Member Info for Blubay

“ So the reserve size is endless?”

Yes and no. The discovery covers both traditional trap and seal reservoirs at intermediate levels and access into carrier liquids from a dynamic generative system in the basement. Modelling that is complicated and unorthodox but in theory there is some amount of ‘endless’ resource. How easy and cost effective it is to process is the next question, and presumably the reason for going the full scale for efficiency savings

Yeah, from a news flow perspective I’d prefer those updates on different days but they all stack and more to come this week too

Fantastic news on both projects. Let’s not get too carried away with mcap/SP expectations, as much of this will be priced in already, one step at a time but brilliant start to a new chapter. HE1 set to become a global player in helium production.

Excellent news, gas samples off to the lab and drill rig off to start the next well. Jackson-4 spud news coming soon, along with flow results from Jackson-31.

First time BNL’s SP has moved out of it’s 0.004/5 spread for months, so something is happening anyway

Helpful series of updates there, sounds like they encountered a few challenges that slowed them down (and leading to some ‘down time’ on the rig) but back on track to hit the Lyons formation very soon. I imagine that means we won’t get a major update for tomorrow but maybe.

BNL are in a more precarious market position than HE1 and I suspect they need the news flow, or maybe just a different way of doing things. Either way, HE1 have no choice but to mirror BNL’s market announcements to ASX. Maybe LB will have a word, but I suppose it’s more reassuring than no news.

I’m just waiting for all the FUD poster panic because the ‘application date’ database field has changed again to 27/02/2025 😉

BOP assembly ready to install there by the looks of it, can’t be far off

Very good sign that both CEOs are posting from site, and anticipating a successful well test. Assuming they move straight on to Jackson-4, that’ll be three wells done, and the key executive decision needed will be on the sequence and timescale for drilling the next three at Jackson-2, 27 and 29. Fingers crossed for a positive test result 🤞

"Safe to say. Tanzania is now shelved."

If it's been shelved Herbie then why was it just added to the national mining licence database this week?

"Someone said just use the wharer for watering the crops ....not that simple"

It's relatively straight forward with the right permissions and planning. The ground water isn't contaminated, it's not like water that's been injected into a mine and recovered, that's the advantage of having a pure helium play without hydrocarbons. The water isn't poisoned in the processing either but there is a lot of it. The Rukwa Basin Water Board deals with strategy for water catchment and extraction (you need a permit for any new water use). They need to consider if the extraction affects the aquifers for local farming communities, or for Mbeya, and there's the game reserve, but all that would be addressed in the ESIA study they spent 6 months preparing. The company already mentioned its preliminary discussions with potential water users, so that's clearly an option (and possibly a profitable offshoot), otherwise they would need to return it to ground. Several funded projects for managed irrigation in that area.

Perfectly reasonable question from anyone who hasn't been here, no history of troll posting

"What is the delay in Tanzania...?"

No way of knowing if there is a delay or just normal process. The licence application is under consideration and we know it's progressing, as it was added to the licencing database this week. But no way of knowing how close it might be. It's a complex application for 20-30 new wells in an undeveloped region with a bunch of potentially competing stakeholder interests, politics, heavily regulated local water management, game reserve considerations, etc.

Gogs - the well design for Jackson-31 is here, if you click on the green band you can see the section estimtes

https://ecmc.state.co.us/cogisdb/Facility/FacilityDetail?api=07109943

You say you're not attacking the share but you repeatedly list apparently malicious falsehoods (at the very least presenting unfounded and counterfactual opinions as fact). I don't have any time for the rampers either but, for example...

You say TZ is the only play and that Galactica "will be worth next to nothing". That's simply untrue and there's even a possibility that Galactica-Pegasus might make similar annual net profit to Rukwa, if/when fully developed (at lower cost, albeit with a smaller lifetime reserve).

You say that "the ML for Tanz could still be 4-6 months away before its even issued", without any evidence at all and contrary to all the norms for issuing licences, and considering what stage this one is at in the process.

I agree we're unlikely to see a $200m mcap anytime soon, but I can see it easily gaining $100-150m this year with luck.

Never without risk, they'll be drilling a narrow 6 inch open hole for another 1500ft. If the formation goes as expected then it's probably good to go at a fair pace. If they hit unexpected conditions or there's a snag then that could change, but they're pretty familiar with the area and the kit so it's not like a wildcat exploration.

Unfortunately you can't block IP addresses these days when there's IP masking

Not interested in Trent unless he gets a seat in exchange for HE1 buy out of BNL’s share in the US. HE1 will develop more as a global acquisitions company than as a back yard driller.

This isn’t an exploration drill Zoffy so the chances of Mr Duster showing up are significantly reduced, and each successful drill will de risk the following one to some extent. Not without risk of course but that risk reduces with every turn.