Member Info for ART123

As I posted a few days ago, HE1 have raised a total of £39Million so far. Montana, USA is going to be a much cheaper place to operate. Let's just hope that the Helium is there in the same quantities and flows to the surface.

This is just 'dodgy' management acting recklessly in the face of what can only be taken as bad news - ie. the lack of any flowing oil from TO-14

So far there is nothing to show for 7 or 8 months of drilling and testing. Whether this changes remains to be seen.

I agree, Worzel1, and I am quite happy to wait and see what the assays say.

Having said that, I am sure that they would have had a hand-held scanner on site so they would know already if the superconductor was stuffed full of high-grade nickel. We will have to wait to seein the 'coming months'.

The transaction shouldn't affect the share price at all. The only difference is that Jennings are not now going to sell 99 million shares on the open market.

Of course, the usual crew will ramp this to death and the usual succours will buy more shares at a premium but then who cares? Not me anymore.

Dodgy on.

Not really. It is just the Executive Chairman buying more shares at a premium to halt any further decline in the share price due to any overhang. Can't blame R Jennings though as the shares only cost him 0.021p and now he has offloaded the lot at 0.075p when all he would have got on the open market was about 0.025p or less.

I would rather the share price go up as a response to flowing oil rather than silly director's buys.

But then you all know my opinion here anyway. And dream on, but it won't do you any good.

"The mineralised carbonaceous mudstone contains abundant pyrrhotite-quartz-calcite veining and localised sulphide-dominated veins of what appears to be pyrrhotite (Figure 1). Further mostly vein-hosted sulphides are present throughout the intervals including dominantly pyrite."

So is there any nickel or not?

"Geophysical superconductor is interpreted to be a sulphide mineralised carbonaceous mudstone unit between 760.5 - 813m downhole depth and from 828.4m - 832.6m (end of hole) where it remains open at depth."

Also, as in my first post, if they are still in the mineralised zone, why have they stopped drilling?

This appears to be so much more straightforward than operating in some parts of the world - ie. Tanzania.

So drilling has finally intercepted the superconductor at the 3rd or 4th time of trying. I think it was always going to be much deeper than they were drilling as it kept showing up despite the drill never finding it.

Personally, I can't make a head or tail of Para 3. It is meant to be massive nickel sulphide but there is no mention of nickel in the RNS.

Also, if the geophysical superconductor remains open at depth at the current end of the hole (832.6 metres) why have they stopped drilling? Surely they should drill on to the end of the mineralisation.

The timelines are all in this podcast anyway. BG also says that he is going to do a webinar in a few weeks - from 25th March, so about now - to show the drill plans for Pepas.

https://www.youtube.com/watch?v=9a1sFDBvRc0

Which video was that? Have you got a link? Cheers.

A maiden Mineral Resource Estimate will be very important here. All we have at the moment are a lot of drill holes with the depth of mineralisation and the assays but nothing to put any value on the asset. To quote from the RNS: "Based upon an MRE an assessment of its potential economic value can be made". Basically, it is X number of tons at X $'s per ton. Real figures and a real value. Chances are it will be worth a lot more than the current £46M m/cap.

Cheers Mischief23. I wasn't imagining it.

Hi, I seem to have it in my head that I either read somewhere (ie. in an RNS) or heard sometime (ie. on a podcast or presentation) that EEE were hoping to be able to release a maiden resource estimate (JORC) by the end of Q2/H1 of this year.

Can anyone confirm if this information is correct and maybe point me to where it was mentioned? Cheers in advance.

Everything moving quickly - except the share price which appears to be stuck in the doldrums.

I tell you what would get this moving upwards again - if they started drilling at one or both of the other projects - Walton or Stavely. These were both acquired at the same time as Pifield, with news of the acquisition released on 6th April 2022 - 2 years ago - so maybe it is time to get these moving forward alongside Pitfield. I'm not sure about Walton, but Stavely is a big copper prospect.

I reiterate that the trouble I have with this company all appears to stem from the slow and tedious performance of the operator on the Angola licence, Sonangol.

Obviously, my 2-week timescale to drill a 1000-metre well does not include rig set-up and dismantle times, which should add at the most a week to both ends, giving roughly a 4-week timescale from start to finish. Sonangol have clearly taken twice as long - ie. 2 months - to drill both wells and that is not good enough.

I can come up with numerous working examples of how long it takes to drill an oil (or gas) well and they will all point to roughly the same timescale but to save me the effort 2 suitable examples have appeared in today's RNS's for other companies so I will use them to make my point.

Firstly, Union Jack Oil have recently drilled a well in Oklahoma, USA which spud on 28th March. The pre-drill target timescale was:

Approximate ten-day drilling period to a depth of 5,200 feet - which is about 1,575 metres

Completion time is estimated at approximately a further eight days including perforating and flow-back, if successful.

As announced on 8th April the drill reached 4,600 feet - 1390 metres - after 11 days of drilling.

Secondly, Zephyr Energy are preparing to spud a well in Utah, USA with a planned depth of roughly 10,000 feet - 3000 metres - with a planned drill time of 30 days.

I could come up with numerous other examples. It does not take 2 months to drill a well to 1000 metres. Progress has been pathetic at best, made even worse by the fact that after all this time they cannot even get the bloody well to flow oil. Sonangol are total time-wasters.

Yeah, I sprout nonsense. I see that the share price was up 13.5% when the first Call Option was announced back in February but it was straight back down within a day or two though. The market saw through that con all right. Now, today they have cancelled that first Call Option so there was nothing going on with it. And they have replaced it with an equally silly and unrealistic Put Option.

Apologies if I am coming over as a bit hard on this outfit. I have just seen and heard quite enough nonsense over the last 6 or 7 months and it just isn't getting any better.

I am not out of pocket here. In fact, I had never even heard of the company before the announcement of the start of operations in Angola at the beginning of September last year. My research has told me that they used to be Regency Mines, but I had never had any of their shares either. Anyway, I thought it looked a good prospect and soon had a load at an average of 0.305p. I then traded them at various times over the next few months and bought some more at about 0.9p but did offload the rest when the unsuccessful flow test results were first announced but ended up in profit overall.

What has annoyed me is that it took Sonangol 2 months to drill the first well, which only went to 958 metres. You cannot take that long to drill a well to less than 1000 metres. Then they took another 2 months to drill TO-14 and that only went to a depth of 781 metres.

Then, on 28th December, they started testing TO-14, only 6 weeks later to announce that because of adverse weather and equipment shortages they still had not started the flow test. Then another 2 months later, we get told that TO-14 hasn't flowed any oil. It doesn't take 2 months to flow test an oil drill. It is something that can be done in a couple of weeks. And a 1000 metre drill should be done in about 2 weeks as well.

I suppose that my concern here is with the operator, Sonangol, rather than with Corcel but in such a situation, where admittedly it is out of Corcel's hands, there is little to do but state my concern on the Corcel board here.

Apologies - but what a fiasco this has turned into. Is there any way back? We shall see. I shall certainly buy back in if they get the oil to flow but I am not going to be conned back in with dodgy 'premium-priced' placings or unrealistic Call or Put Options.

ATB

It doesn't help when all of the buys are logged as sells.

Still less than a £3M m/cap which is quite ridiculous.

I thought that this would start early as Kobold are a massive, very professional outfit. Super news.