Member Info for ART123

Trucks - to the nearest train depot. 10 trucks running 12 hours a day would soon fill a train load and certainly 4 trains a month. I remember Gulf Keystone, in the early days before pipelines were installed, used to truck 100% of their oil production, which was tens of thousands of bopd all across Kurdistan and halfway across Turkey to the nearest terminal - and that was when the war in Iraq was still ongoing. This lot needs to toughen up a bit.

The last production update was on 2nd December - 3 months ago. And what is the CEO going to say now, even if we get one? There were no trains in February and the 2nd HWM is still being assembled. Great. Unfortunately, they do not make money from mining the coal - only from selling it!

Did MBU do their sell-off at 20p before the share price tanks back to 10p? - which incidentally was the IPO price.

On the strength of the latest 'update' from penstock, whose information I do trust (having argued with him previously and been proved wrong even though I was going from company newsflow) I reckon that this heading is nearer the truth of what might happen next.

For goodness sake, how long does it take to assemble a HWM? Certainly not as long as BEN's have taken so far. So there had to be something not going to plan and lo and behold it looks like there haven't been any trains going out during February. So the assembly must have been deliberately slowed down as they certainly don't want an even bigger stockpile that they cannot get to market.

I had recently averaged down from 44p average to 34p, though that was done the day before MBU had their sell down (typical bad luck) but have now sold those at a loss as well as my original stake. Big loss but my logic is that if this does go down to 10p before they get their act sorted then I will stand more of a chance of getting my original stake back if the share price then doubles to say 20p whereas if I hold and the share price dips and then rebounds I will still be at a huge loss. And I can always buy back in if things pick up here.

The other problem is that if BEN cannot make a profit and contract trains when the price of Met Coal is $300/ton what hope is there? They can even afford to pay a premium to get the trains to pick up their stockpiled coal. The price of thermal coal has fallen drastically over the last few months and that could equally happen to the price of Met Coal and then they really might have trouble getting trains to bother with their product. At the moment they are just bloody lucky that the price has stayed firm - but then if they aren't selling the coal what does it matter!

Cheers penstock. If I had listened to you earlier and not believed the falsely exaggerated company news then I probably wouldn't have bought in here at all. Oh for hindsight.

Just one question, penstock, if you read this. How, much did MBU pay for this coal project? I believe they bought it from Investec. I have searched high and low through the admissions document for this information but just can't find the exact figure anywhere, though I don't think it was much of a sum.

ATB

This seems to be positive after the failure of ASW-1X :

Highlights
- 22 metres of net oil pay interpreted in the primary reservoir target
- Following completion and testing, ASH-8 is expected to be immediately brought onstream through the existing ASH facilities

ASH-8
The ASH-8 development well, which spud on 22 January 2023, reached total depth of 3,999 metres on 21 February, ahead of schedule and significantly under budget. The well has now been logged and is interpreted to have encountered 22 metres of net oil pay in the primary Alam El Bueib reservoir target, in line with pre-drill expectations. The well will be completed and tested in the coming days and can then be brought immediately onstream through the existing ASH facilities, adding additional production and revenue for United. United will provide a further update to the market once the well has been brought onstream and stabilised flow-rates have been established.

Previously ASH-4 which had - 'Net pay of 20 metres interpreted in the targeted Alam El Bueib ("AEB") reservoir' flowed well at:

- Preliminary test results from the ASH-4 well-test indicate a flow-rate of 2,101 bopd and 3 mmscf/d (c. 2,700 boepd gross; 594 boepd net) from the Alam El Bueib ("AEB") reservoir on a maximum 40/64" choke
- On a reduced, 32/64" choke, which is expected to be more representative of the producing flow rates, the well flowed at 1,325 bopd and 1.8 mmscf/d (c. 1,685 boepd gross; 371 boepd net)
- ASH-4 is expected to be tied into the existing facilities and brought on stream in the coming days

ATB

This seems to have been ignored:

https://www.investegate.co.uk/destiny-pharma-plc--dest-/rns/agreement-with-sebela-pharmaceutical-for-ntcd-m3/202302241332080310R/

It's 20 million shares at 35p for a £7Million placing plus another 3 million shares for an extra £1M.

There is also an agreement RNS issued alongside the placing RNS. Does this agreement count for anything??

Exclusive collaboration and co-development agreement for NTCD-M3 with Sebela Pharmaceuticals® worth up to $570m plus royalties.
Partnership with Sebela will finance the future clinical development and commercialization costs of NTCD-M3 in North America.
Destiny Pharma retains majority rights for Europe and ROW.
Key strategic target achieved for NTCD-M3

'This will have enabled He1 to benefit from the Rig discussions that Noble had already commenced, rather than starting everything from scratch.'

Unfortunately, this also means that HE1 will have to play second fiddle to NHE and will get the rig when Noble Helium have finished with it (assuming they rig share) - ie. after Noble have finished their 2 drill campaign.

It sounds to me as if HE1 have gone to Noble Helium in their desperation and said something along the lines of "please help us, we don't seem to be able to get a rig for our drill, can we please share yours".

I was wondering why HE1 said that drilling would spud in August when in 2021 the first drill was spud in Mid-June. Why spud later than necessary?

With Noble Helium due to start drilling in July 2023 (according to their presentations) and HE1 due to begin drilling in August (according to their latest presentation) then I would expect Noble to get the drill first and HE1 second (if they are rig sharing).

I see that Noble Helium are looking to farmout their 2 drills in Q3. That might not be such a bad idea for HE1.

From Noble Helium ASX RNS dated 2nd February 2023:

' 2023 Drilling Program and Farm-out Preparations for the 2023 maiden drilling campaign are now well underway with our highly experienced drilling management team fully integrated into the Company and focussed on successfully delivering the well program.
The team have networked with other Tanzanian operators to source a suitable drilling rig, resulting in four viable rig options under consideration for NHE’s 2023 program, with a rig selection imminent.
In parallel, the farm-out process to fund the drilling program continues, with LAB Energy Advisors Ltd appointed to manage the process. Multiple parties have been engaged and non-binding offers are due at the end of Q1 2023.'

It was a live feed to the AGM. Shareholders were also present though the camera feed was only on the directors.

Yes - a recording will be available soon.

The Investor Meet Company. Their presentations are very good. They email you in advance with a link.

So AEX can be the next Invictus. As soon as they hit the gas they decide to keep the rig for another year. That is a thoroughly bad idea.

The problem with rig sharing is exactly what happened with the Exalo rig. A successful drill and whatever the agreement the first users want to keep it for further drilling.

No, I don't think they specified Noble Helium but they are planning to drill 2 wells in Tanzania in Q3.

Sorry:
HE1 have lots of dosh.

All of this talk about funding and dilution is rather stupid. There were more questions about it at the AGM. Noble Helium have a much smaller m/cap, less ability to raise funds - their last placing was for AUD6.1M - about £3.5M - and yet they are planning to drill 2 wells in Q3 of this year. HE1 have lost of dosh.

Sorry, that got posted before I'd finished.

CEO said that because of the inadequacy of the previous rig they are going to drill TA1 again with a better rig. Simple as that. They are sure they hit the Helium the first time around but could not complete the drilling or get the wireline logging done or even think about testing.