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The placing could have easily been done at 0.12p

At least the Sunday/Midweek Takeaway podcast team will have a chance to trash away his dilutive placing when they do their next podcast.

So they have managed a small and heavily discounted placing but they still haven't managed to get the rig contract signed. Maybe if they had got the rig sorted out first the placing might have been at a much higher price.

It's disappointing that despite all of the positive progress that this company has made over the last few months the latest placing price of 0.0825p is little higher than the last one, and that was also heavily discounted ( that placing price was 0.075 pence per ordinary share, representing a 50% discount to the closing middle market price of 0.15 pence on September 8, 2025). This is also at a 50% discount to the recent high.

Looking at the schedule it would be good to see the rig contract finalised as that is what will start the ball rolling here.

This is the schedule that was announced along with confirmation of funding on 26th January:

Completion Date(Calendar 2026)

Activity

Q1

Order long lead items such as wellhead/casing

Tender & contract drilling rig. Currently 4 appropriate rigs available

Q2

Water bore(s) drilling and installation on site

Surface conductor pipe installation comprising the first section of drill casing

Service company tender & contract; includes cementing, mud logging, e-logging, WSG, testing contractors.

Expand site/access roads, airstrip, drilling pad works. Inspection, planning and costing already completed.

Q3

Finalise the engineering and well design in conjunction with the drill contractor

Mobilise drilling rig to site and all relevant service companies

Drill to target depth, evaluate reservoir qualities, gas compositions, likely sustainable flow rates.

On studying the schedule it appears that once the rig contract is signed everything else is happening on site, so they just need to take the plunge and commit to the rig and as soon as the rig is secured I reckon that the share price will start to move up quite rapidly.

ATB

The market that we are all used too - primarily the AIM market - works on continued raises and companies getting a move on once they have raised the funds before they need to go back to the market for more. All this dilly-dallying around while they haven't got the b*lls to raise more money is pathetic. And now Hamilton hasn't even got the b*lls to spend someone else's money.And it has been the same ever since GEX listed. Nothing happens, nothing changes - its quite moronic.

What really p*sses me off is that we didn't get a carbon copy of the first HE1 drill in Tanzania, except perhaps that instead of the HE1 duster the Hussar drill could have hit helium on the first drill.

HE1 raised £6M on the IPO at 2.84p and then another £10M at 10p a few months later. GEX meanwhile raised £5M on their listing at 12.5p but then appear to have completely lost the plot - and the ability to raise more funding - and now 1 year and 9 months later they are still p*ssing around and still haven't even spud their first drill. That is pathetic.

I am holding a sizeable holding at around 10p (which I will probably add to to bring my average down if they ever get on with it) and all I keep thinking is that if this had followed the route set by HE1 and the m/cap had gone up similarly pre-spud say to £100M plus I would have had a sizeable profit. Instead all I have is a ridiculous paper loss while the m/cap instead of being £100M plus is a disastrous £5M. This is a very poor show.

Sorry I've started so I am going to finish my post even though it decided to post itself halfway through.

During the 6/7 months the HE1 m/cap went up from the initial IPO value of £14.1M to over £140M.

GEX meanwhile have been listed for nearly 2 years during which time they have done virtually nothing and from an initial m/cap of about £12M the share price has tanked and tanked and the m/cap now sits at about £5M. The GEX management have shown a total inability to raise any sizable funds to drill the well themselves but have been saved by the off-takers who have agreed to fund the well(s) up to a value of $25M but now they can't even be bothered to get on with that and are already a month behind schedule on signing a rig contract. It is pitiful and pathetic.

AJMHO

This is so pitiful. I was just checking HE1. They raised £16M prior to spudding their first well which spud roughly 6 or 7 months after they listed. The fact that it wasn't a success is irrelevant as no one knows if Hussar is going to find the Helium on the first drill. During the 6/7 mponths the

It just goes to show that the American market isn't doing much better/or differently than the UK AIM market. GLND has been a dire performer since listing and the placing price is just absurd and their share price hasn't just fallen to $4 as pre-market it is currently trading at $3.26.

80M is a much better option for a decent rise before spud simply because they don't need to raise any funding because they are on a free carry for the 2 drills. The dilution at GLND is going to stifle any big pre-spud raise.

GLND up 20% on opening albeit from a very low share price.

Https://uk.finance.yahoo.com/news/greenland-energy-nasdaq-glnd-signs-123000064.html

News from GLND re agreement with Halliburton.

I think that the talk of a placing is a lot of unnecessary waffle. So far all of the acquisitions have been paid for with a combination of shares issued at a premium and tied-in for 12 months and deferred cash payments of 6 months and 12 months which will be met by revenue generated from the acquisition.

Taking the acquisition of Ghummud as announced on 10th March as an example the total consideration for the proposed acquisition is £2m structured as follows:

Equity - £1.0M

To be satisfied by the issue of new ordinary shares in Active Energy at 0.11 pence per new ordinary share ("New Shares") (or such higher price as may be agreed), subject to the required shareholder authorities to allot new Shares.

The issue price represents a premium to both the Company's 30-day volume weighted average price ("VWAP") of approximately 0.095 pence per ordinary share and the most recent closing market price of 0.08 pence per Share, being 9 March 2026.

The New Shares issued as part of the equity consideration will be subject to a 12-month lock-in. The Board believes this structure closely aligns the vendor with Active Energy's long-term growth strategy and demonstrates confidence in the Company's ability to scale its energy and digital infrastructure platform.

The Company retains discretion to adjust the equity component or utilise a capped convertible instrument if required.

Deferred Cash - £1.0M

· £0.5m payable 6 months post-completion; and

· £0.5 payable 12 months post-completion.

Net operating profit generated during the first 12 months post-completion will be applied against the final deferred £0.5m consideration until satisfied. This structure allows the asset to contribute directly to funding its own acquisition during the first year of operation, preserving the Company's cash resources and limiting potential dilution to existing shareholders.

They certainly won't need to raise any funds for the acquisitions, which is going to be the big sum here for a while and if they do need a bit of cash for wages and daily expenses it won't be a big sum and as soon as the grid connections start to generate revenue they won't need any of that anyway.

Another acquisition is due soon as according to the RNS dated 20th April:

"The Company continues to see a compelling window of opportunity to scale through the acquisition of high-quality and ultra-low cost power grid connections, avoiding the delays and uncertainties associated with new-build developments, including permitting and utility approvals.

In line with this strategy, Active Energy has identified two additional grid connection opportunities and has commenced initial due diligence and commercial negotiations."

One of those grid connection opportunities, Taweela, was announced last week so the other one is still due. Also now they have 100% of the capacity taken up by Bitdeer we will probably see them take on some bigger units - say 5, 10 or 20 MVA at a time.

Courtesy of QHE on twitter:

The End of Cheap Helium?

''Historically, #helium prices were in the range of hundreds of USD per 1,000 scf.

''Under continued conflict conditions, the current estimated price range is 1,500–2,000 USD per 1,000 scf, with potential for further growth''

https://x.com/quantum_helium/status/2048559129892122729?s=46&t=3oQ2x6B8mYLlBRy_7ZWC7Q

The End of Cheap Helium?

''Historically, #helium prices were in the range of hundreds of USD per 1,000 scf.

''Under continued conflict conditions, the current estimated price range is 1,500–2,000 USD per 1,000 scf, with potential for further growth''

Maybe it is a good time to get the rig selection finalised and get the Hussar re-entry drilled to take advantage of the potential 5 or 6 times Helium price rise.

The End of Cheap Helium?

''Historically, #helium prices were in the range of hundreds of USD per 1,000 scf.

''Under continued conflict conditions, the current estimated price range is 1,500–2,000 USD per 1,000 scf, with potential for further growth''

Mind you, relistening to the podcasts again the only surprise is that the share price didn't go up by 100% or even 200% today. The news is quite sensational.

Possible explanation for today's unexpected trading pattern.

The podcasts were shot at least yesterday if not 2 or 3 days ago so the podcasters, particularly the Midweek Roast team, were aware of this unexpected deal at least the day before it was announced if not 2 or 3 days before. They might have gone on a huge buying binge for the last day or two or three and then hit the sell button today and sold all of their 'insider trading' shares hence causing the unexpected pullback. You have got to be suspicious when a podcast is released on the same morning as an unexpected RNS. Today the news was released at 7.00am and the podcast dealing with this unexpected news came out at 7.23am. This shouldn't be allowed really as it opens the door to insider trading.