AGM deficient29 May 2026 03:18
Fact: Bo stated in February/early March that production had commenced. What is the gas flow rate and purity? While these figures are both non-confidential and material, neither has ever been disclosed (including at the AGM).
Fact: Bo stated in February/early March that offtakers had been to property even before production commenced. Why did a low-risk short-term (90-day) offtake agreement take 90 days to negotiate?
Fact: Charles Archer advised that one Helix officer is a previous VP of sales for a major gas supplier; that he knew all such suppliers' customers; and that he had been brought on to negotiate direct supply agreements between Helix and those customers so as to cut out the middleman and increase revenues. But last week Bo announced an offtake agreement with a major industrial gas supplier, apparently forfeiting this advantage. Why?
Fact: Bo stated in February/early March that following a raise, efforts to extract the broken drill component from Inez would commence imminently. This took on particular importance given the 90-day agreement wherein the offtaker would purchase all Helix output. Last week Bo advised that he was still thinking about getting around to Inez at some point in the not-too-distant future. No explanation for the three months of inaction which, given the subsequent 90-day offtake agreement, now subjects the companyt to a 33% revenue forfeiture penalty.
Fact: Bo stated in February/early March that the trailer was on site. For reasons never explained, it was never filled. Given the offtaker's agreement to furnish all logistics, no benefit was procured from the costly trailer acquisition. Why did Helix purchase/lease a trailer if offtakers were willing to provide logistics free of charge? If, when contracting the trailer, Helix did not know of offtakers' willingness in this regard, why did Helix not undertake the due diligence to discover it prior to spending on the equipment? Having incurred the unnecessary expense, why, in the past 90 days, has Helix never mtiigated the loss by filling the trailer and selling its contents on the spot market pending the offtake agreement?
Fom the foregoing (and many others not recited), it truly sounds as though these gentlemen have a regular day job and that this Helix gig is a mere sidescam. Just wondering....
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