Member Info for aligator

This is what I sent to LB on 5 July.

Is it just a coincidence or did this email, plus others from disgruntled shareholders, force LB's hand? The explanation contained in the RNS is wafer thin. My own view is that these problems with Sofori occurred from day 1 of negotiations and that we have, in fact, been kept totally in the dark because LB and her motley crew thought they could turn things around. In essence, I am now of the opinion that they intentionally maintained silence when the situation should have been made public, thus creating an artificial market in the share price. This is a serious LSE offence and probably dips into fraudulent activity from a criminal perspective.

I will be writing to the LSE shortly with a request that they open an investigation into the antics of the hapless bunch.

"I, and a multitude of shareholders with hard earned money invested in He1, are becoming increasingly concerned by the complete radio silence, since 6 April, regarding the drilling rig. It may well be that everything is progressing according to plan and that, in contrast to your predecessor, you feel that you only want to make an announcement when the contract is signed, permitting obtained and the rig is about to embark on its journey to Tanzania. However, if everything is not going to plan and you are withholding information which could be determined as price-sensitive, then both you and the BoD run the risk of not just losing credibility with shareholders, the market and stakeholders, but also exposing yourselves to action by the authorities.

There are many routes to get information into the public domain without having to go through a formal RNS process. A simple twitter, facebook or similar message that "Work continues to progress on all fronts" would have been sufficient but you/the company appear to have steadfastly refused to utilise this approach. Why? It is a binary matter - if everything is progressing ok then say so, but if there is an issue then make it known.

Refraining from making information known to the market which could have an impact on the share price is an offence under LSE rules. I just hope that this does not prove to be reality."

To all those who sought to ridicule me and seek to make me out as some for of deramper with my negative posts, etc I will just say, in AIM you can only deal with facts and draw conclusions therefrom, you pontificate with rose tinted spectacles at your peril, as has been the case here.

To all the legal minded posters who sought to justify the 3 month silence with comments about negotiations only starting in June etc, I will also say that, again in AIM, where there is smoke there is inevitably fire. This has been proven with this RNS.

I get no pleasure whatsoever out of what I read in the RNS but one thing is clear, LB and this motley crew are the wrong people in charge - as I have been saying for months, again to the exasperation of many on this board.

The key point which is missing from this RNS - which has been hastily put together due to NHE's announcement - is when did these problems start to occur? It is quite evident that negotiations have been mired by Sofori's lack of willingness to commit to critical path timetables and certain contract obligations. I simply cannot believe that this has all taken place in the last day or week - more likely that these problems were inherent from day 1 and have just piled up as time as gone on. What it does suggest is that this announcement is long overdue, probably by a factor of weeks, if not months and what has happened is that, because this scenario was not known in the public domain, it created a false market. This is an offence under LSE rules and possibly a criminal offence under fraud guidelines.

I would now not be surprised to see LB and certain directors/senior executives resign, although this should prevent formal investigations of their silence over the last 3 months to go unanswered.

As I have said at various times, this job was beyond LB from day 1. What has resulted is a competent geologist being promoted way beyond her capabilities and believing that she could deliver on a multitude of fronts when even the simple task of negotiating a rig contract over 90 plus days was beyond her.

I sincerely hope that shareholders will form an action group to pursue the people responsible for this catastrophe.

Legalwolf, QED, I rest any case. but

Just to be clear, I sent an email to info@helium-one.com marked for the attention of LB as I am not aware her personal email is known.

I reminded her of the fact that the people who paid her wages deserved better than they had received over the past 3 months and that withholding information which could impact the share price was an offence under LSE rules. I specified that this was now a binary issue - either everything was going to plan or not - and that a simple twitter/facebook message affirming the former would suffice or a formal announcement about the problem(s) was now necessary.

We all know that companies read these posting boards and LB and her senior colleagues must now know that their credibility is wearing very thin by their continued silence. I would remind everyone yet again that, until February this year, this lady was, with respect, nothing more than a geologist and had never confronted corporate issues such as finance and funding, high level contract negotiations, project coordination, interface with senior sovereign authorities, etc. Frankly, based on what I have heard and seen of her to date, I am not impressed and I am amazed at the blind optimism of some shareholders in her ability to succeed with this rig issue. Having to defer drilling for another year (again!) just means heaping further operational costs (salaries and overheads) onto an already stretched budget.

I really do think it is now time for shareholders to make as much noise as possible and get some form of response from this seemingly hapless bunch.

Via info link but for her attention.

This am. I think another email might be worthwhile today or tomorrow.

I have already emailed LB

LB and the board are playing a very dangerous game here. If the lack of news is because they only want to make an announcement once the contract is signed, all permitting is in place and the rig is being mobilised for the move to Tanzania, then I can probably understand, although I just don't agree with the radio silence. However, if there is a/are problem/problems within the critical path which run the risk of delaying the entire project, then LB and the BoD are going to lose all credibility with shareholders, the market and other stakeholders.

Perhaps a coordinated approach by shareholders to the company, via a flood of emails/letters to LB, might jolt her/the BoD into action.

Should of course read landscape

Having previously been castigated for my posting negativity and my concerns with the experience and capability of the BoD, I now see more and more posters adopting similar wording. Given that it is now almost 13 weeks since the 6 April RNS, with 30 September less than that period away, the lack of any information whatsoever must surely also be playing on the minds of even the most positive, optimistic shareholders.

In response to some posts, I remain a shareholder here with a sizeable stake, fortunately acquired at a reasonably low cost.

Was it a positive nod? Previous nods have been optimistic but proven disastrous.

Leonidas1, I don't disagree with your thoughts, However, the point I am trying to make is that, at this time in the company's evolution, it is a background and experience in contract negotiation, finance, investment markets and public relations that is required by the BoD and, dare I say it, by the CEO. We are past the geology stage for now - the conclusions are that there is helium to be found in Rukwas - what we now need are all hands to the wheel in getting the rig contract signed, the rig transported to Tanzania, ensuring that there is sufficient funding and maintaining a professional relationship with stakeholders and the markets. LB has none of this.

Cant say I agree with the definition of the BoD as "hugely experienced". This company has lurched from one challenge to another over the last couple of years and has made a big bet on obtaining the Sofori rig etc etc which could yet blow up in its face with few alternatives if that was the case.

As for LB, I say again that this lady's career has been solely as a geologist - she was only appointed CEO, her first such executive management role, in February. This gives me no comfort whatsoever in terms of her ability to deal with all the responsibilities that go with such a role with a company of this nature and at this critical time of its development and this radio silence is her first big mistake. If she subsequently delivers bad news I would suggest that the BoD recruit an industry professional with technical, financial and market experience.

The complete lack of news from either company unfortunately increases the thinking that there is some form of issue relating to the contract (perhaps Sofori now has other, more lucrative, options available - as we all know an LOI does not create a legal obligation), an actual problem with the rig itself or Noble has ongoing issues about its finances or available cash flow. I am discounting the latter to a degree as I would presume that a financial problem of this nature would be reportable under SSX rules.

I am at a loss to comprehend how LB/He1 or Noble believe that treating us like mushrooms is laying the foundation for future good relations with shareholders and other investors. All that is required is a simple RNS or twitter/facebook message confirming that everything is still on track. Or is a bucket of cr@p about to be dumped on us.

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Legalwolf, It is not ludicrous to suggest that key terms would not have been agreed before June. What do you think an LOI is, an empty piece of paper? Further, as any lawyer will know, contracts are invariably constructed from pre-agreed term sheets which reflect the business points put forward by both sides. LB would have been very stupid to issue the 6 April RNS knowing that contract negotiations would not commence until June. That is what is ludicrous.

As for your other comments, I am afraid that your are pi**ing in the wind. I am commenting on what is known and making my own conclusions thereon. Just because they don't suit you is no reason to resort to insults.

Legalwolf, Here is the 6 April RNS:

"Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is pleased to announce that the Company has, alongside Noble Helium (ASX:NHE), entered into a Letter of Intent ("LoI") with Tunisian Drilling Contractor, SOFORI, for the provision of the Drillmec HH102 oil and gas rig for their drilling campaign at Rukwa. This rig share initiative, following on from the co-operation agreement, will enable the Company to save significant costs on mob/demobilisation."

If the LOI was signed by all 3 parties on 6 April why on earth would they wait until June to start negotiating the contract? I think you are trying to create a positive spin on something that has become frighteningly negative.

Skippy, I simply cannot agree. These contracts are based on term sheets, of which there are libraries of such. Once the key business points have been negotiated it is up to the lawyers to put everything into a legally binding agreement. That, sometimes, is where the delays occur, but not in agreeing the basic business fundamentals upfront. It is now 84 days equivalent to, based on, say, 9 hour working days, 756 available man-hours to negotiate a rig contract from the initial LOI. To suggest that this is beyond the ability of a BoD and executive team to complete, given their cumulative backgrounds and experience, is a sad indictment of those at the top of this company.

Let's face it, the markets have become so inured to PB's predictions that this RNS has had the square root of sod all on the sp. I get the impression that those who create the market for such shares are now effectively saying "Forget the rhetoric and produce the goods". That said, I am not even sure now that initial Cascadura gas flow will have any significant impact - - one could surmise that this has already been written into the price.

I recall Malcy predicting £2 within 18 months some time ago. I simply now don't know where this impetus will come from given the current market malaise.

The clear requirement for an AIM listed company is to issue a notification without delay of any new developments which are not public knowledge but which, if made public, would be likely to lead to a significant movement in the price of the company's AIM securities.

It is now exactly 12 weeks since the 6 April RNS which advised of an LOI for the rig, the intention to turn this into a contract as soon as possible and to spud a well at Rukwa prior to 30 September. It simply does not take that long to negotiate a contract of this nature unless, in the background, there have been problems/challenges/issues with the JV agreement between NHE and He1, NHE internal problems, contract problems with Sofori (an LOI is not a binding obligation), specific rig problems, Tunisia/Tanzania transportation problems, export/import licence problems, insurance problems, etc etc.

This is frankly becoming a farce insofar as LB and the company are concerned. I have posted before that having technical people running companies at this stage of their evolution is unwise for the myriad of reasons written by posters over the past week or so. LB has been a geologist during her entire career to date, only moving up to CEO of He1 in February this year. She has no experience of running a company of this nature, no experience or interaction with capital markets, no specific financial background and no experience of dealing with stock markets and overarching public relations - all critical requirements for the company at this time.

If it is subsequently proven that there have been problems/challenges/issues which, if known publicly, would have impacted the share price, I would hope that LB and the BoD will be duly charged by the authorities.

Thanks SpA. I had not really given thought to the bond, which will have quite an attraction now to investors.