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Given what we now know, it is evident that He1 entered into a jv agreement with Noble regarding a drilling programme in Tanzania without either being aware, or investigating, whether Noble had the funding to meet its share of the associated costs. If this is proven it suggests that the He1 board either did not know what it was doing or failed in its fiduciary duties to stakeholders.

Goodness knows what is happening behind the scenes. As I posted before, is there still no signed contract, is there something wrong with the rig, is ship transportation to Tanzania in doubt or is Noble in trouble?

I recall reading/listening to previous He1 comments that rig mobilisation was due to be complete by the end of June. That is days away. The fact that, in the absence of an RNS, He1 has not commented through twitter or facebook on that process, or work onsite at Rukwa, or anything else considered relevant to the programme, simply creates more questions.

Frankly SpArmada, it has been a nightmare for considerably longer than that. This hapless company has bounced from one crisis to another for many years, overseen by a board and senior executive team that frankly have failed in their responsibilities and obligations to stakeholders. It is no wonder, given the history, that the market has absorbed the good news in the RNS without any due improvement in the share price. That said, I would be interested to know from investment professionals if the current situation is being also influenced by other market issues?

Almost 12 weeks since the 6 April RNS and still no contract confirmation or, indeed, any other confirmation. Simply put, it just does not take that amount of time (84 days!) to turn a letter of intent into a formal agreement - not least given there is a myriad of contract templates in the drilling industry which could be utilised for such a lease.

This silence from the company suggests that something untoward has happened. Is it to do with Sofori, the contract, the rig itself or Noble? Sadly, having a geologist run a company of this nature is not the smartest move. This is a start up enterprise which needs to nurture its relationship with its stakeholders and not treat them like mushrooms (keep them in a dark place and cover them in sh*t). It requires the steady hand on the tiller of someone who has done it all before and is as experienced technically as they are financially.

I do hope I am wrong but, alas, if we finally informed of problems, this sp will tank.

Please don't bother to respond with deramping or other similar jibes.

I did read the RNS and was seeking further information about the exact problem with the valve, i.e. was it a manufactured problem or human error? I think that is a fair question, given all the backslapping going on.

Are we any wiser as to what the downhole problem was? Was equipment failure, human error or a combination of both?

All well and good praising the company but let's know how the problem occurred in the first place.

Prae, Can you please share what's been happening lately?

A subtly written barb Legalwolf which is water off a duck's back as I am sure you will appreciate. I much prefer to state the facts and draw potential conclusions from them. Denying reality is not something I would recommend as an investor.

Wow Roger Jolly, you need to calm down otherwise you're in danger of having a "connery". Who on earth cares on this board as to which "thread" I use - only you it would seem.

I don't have a "game" and am supported in my posts by an increasing number of other investors.

I can only presume that your sensitivity and over the top reaction is due to you sitting on a sizeable shareholding at a price substantially above 6.4p.

Let’s hope so otherwise the future will look bleak. He1’s monthly outgoings cannot be small, particularly given the work on the site.

RogerJolly, There you go again, criticising people for presenting the facts. What on earth is underhand about stating the obvious - the interview was frankly worthless and my statement about He1 being a one horse play merely defines the situation. We are all hoping for positive news but that does not mean it is coming.

BC2504, Without a rig contract, this is all hypothetical. This company is very much a one horse play and failure to secure a functioning rig (and there appear to be questions about its status) within the next couple of weeks could be a disaster for shareholders (including me).

Let's be realistic. This interview was as lame as they come and, save for the very last comment, was merely an overview of helium and its uses. If the sp moved up 7% on the back of this then I have real questions about those investing in the ASX. As for the statement that they will be drilling by the end of September, this could yet be a flippant throwaway that comes back to bite Noble in the backside big time.

As for He1, I see that more and more posters are beginning to become agitated about the continued lack of news - the silence from the company/LB is deafening. Yes, there appears to be progress made in preparing the site and access to it but, frankly, the future of this company now sits squarely on its ability to sign a contract for the Sofori rig and get it on a ship bound for Tanzania within the next couple of weeks. Continued silence only heightens the concerns of an increasing number of investors.

TL2482, Psychiatrists and psychologists comment that, the minute that someone feels uncertain or unsure about a situation and feel backed into the proverbial corner for whatever reason, they will inevitably resort to aggression and personal insults to improve their position. I rest my case.

At the risk of being hung, drawn and quartered, here's further food for thought. It is now 9 weeks since the 6 April RNS advised of the signing of an LOI. 63 days later and the company continues to say that it hopes to enter into a signed contract "as soon as possible". How long does it take to negotiate a contract for a rig of this nature? Certainly not 9 weeks in an industry where there are any number of contractual templates requiring only minimal information or negotiation. Even if rig condition issues did materialise during this period, contract negotiations could be continued subject to resolution of such. So what is the problem? We are now in the second half of June, having been told that rig mobilisation will commence towards the end of the month, and still don't even have a contract. Ok, I am labled as negative, but surely some of the rose tinted brigade must now be developing concerns over the complete lack of information from the company?

I would be delighted to be proved wrong in my negativity but you have to question what is actually going on "behind the scenes".

He1 has become a one hand play - everything has been bet on Rukwa - and therefore no rig contract spells big problems for a company living on the edge in terms of funding.

Somewhat interesting to see an increasing number of posts now about Sofori and the rig - incomplete website, unanswered emails, phone calls ignored, etc - and increasing questions about its mechanical/operating status. Couple that with the booming silence from the company on the status of contract negotiations and all associated permits, licences and paperwork required to transport the rig to Tanzania and you have an increasing reason to be nervous of what is actually happening behind the scenes.

Of course, these posters and I will be castigated by the rose tinted spectacle brigade who all believe that no news is good news, irrespective of the complete lack of communication from the company, the inability to interact with Sofori and the dwindling time availability to spud within Q3.

TL2482, I have no idea what you mean by "look behind the scenes and research". There is nothing to see - no RNS's no twitter no facebook no nothing - except the facts that I have stated. If you have comprehensive information showing everything is hunky dory and progressing according to plan I would be delighted to be corrected.

RogerJolly, I am a shareholder in a variety of companies, some main board some AIM, including He1, so pease don't infer that I am trying to talk the share price down. What I am trying to do is state facts and speculate thereupon on what might be happening, as TL2482 states, "behind the scenes". Believe it or not, there are many people like me who do their research and take a realistic view on the prospects of success or failure. Your comments suggest you are sitting on a sizeable holding of He1 at, say, around 20p. Am I right?

ogerJolly, I have no idea what you mean by

Corpse, Since the share price has never dropped to 20p, I am interested to know how you have achieved a 300% gain on your holding. Has it been from constantly buying and selling and making 1-2p per trade, which would take some time to accumulate 300%?

RogerJolly, We both know the perils of investing on AIM. As a shareholder, I want the company to succeed and the sp to rise. However, I am a realist and not one of the blind faith "hope for the best" investors who do little research and just hope that following the crowd will lead them to riches.

Prae, I would be interested to know how you feel that I am "twisting the truth"? I am merely making comment on known facts - there is still no signed rig contract and no information on permitting and licensing, insurance, personnel etc etc.

As I stated, it is now almost 9 weeks since the 6 April RNS and, frankly, from my perspective, the silence is becoming increasingly deafening.

I wish I shared your optimism that "Yet again, literally nothing to worry about whatsoever". Wearing rose tinted spectacles while investing on AIM is a dangerous combination.

We are now almost 9 weeks on since the 6 April RNS advising of an LOI regarding the rig. No doubt Noble's goings on might have delayed progress but it is somewhat disconcerting that no announcement has been made after such a long period. Noble has reported that there are a couple of (minor?) issues with the rig but surely any contract would be subject to these being rectified. Since an LOI is not legally binding, He1's fortunes are literally balanced on the knife edge that is the signing of this contract. The complete absence of any update by He1 becomes more worrying as each day passes now.