Member Info for BC2504

Appears it has had no difference on our SP, especially after the clarification RNS. The good thing about Noble is their trap type is different to ours so the negative implications of them hitting is not too relevant on either tai or itumbula (although we do have similar targets). However, the positive implications of confirmed helium on their licences at least let us know that the system is full of gaseous gold which puts us in a good position!

3rd time - have heard recently that contracts north of $500 are in place but will use $450 as this is what the company has stated in relatively recent communications.

As per the CPR. the 2U value for Tai is $1.26b (2.8bcf) and the 3U is $3.2b (7.1bcf).

These used a helium concentration of around 1.1% from memory. If you increase this to the 2.2% seen last time these values double, if you get anywhere close to some of the seeps seen (even the 'modest' ones at 3-4%) we start to see an eye-watering value for tai.

There is also potential that the Karoo may be increased dramatically in size due to the increase TD of the well but that's largely speculation at this point so I'll leave it out of any calculations as it would be pure guesswork but something that could factor in too.

As I said last week the amount of rain Rukwa receives in November and into December is barely above what we have received in the UK for October. Consider also the region has been in the dry season so it will take a lot of rain to saturate the ground before it becomes an issue too.

Who's footing the bill - shareholders are with the additional runway funds from the latest raise. What do we get in return? A chance to make a multi-billion pound discovery for the sake of a relatively small additional sum of money. Have been replying to you previously assuming you're discussing (largely reasonable) potential negatives of the project in good faith Joe but I gotta say on this one give it a rest bud this is just a silly point.

3x background as per the RNS

0.0015% helium but still a good start for them. Hopefully we get 1000x more at least tomorrow morning!

I think we know why you haven’t got a reply to your email then mj… asking inane questions like where is Lorna isn’t going to get a response when you know she’s at the well site.

Hi Joe,

I'm afraid whoever has told you that is incorrect. As per the RNS dated 12/07/21, investors were informed that an issue with the drill had occurred and a side track had been commenced after a period of time where they attempted to recover the pipe.

“The RNS states that they will inform us when they reach TD, it doesn't specify via RNS. ”

Joe, this is not how it works in the markets. It is a price sensitive event so would have to be released via an RNS.

That’s gunna look a stinker when the RNS drops Monday fella. On a serious, what a strange time to decide to sell when you could’ve sold at 6p yesterday. Nothing has changed in the story since then.

Another thing to consider is the rainfall which is way overblown by some. The Rukwa region gets an average of ~200mm of rain in the month of November. For reference, large parts of England have had over 150mm so far this month (can only see fully compiled data up to the 24th) and heavy machinery is working just fine. Also, don't forget Itumbula is at a higher elevation and further away from the lake than other areas in our portfolio so will benefit from that in wet conditions.

" the pressures encountered are high, there have already been a couple of 'kicks'. The mud Engineer has got the weight and viscosity all wrong !. 😁 The torque on the drill string is killing the drive and rotational speed and the bit is virtually ineffective. " - Ezhik is this referring to the current well or just a general story?

Being fixed as we speak ready for early next week, or so it's being said.

The good thing is they wouldn't be stupid enough to tweet if things were going seriously wrong so all is on track I suspect.

They are surely starting drilling the next few days with a tweet like this

Up

The way I see it - we've churned through well over 2m shares in 100/250/500k chunks today - we already know he's down below 3% as of quite a while ago. There can't be much longer to go with the selling and if the SP can withhold larger days of sells he will be gone sooner and we can see the kind of rises we saw up until 10am this morning over a longer period!

I hate to say it but i think thats a worked sell

This is the third day now that 1.5m shares have been sold in big chunks and the third day since the 6m options were granted. Would make sense to allow this person (Ian I assume) to sell the 6m shares over 4 days before releasing the big news on Monday morning. We shall see!

Great theory skittish! Interested to see how this all plays out after a discovery!