that cake box or cash box chicanery nonsense again (severely damaging to company and management I think) then you can have a bang bang drilling scenario coming up to Christmas - 100M @ 3p, to get them through to May/June 2024.
So prior to then it's Itumbula-2, Tai-3A, CPR, rig overhaul, JV/farm out, and then on to Eyasi '24.
Eyasi '24 won't wait, hence drilling through the rains, which has always been a big no-no prior to now.
All IMHO, DYOR etc
PS The Ministry of Minerals has a high powered delegation in London at the moment, I wonder if they're making house calls?
Already have Joe so waiting for the turn in the tide now. The blue tide :)
Because a raise will NOT be needed prior to the drill and may only be needed albeit a small one if and when they revisit
50% lower from where we were yesterday, and we have shows of 0.8 helium
Lets see what the others see once the lab reports come back
Non of your concern really is it Sharepoint?
Why would you buy at 3p when the risk of a placing is so high? I dont get it.... averaging down on losers is not a good strategy.
Not too soon. I want to load up on the 2p's again !
Oh, sometimes I think that I should be taken out there, trussed up, tied to the rig, and banned from posting on this board or flikr ever again.
It is a great hobby, but financially expensive and mostly painful.
I should take up roulette.
Could be blue fairly soon.
I can't disagree with that Joe!
Mr skittish knows more about HE1 than HE1 does 🤣
Keep it coming.
The best investment the company could make in the next 8 weeks is to take you out there as our International Correspondent, and get their PR knocked into shape! lol
Cheers Mr Skit
I'd be looking for a 40ft tubular/liner. They'd be at least 2 packs. So maybe noticeable
Just trying to gauge timelines here - all a bit academic really, as it is only the traders who are making any money, and even then it must be hard at the moment (2.9p - who would have thought it.)
14-10-23 - RNS -drilling recommenced on Tai-3 from 100M
16-10-23 - RNS - last mention of Itumbula in an RNS
20-10-23 - Tweets - last mention of Itumbula-1 in a tweet.
30-10-23 - RNS - Tai-3 @ 1445M, close to basement
12-11-23 - Itumbula-1 pad completed between 2-11-2023 and 12-11-2023 (Sentinel didn't download on 7-11-23)
12-11-23 - Work commences on Itumbula-2 between 2-11-23 and 12-11-23, complete by 20-11-23.
So I'd say from this that doubts were creeping in over the wisdom of going for Itumbula-1 after 20-10-23, tweets up to then had been regular 10-10-23, 16-10-23, 20-10-23, the next tweet was due around 25-10-23 and never happened. Certainly appears to be influenced by what they found close to basement. Then a very rapid move to Itumbula-2, as soon as the Itumbula-1 pad completed.
Maybe they knew around 25-10-23 that they were not encountering free helium, and by around 2-11-23 knew that they had to go somewhere where they were certain that lots of it exists.
Nothing else would cut the mustard, as failure on the next well really isn't an option.
(It is of course, but not for long term shareholders, or management credibility.)
Unfortunately you can only view (unless you are prepared to pay big $$) the Tai site at 5 day intervals using Sentinel.
It is good enough to see large objects moving around the pad, construction etc, but you can't tell what those objects are, just that there is movement.
Just occasionally you get a very clear view from Google Earth Maxar but as that updated at Tai (and over the whole Rukwa region) around the beginning of September it is unlikely to update again any time soon.
So unfortunately using Sentinel you can perhaps tell that something is going on but not exactly what it is, unless it is major earthworks.
In any event it is likely to be cloudy shortly, and then Sentinel will be of no use probably until end April. Should be clear skies however for tomorrow's Sentinel pass - hopefully.
I see you don`t just want to be rich, you want to be filthy dirty stinking rich :D
Latino - Exploration is always a risking game.People can lose all or make fortune.You got to do your own research and believe in company and its assets and the current data.With He1 we have lots of valuable data which lower the risk in recent and upcoming drilling.I thinks He1 is one of brilliant opportunity on AIMS.Staying clam and topping up as opportunity comes.-)
"Todays drop is due to investors selling up on discovery of a duster!!"
Slacker, stop the Bluster, it`s not a Duster :p
Are you able to view the Tai 3 site? It would be interesting to see what arrives on the site whilst we are busy drilling. It would give a BIG clue as to whether or not HE1 will be going straight back there to TD
Missed out a map showing seismic lines and Kidunda licence areas, Itumbula-2 is nearly on top of them!!
Good on you No1!
Just to update on my last post re the possible new well location.
Lorna says in the last interview (20-11-2023) that the civils are all completed. she has never actually pulled punches, during the rig fiasco weekend she said He1 would still drill in Q3 and 99% of the people on here (including me) said she wouldn't. She did. So when she says the civils are ready then they most definitely are.
This is the only location which fits, as no where else seems to have had a significant alteration in recent weeks.
Lorna says they'll be rigged up in a week - so they will be. Parts 2-3 weeks so spud, possibly around 4-12-23 to 11-12-23.
But this location is quite interesting.
Factors in favour of it being correct
- obvious and significant changes on the ground
- fits with LB's description
- on top of a 10.4% helium source
- no other obvious changes close to Itumbula that I can see
- 3km from Camp Rukwa
- there is no recent seismic at this location
- it is on top of the existing salt evaporation ponds
- likely to upset Kidunda (maybe a positive)
- Tai-3 and Itumbula-1 are on seismic and ERT lines, this location is not
- no roadway leading to the pad, but area is subject to heavy traffic in any event
It could be a shallow drill. Itumbula-1 was around 850M, basement here could be as shallow as 500M-600M (not absolutely clear from the information supplied). TD before Christmas.
If they are successful in drilling in the wet here (it needs to be done in the wet so as not to interfere with salt production) then they may go straight back to Tai-3.
It is also clear the new pad was commenced sometime between 28-11-23 and 12-11-23, so around the beginning of this month. Doubts over the results from Tai-3 at that stage? Also work at Itumbula-1 appeared to stop between 25-10-23 and 15-11-23, before commencing again, so maybe doubts as to that well location at that time? We'll probably never find out. There is also a new roadway running a few hundred metres NW of Itumbula-1, so maybe a possible pad to be built somewhere there - they wouldn't waste money doing it if it wasn't for a reason.
If this is indeed the new location I see it as a bit of curveball, perhaps there is outside influence here, doesn't seem to fit with a steady measured LB approach, more like a high stakes game of poker.
The stakes are indeed high, they are planning and acting for the future, needs funds, fall overdone, but it will always fall to the price at which the big hitters are prepared to put money in.
The roller coaster continues...
PS Itumbula-1 was described originally as Itumbula-C SE. Have we now found out where Itumbula A and B are located? Or is drilling in the helium springs themselves a complete off the wall curveball?
Todays drop is due to investors selling up on discovery of a duster!!