Member Info for ART123

RNS out from Noble Helium:

https://www.investi.com.au/api/announcements/nhe/b7c0f6bb-1f1.pdf

'Noble Helium to test two “company-making” targets in maiden drilling program in Q3 2023

Mbelele-1 will target a mean Prospective Helium Resource of 8.1Bcf. Total depth for the well is circa 800m true vertical depth (TVD).

Pegere-1 will target a mean Prospective Helium Resource of 8.4 Bcf. Depth to basement is circa 1,200m TVD.

Noble Helium is well advanced in identification of a drill rig that is capable of efficiently and cost-effectively completing both wells as planned.'

It looks like HE1 are going to get lucky. They have gone to NHE and said 'can we share your rig as we don't seem to have had much luck getting one ourselves'. Noble appears to have said 'Yes, of course, and you can have it first and then when you've finished your 1 well we will have the rig we've sourced for our 2 drills, provided there is enough time left in the season, etc.'

Of course, HE1 shareholders will equally get lucky if NHE drills their 2 wells first as with a hit on either or both drills the share price of HE1 will quadruple at least and HE1 won't even have to bother drilling the well.

Let's hope that the 2nd HWM doesn't lie idle because BEN can't get enough trains to move the coal from their stockpile to the market.

As for the price of coking coal, this article predicts a price of $230/t by next year:

https://www.thehindubusinessline.com/markets/commodities/thermal-coking-coal-prices-likely-to-drop-further/article66591835.ece

Okay, so that makes 2 trains so far in March. I would assume that as you have had fairly accurate info about trains over the past few months that no further trains have arrived since then. With 9 days to go before the end of the month, it looks very unlikely that they will catch up on the missing sales from last month and a 50/50 whether they will get 4 trains loaded this month.

Cheers anyway.

Is that 1 train that was onsite for 2 days or 2 separate trains onsite for 2 consecutive days??

Can I ask the resident experts here if we know how many trains have been filled this month so far. It is now 3 weeks into the current month. With no trains in February it would be assumed that extra trains would have been booked but then equally there is no guarantee that the planned 4 will load. Does anyone know???

For reference Basur-3 was spud at 5pm on 26th June 2021.

"UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that following formal acceptance of the Oceanmec Karahan ZJ40DZ rig at 1700 hrs BST+2, Saturday 26th June, air drilling of Basur-3's initial 17½ inch diameter hole section commenced at 1818 hrs local time. Upon completion of the 17½ inch hole section, 13? inch casing is expected to be set and it is anticipated that the well will switch to a water-based mud system for the 12¼ inch section and the remainder of the well."

Then on 1st July 2021 at 7.00am, 4 days later, we were told:

"UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that following completion of the Basur-3 appraisal well's initial 17½ inch diameter hole section, 13? inch casing has now been set, successfully cemented down to a drilled depth of 367 m (1204 ft) below surface and pressure tested. Following setting of blow out preventers, drilling will then resume in 12¼ inch hole section."

So it took about 4 days of drilling to reach 367 metres including all the casing with the blow-out preventer still to be set. So allow another 1 or 2 days to reach TD.

I said 'casing' which is not the same as 'coring'.

I think the general procedure is: drill the surface hole, cement in the casing and instal the blow-out preventer. This is above the anticipated oil level. Then drill the production hole with logging and mud-logging followed by the wireline logging. If that is good then the drill will need further casing and then it can be flow tested. I would assume that if the well is going to be 'completed for future well production' that they will do a flow test as otherwise the well would be 'completed for future well testing'.

It is not going to take 28 days to reach TD. That will only take a week or so.

"The Pinarova-1 campaign is expected to take up to 28 days to deliver a well completed for future oil production."

- the 28 days includes drilling (probably 7-10 days at the most), casing, logging and testing.

No, the suspension is due to be lifted after the Annual Financial Report at the end of this month.

"The Company now expects to publish its Annual Financial Report at the end of this month. The delays have been largely due to the busy season and resourcing challenges faced by the Company's auditors. Upon publication, the Company will make an application to restore the listing to the Main Market."

However, a RTO into a completely new sector appears to be bordering on bonkers. They would have had better prospects getting Big Dish up and running. Even another commodity prospect would have been a better idea as both Bishop and Morley-Kirk have experience and are active in this sector.

News, media, TV - totally bonkers and a no-go from the outset.

The suspension closing price is given at 0.425p and with 373 million shares in issue that gives a m/cap of £1.58M. That is not valid anymore as the former businesses have all been closed or disposed of and the RTO has fallen through.

Even with a new board member but with no particular direction stated and a total inability to raise any cash for a RTO, the SP on readmission has got to be in the low hundreds of thousands, if that as the CLN's are just a negative asset.

What price will it reopen at? 0.01p for a 373K m/cap. Or maybe 0.001p for a £37.3K m/cap?

The former business was just closed, Amala Foods was sold for peanuts, the RTO has failed and they may/may not get their $125,000 back, and a new member to the board who doesn't seem to fit with any previous activities and a Loan Note for £405k. DREAM ON!!

I don't hold here but I used to and I did say that this RTO would never happen.

I don't know why they don't restart their former food discount business.

Shareholders voted down the previous stinker of a deal easily enough:

https://www.investegate.co.uk/hurricane-energy-plc--hur-/rns/results-of-shareholder-plan-meeting/202106111608356956B/

Did they ever release any drill results from the earlier very long and drawn-out drill campaign??

SNAIL please.

This sums up the BOD:

"Directors who are interested in Hurricane Shares have irrevocably undertaken to do in respect of those Hurricane Shares which they are able to control the exercise of voting rights, amounting in aggregate to 498,092 Hurricane Shares and representing approximately 0.03 per cent. of the ordinary share capital of Hurricane in issue."

Quite - and if they don't sell then that £737M would all be in HUR's bank and payable in dividends. As would any smaller amount. Instead of HUR shareholders only getting 17.5% of this future revenue. Quite a riduculous deal!!

I think the directors have so little clue as to what to with all the cash they keep generating that they have decided to sell the company and give it all to the new owners.

"The Deferred Consideration Unit payments will be paid biannually in arrears" so it won't be paid earlier whatever the circumstances.

Also it says: "The Deferred Consideration Units are complex instruments and a number of factors will determine whether any amount will actually be paid to Scheme Shareholders by way of the Deferred Consideration Units. The minimum payment under the Deferred Consideration Units could be zero."

So basically the Deferred Consideration Units have to be valued at ZERO - whatever they may pay out in 2 years time.

Meanwhile the share price is falling fast as shareholders fully understand this rotten sale. It'll probably soon be back in the red. 5p is probably around the right share price as the future revenue is worth nothing today and the market cannot value in the whole 6.02p at this stage.