Member Info for ART123

I see that Noble Helium is already trading below the placing price despite their somewhat optimistic drill predictions. Their placing was at AUD 0.13c and the current sell price is AUD 0.115c.

I bet that 'first-time CEO Lorna Blaisse won't do that again - that being announcing that funding was going to be required before the placing was announced. A beginner's error without a doubt. And blaming the Nomad as a cover-up for her error is about as naive!!

Despite the non-Exec Chairman saying otherwise at today's meeting, they were not obliged or required to mention that additional funding was required in advance of a placing and look at what a disaster doing so has turned out to be. The share price was 3p on 4th December, the day before such a silly mistake was made. It is now barely holding 1p - a fall of 65%. Idiots.

They are not 'cashed out'. They always raise for the next project - ie. the first raise was for the rig and Tai-3; the second placing was for the second drill at Itumbula; this next placing is going to be to go back to Tai-3 and for funds to see them through to the next drill campaign.

Share price is down again. They had better get a move on with the placing otherwise it's going to be under 1p!!!

I still cannot believe that they have burnt through so much cash (though I suppose on thinking about it Noble Helium have done much the same}.

There are certainly some very rude questions being asked, most of which no doubt are coming from the hoards of 'herd-like' posters that frequent this board.

Some good news here at last. The assays have come through from the Riversgold drill of a few months ago and are positive, with plans to drill further to get a maiden JORC resource early in the new year.

The Riversgold drill was just 4 holes but they have gone much deeper than Oracle's drills of a couple of years ago and the gold intercepts are still there at depth.

Riversgold also seem to be happy with the exploration target figures of 2.5 to 4.8 million ounces of gold.

it is not only boring but also ******ed and definitely illiterate to carry unfinished sentences over into new paragraphs.

Or to put it in simple English, I can see why certain posters on this board are dragging out their posts, which incidentally has the effect of making those posts read in a very boring way. It is even quite comical, though maybe bordering on being illiterate. It is because of the way the management have dragged out the drill campaign over a 2 year period and are now dragging out the testing. It has obviously subconsciously bored certain posters on this board and they have subconsciously responded by dragging out their posts a few words at a time.

I regard it as a very bad habit - let's just hope that it doesn't take off on any of the other boards.

The company dragged out the drill campaign...

they are now dragging out the testing...

so why not join them and drag out the posts too...

Unfortunately, the dragged out posts are not only boring...

but boring to read as well...

Oh, I hope I don't get filtered...

but then it will only be by a bunch of boring, dragged out twits.

Oh, and by way, all that business of the management issuing their own shares when they didn't have the authority to issue new placing shares was highly irregular. Thank goodness it is not common practice. In fact it shouldn't be allowed at all and it is at best a very amateurish way of going on.

I can't believe that the placing to raise the required funding to test the MOU drills was completed on 1st August and that now, over 4 months later, this testing hasn't even started and still isn't due to start before January next year.

Shareholder value here will only be created if and when at least 1 of the completed wells flows at commercial rates. Until then all of the figures bandied about with such expertise on this board are just nonsense.

Meanwhile excuse after excuse by the management for not getting on with the flow testing is just not good enough.

I'd have thought that they would still have lots of funds left, that is until Noble Helium also announced that they need to do a placing to continue this current campaign.

Despite Tanzania being probably one of the cheapest countries to operate in the cost of this campaign for both HE1 and NHE seems to be almost prohibitive, especially considering the low chance of success and the wildcat nature of the whole drill program. Noble Helium's ever more confusing drill results and the announcement one day of maybe a 'discovery' which is then quickly refuted the next day, doesn't appear to be helping as both companies are about to raise additional funds at all-time low share prices.

Unfortunately, there isn't very much incentive to even consider getting back in here (having derisked pre-spud) despite what looks like a bargain, all-time low share price.

A placing is imminent, no doubt at a discount to the rapidly falling share price, they still have to get the rig fixed, HE1 may or may not drill the second well (depending on getting the rig sorted and on the weather, etc,), they may or may not announce a 'discovery' from the 1st drill or even make one on the 2nd drill, and then, after a few months of doing nothing (anyone remember that before?), they will without doubt need to raise even more funds before any further drilling.

As often happens if one de-risks pre-spud, there is never anything to get back in for anyway.

So Noble Helium needs more cash, despite 2 placings and a Loan against a VAT refund, and HE1 also needs more funds after their 2 even larger placings. I seem to remember that Noble were on the point of farming out their drills and prospects before a last-minute change of plan that saw them do a fundraise instead.

Maybe a better course of action for both of these companies would be to go down the route of farming out a fair-sized portion of their assets to reduce the cost liability, which after only a start to the drilling campaign is already proving to be excessive - and probably too large for these smallish companies.

So the forthcoming newsflow according to this interview is going to be:

1) funding

2) AGM

3) Completing the rig repairs

3) drilling Itumbula

I've sat through this drill campaign without a worry in the world. I will repost 2 of my posts from just before spud:

22 Sep 2023 08:17

"Who isn't going to derisk on spud? I only bought in at the time of the recent placing and I have already derisked. To be honest anything could happen here as the COS is still pretty low: the cheap rig could turn out to be a duffer and break down; the hole conditions, assuming they are the same as before, might prove even too difficult for this bigger rig; or they might even make a discovery. Any way the risk of failure is as high as the risk of success and only stupid idiots ever hold a wildcat gas or oil drill during the drill stage."

22 Sep 2023 10:04

"I tell you now, if this drill fails due to the same poor hole conditions as Tai-1A, the share price will be nearer 2p, and that will only be due to the market giving the second drill a fair chance."

It looks like I even predicted the current 2p share price!

Looks to only be down by 20% on opening.....

Noble Energy's share price appears to be heading down to new lows despite the good news from their camp so what hope for the share price here with all of the bad news. Glad I derisked here completely pre-spud!!

Personally I'm just surprised that the share price here is still holding around the 9p/10p level.

With all of the excuses, delays, confusion about what is really going on, lack of updates, etc, etc its a wonder it isn't back to 6p/7p by now.