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It isn't that crazy. Why the sudden change of plan bu NHE? Only the day before, on 29th May, NHE tweeted that all was on target - 'Not long to go now. Noble Helium is on track to drill its first campaign at its North Rukwa Project in Tanzania in Q3 2023.'

A small cash raise to accompany the farm-out would be quite understandable but from what we are hearing they are raising the funds for one drill themselves. If they are drilling last and into September then there is plenty of time for them to finalise the farm-out.

And if it did come down to just one company doing a drill, then Noble would have priority as they sourced the rig. As far as I remember, HE1 went to them and said 'can we share this rig you have sourced (as we don't have a clue how to find one ourselves).

Noble replied 'Yes, of course you can, as that will reduce transport costs, and you can have it first as we are still trying to get our farm-out finalised, etc'.

Nothing overnight so news is due Monday now. I hate last-minute changes of plan.

Just one worry as far as I can see. If the farm-out has fallen through and Noble Helium has had to raise the funds for just one drill then they might say to HE1 that as they are only doing the one drill they will have the rig first. They may feel they owe it to their shareholders, who instead of a cushy paid-for farm-out, suddenly, unexpectedly have to pay for it themselves with the usual dilution. After all, as far as I remember, Noble was the one who sourced this rig in the first place - and they certainly didn't do it for HE1's benefit.

Great move RonnieH - just as shares don't go up in a straight line so they don't go down in a straight line either. We can expect a few bumps on the way down to 2p or whatever.

Meanwhile, it is back to the drawing board while the management assesses where to do the next drill campaign. That could take a while and then allow another 2 months at least for the drilling and drill results so all in all it could be a quiet time for a few months.

3 x 2 million share buys today - and no sells. I'm surprised this isn't moving higher already. This should be back to 1.6p during June in preparation for the Gas Sales Agreement and sell-down news.

Bunny says that the previous explorer at Pitfield didn't even assay for the titanium, hence why they weren't expecting to find any. It is probably just as well that EEE did do the assays otherwise the share price might be down to about 1p as without the titanium all they would have to show for the drill campaign would be assays of 0.0131% copper.

In fairness on my third listen to the interview he does say that they will analyse the titanium discovery further to find out exactly what this discovery means.

Yes, Mr Bunn clearly says that they are still looking for the copper at Pitfield - rather than concentrating on the titanium discovery - which rather puts the value of these two metals in perspective. Basically copper is the one to find (and all they have so far is 0.0131% of it).

Finding Titanium is a bit like finding kaolin when they were expecting to find high-grade gold - maybe little more than a distraction.

There is a long way to go here and it all takes time - (and money).

Also, along with Pitfield, EEE has 2 further prospects in Walton and Staveley - both prospective for copper and gold - though it will take more funding to get the drill turning on all 3 prospects.

The problem is that Pitfield is a 'giant' prospect and maybe this first drill campaign has thrown up more questions and abnormalities than answers. They drilled near Mount Scratch and as it turns out they have barely scratched the surface of this 'giant' prospect. They drilled here as it had given soil samples of up to 17% copper, though it was all rather played down during drilling (if they had hit anything huge there would have definitely been a big early announcement with assays taken with a hand-held scanner) and I think that most people probably thought that this first drill campaign had been a miss.

Then the drill results come out with barely any copper (what was it 0.0131% Cu and certainly not the high percent they were hoping for) but instead a whole load of titanium.

So what is titanium and what is it worth? No one seems to know much about it. I know that it is used for tooth implants - not that I have got any at £2,250 per implant - but we can be sure that it certainly isn't as in demand as copper,which is urgently required in enormous quantities for electric vehicles, etc.

And what is the value? Prices on here are varying between $30/tn to $400/tn to several thousand $'s/tn but no one seems to know which is correct.

So what happens next? According to today's interview Bunny Boy is still intent to find copper, which is good news as if these results had been copper rather than titanium then the share price today would be more like 10p and maybe even 20p.

Bunny seems to infer that it is back to the drawing board to try and find the copper at Pitfield - rather than drill out the titanium discovery - so maybe the current discovery is not the game changer that some on here seem to think.

So it looks like it is going to be on to the next drill campaign at Pitfield - which could be several months away - while Walton, which now has an exploration licence, is at the soil sampling stage and some way off any drill plans.

There is a long way to go I feel.

AJMHO

9% down earlier and a brilliant buying opportunity - though equally I might just sit tight and wait for the share price to hit 1p!!!

The way that Millholland refuses to learn from his mistakes and continues to chuck good money after bad that scenario - ie 1p a share - is probably far more likely to happen before any kind of recovery here.

Okay, thanks for the lack of responses. Not to worry as I have answered my own questions with the key being the following information from the RNS dated 2cnd May:

"The company intends to participate pro rata in the farm-down process through certain drag along/tag along clauses in the Duyung joint operating agreement. In addition, the firm has notified Conrad and the global investment bank that it will entertain bids for its entire 8.5 per cent interest."

So in about a month the share price here could rise considerably and in expectation I have today averaged down with my new average now just over 1.5p and if the market starts to rise in expectation of what could be very good news then I might average down further.

If EME can get enough cash to largely pay for the Topaz drill then that will be very good news and may well see a big rise towards spudding at the time.

ATB

Sorry, I see that EME have 8.5% and not 6.5%.

Okay, I see by reading back on the old posts that Jasper13 has provided many of the figures. Still another question though:

If Conrad secures a buyer for the 26.5% of their holding that they wish to offload how does this stand for EME. Can they offload their 8.5% holding or even part of it on the same or a similar deal?

It looks like the placing has dragged this down from around the 1.2p mark over the last week or so. I remember that a couple of months ago it was up to about 1.6p on the talk of the gas sales agreement and the sell-down so it is quite likely to return to at least that as we approach the end of Q2 and the early part of Q3.

Then there is the 890 million barrel Topaz prospect, pencilled in for a November 2023 - May 2024 drilling window. Last time they drilled they just couldn't find the cash so maybe this time they can get lucky and get some of the required funding in advance.

Still waiting for some answers to my questions if anyone in the know is around.

ATB

2) sorry not the gas sales agreement but the 'sell-down process'.

Hi, Jasper 13 or any other LTH's here who know more about what is going on than I do, can someone help me here with answers to these questions please:

1) is the Gas sales agreement going to boost the SP

2) Is the Gas sales agreement going to give EME an automatic chance to sell their holding or do they have to negotiate the sale separately and if so, with who? Also what sort of price are they looking at?

Cheers

Hi,

I own some of these shares from quite a while ago - at 2.5p average - but I don't really understand fully what is going on with the Mako Gas Field. Can someone please help explain what news is due and what effect this news might have on the share price.

Today's RNS says:

'Mako Gas Sales Agreement binding terms expected late Q2 and sell down news expected early Q3' and then adds:

'As previously announced, Conrad Asia Energy ("Conrad"), the operator and 76.5% partner in Mako has commenced a sell-down process with a global investment bank in order to fund the development of Mako. Mako is the largest undeveloped gas accumulation in the immediate region and Conrad has said that industry interest in the project and the sell-down process is encouraging. Mako has received government approval for a Plan of Development. A Gas Sales Agreement is currently in advanced stages of negotiation and a binding terms sheet is expected between the partners, a Singaporean buyer and SKKMIGAS (the Indonesian regulator) in the near term.'

I assume that a signed gas sales agreement would be beneficial to the EME share price. Any ideas about how much the SP might increase on this successful announcement?

I know that EME would quite happily sell their 6.5% share in Mako to help fund the Topaz drill but is this 'sell-down process' going to give EME an automatic chance to sell their share as part of this process or do they have to negotiate to sell their holding to a third party themselves?

Cheers in advance.

Okay so they have a lot more drilling to do and it all needs paying for. If this was copper then they could pretty well guarantee a GGP-type farm out to a major whereby all of the drilling up to tens of millions is going to be paid for to secure a 75% holding.

Is that going to happen here with the main resource titanium?

Or will they just drill on at their expense hoping to find high-grade copper??

The difference is that if these titanium grades were copper with traces of titanium then the share price would be up by hundreds of % and this would already be a 'discovery'.

As it stands, with titanium as the main mineral, no one really knows what is going on and where the share price should be. Is this huge or is it quite ordinary???

The CEO previously said "The Pitfield geological setting compares favourably with the sandstone sub-type of SSC, exemplified by the massive Udokan Ore Region in Russia."

"The Udokan Ore Region represents the largest copper deposit in Russia and third largest in the world, having estimated reserves of 1.2 billion tonnes of ore grading 2% copper."

So where has the copper gone?

Not that the share price need worry. Titanium is just as good and this is now officially a "Giant" Copper and Titanium Mineral System" anyway as that is what today's RNS says.

ATB

I just thought that this was going to be mainly copper. Right next door, at the old Baxters Mine, they were mining copper at truly phenomenal grades of 20% to 25% Cu. Now the copper appears to have practically disappeared into grades of 0.0131% Cu.

Xtract have got a 'giant' or at least a 'massive' copper discovery in Australia, actually in a much better location than Pitfield, and that is deemed practically non-commercial with average grades of around 0.30% Cu and with gold as the secondary mineral.

Who cares - copper or titanium - just the word 'giant' needed to get this share price up by hundreds of %........