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Still, despite the positive result, we could have done without the leak.

The fact is that, despite the length of time taken to drill the first well and despite the news being leaked to somebody, the m/cap is still only around £10M so there is still plenty of upside here.

If it hadn't been quite so hush-hush all the way through, with all the silence justified by some of the posters here explaining how Sonangol were in charge and how nothing could be leaked in advance, then it might not be so bad. Very poor.

I think that normally such an update would see the share price rise so let's hope that confidence hasn't been shattered by this crazy, stupid, unnecessary approach nonsense.

I still can't see how they can justify taking 8 weeks to drill a hole to less than 1000 metres and not even do any testing. They say the next hole, TO-14, due to start in mid-November will take between 40 and 50 days. Let's hope that doesn't turn into 80 days or whatever.

The leak was that someone bought 14M shares yesterday at 0.51p. Hardly honest after all the waiting around for an update.

Just a very poor leak. Either the broker (quite possible) or possibly a podcaster (if one is released early today).

Otherwise the news is positive (at last).

At least if they are going to take this long they could at least bring out an RNS without it being leaked first - or was today just a pump and dump by the usual suspects and in a couple of days the share price will be back down to 0.40p without a word from the company.

Corcel are quite able to give an update about what is going on - ie. drill is ongoing, etc with or without Sonangol's permission.

It should of taken about 10 days to drill to 700 metres. Irrespective of today's spike, and bar an update in the morning, the management here need to let the shareholders and market know what is going on.

From experience I know that seldom does any good come from taking far too long over a rather simple shallow drill. With all the equipment and workers we were shown at spud time, this should have been all over in 2 or 3 weeks at the most.

I expect we will get a 'not commercial' RNS from the management eventually.

This drill spud on 6th September. That is

8 weeks and 1 day ago. At a depth of only 700/800 metres this could and should have reached TD later in September. However it was spotted (I think on the Corcel website) that drill results were expected in October. Great and I expect that most holders were then looking at early October as about right. Sadly October has come and gone without a single word about progress, or even why the drill was taking so damned long.

And then today we have a massive spike, though sadly not following positive drill results. And still not a word from the ever-silent management- ie maybe today's spike might have offered an opportunity (in the form of a speeding ticket) for them to at least confirm that the drill is still in progress and that it hasn't been abandoned weeks ago. But no, still the same old silence.

So was today's spike due to a leak of news that might appear in the morning? Or was it just a ramp pump and dump by people getting a bit desperate.

Knowing this lot, the share price is just as likely to drop back in a couple of days with still no news from the management leaving everyone even more confused.

Surprisingly no quick RNS to dispel any worries after the overnight shenanigans. So where does this leave HE1? Down on the Noble news? Up on the Noble news? Ignore the Noble news? We shall all find out very soon.

Well at least HE1 now have an extra option available if they reach TD and are not sure whether they have found any Helium or not as they can safely follow the lead set by Noble and blag their way on to the second drill.

All just on big headache.

Properties of Helium:

Helium is a colourless, odourless, insipid and non-toxic gas. It's less soluble in water than any other gas. It's the less reactive element and doesn't essentially form chemical compounds. The density and viscosity of helium vapour are very low.

Add to that:

Exploring for it is most likely to cause a headache.

This is not going to do the HE1 share price any favours in the morning. Bit of a shocker really.

Yes, your figure is accurate. 358,826,858 to be precise and this figure comes from Page 62 of the Annual Report.

So at AU$0.145 the m/cap is about AU$52M or £27M.

The one problem with ASX companies is that they never seem to update the market with the number of shares in issue. AIM and LSE companies always do it at least when they do a placing.

My figure came from IG Markets and is roughly the same as this link:

https://www.marketindex.com.au/asx/nhe

This is the full copy of the Noble Helium RNS as it is difficult to access ASX announcements on a mobile.

2 November 2023

Mbelele-1 Reaches TD

Noble Helium Limited (ASX:NHE) (“Noble Helium” or “the Company”) provides an update on drilling on at Mbelele-1 at the Company’s North Rukwa Helium Project in Tanzania.

Following the Company’s previous announcement of reaching tophole casing point after encountering gas and helium, the 8.5” open-hole section of Mbelele-1 has now been drilled to Total Depth (TD) of 400m TVD on 31st October local time.

A comprehensive suite of wireline logs has been run by SLB to collect subsurface information for petrophysical analysis. Initial interpretation in the 8.5” section, indicates stacked, interbedded sandstone-clay formations with the multiple helium shows above background, detected in the mudgas, coincident with permeable sandstone reservoirs below clay seals. The well was drilled intentionally ‘over-balance’ for safety reasons. Therefore, the wireline data are now being further studied to identify potential points for further gas and fluid sampling, where feasible and appropriate,

using modular formation dynamic tester (MDT) and/or mini-DSTs. MDT sampling and mini-DST runs are expected to take a number of days, after which Mbelele-1 will be plugged and abandoned as planned, with Mbelele-1 not designed to be a future production well.

The Marriott rig will then be rigged down and along with the SLB equipment moved 4km to commence drilling at the Mbelele-2 site.

The Company’s CEO and Co-Founder Justyn Wood commented:

“The continued helium shows at multiple levels in Mbelele-1 are very encouraging and in line with our interpretation of the exploration and seismic data that this is an active helium producing system and continues to support the Company’s well-researched thesis that the North Rukwa rift basin has the potential to emerge as a new globally significant primary helium province.

We look forward to understanding the nature of the helium shows and the reservoir potential in these deeper targets at Mbelele-1 and of course Mbelele-2, which also demonstrates anomalies on seismic consistent with gas presence.”

I think the term HE1 used after Tai-1 was 'no free gas'. This sounds to be the same.

Noble Helium have 267M shares in issue. At the current AU$0.14 the m/cap is £20M. It has always been a lot lower than HE1, though arguably it might be NHE's lower m/cap that has kept HE1's valuation much lower this time than in 2021.

I did think that the NHE CEO was being a little c*cky when he kept saying that there was a 100% drill success rate in the Rift Basin. Also it doesn't make them look too clever to have moved a rig all the way from the North of England for just 5 days drilling. Hopefully for them the second drill will last longer and go better.

Is Lorna going to follow suit?

What I can see is a clear gap up to 0.33p, where the share price was sitting quite happily before the heavily discounted, though heavily oversubscribed (large demand), placing at 0.12p.

Just to close that gap is 100% upside from the current SP. That should at least be easily possible, with further multiples if this deal (that is still on) gets closed.

They only have to fund the part of the cost to increase production, and they have a potential funding deal for up to US$25M anyway.

"The Company therefore intends to sign a service agreement with the Sudanese government within the next few weeks with a view to increasing oil production on the Bamboo oil field.

The Bamboo oil field which contains 506 million barrels (STOIIP) is to be renamed the WILDCAT oil field on signing the service agreement.

Currently production at the field is around 4,000 barrels of oil per day (bopd) down from a peak of 20,000 bopd. Through the implementation of Enhanced Oil Recovery techniques (chemical & thermal) as well as repairing and up-grading surface facilities, Wildcat will be targeting an initial increase in production within a year, with the ultimate target of around 10,000 bopd (+) within 3-5 years."