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You're on a wild goose chase again Toffers. If you want to apply for the position of regulatory NOMAD then maybe submit your CV. As they clearly said at the AGM, they've taken advice from legal counsel in country and that's how it is. No details from the FS will be shared before the ML is awarded. They may very likely proceed with a CPR if and when they have that.

I honestly don't think you will get anything beyond the form of words used at the AGM

https://youtu.be/kz5ETYz348U?feature=shared&t=2666

You don't have to hold if you feel nervous or uncomfortable with the volatility or risk. I don't see any misleading comments. We're waiting for news, that's it really. Only to add that we do know for sure they were planning to have all the 'licencing and commissioning' phase of the project completed in March, because we saw it on the project GANTT chart.

You're extrapolating from what was said in the September interview. There was no prediction of a date. What she said was that their in country team had advised that recent applications from other companies had been processed 'after around three months', and so they hoped for something like that. I don't think anything more concrete was ever implied.

Take it as a positive. AIM companies only update their shareholders with positive speculation when they're preparing for a raise. We know HE1 isn't planning any raises this quarter so the news will suffice when it comes. Better news than speculation.

We're really not short of news. There was an RNS just a week ago, and five in December, and there's a drill being mobilised as we speak to start on the first two commercial development wells of the new farm-in deal.

Honestly, there’s not a cat in hell’s chance of the board pre-empting the Ministry or disclosing information shared in confidence by Ministry officials while their application is under assessment by the Ministry. We already know they’ve received in country legal advice on non-disclosure of any details from the feasibility study for the same reason. They’re not going to say anything to prejudice the decision process.

Not a chance of that happening while the licence application is with the Ministry.

No need for psychoanalysis. Everyone is likely to talk their own game. There are always aggressive snd leveraged shorts on AIM shares like HE1, especially during waiting periods, as well as ramps longs. I wouldn’t worry, anyone who’s still short should be out this week.

It’s unlikely there’ll have been any rig movement on site due to the weather warnings for extreme cold conditions in Las Animas. Should ease up today.

It's a risk investment, all exploration/drilling projects are risky. No-one would be here if there wasn't a risk-reward equation. Anyone who thinks it's risk free is delusional but then so is anyone who thinks it's a non-starter. You pays your money and takes your choice, don't bet what you can't afford to lose on AIM.

"Considering it was costing in excess of $5m to drill exploration wells why do you expect them to drill them cheaper in future?"

Because they have already budgeted it for the feasibility study, and already given you the budget total, as explained at the AGM and in previous QAs. The project as a whole is budgeted at $75-100m, including approx $50m for the plant.

Hypothetically, my guess is they do a debt + equity split for the $100m project funding, for example using $50m debt payable over say 5 years plus a 50% equity split in the SPV (not shares in HE1). Similar to BNL Colorado, HE1 would then operate the project and manage the drilling and the plant for a 50% share in the income, with the other half going to the funders/farm in partners. For the sake of round numbers, say 30 wells grossed $30m per year and the SPV serviced say $10m of debt repayment and opex during years 1-5. Split the remaining $20m two ways and HE1 would have say $10m pa, rising to $15m pa after debt repayment, etc. Just illustrative, could be more. The point is that it's project funding not company funding so there is minimal if any dilution in HE1 as a company.

The long term goal was to have first production revenues from Rukwa by end 2025, or realistically within approx 12 months of ML award, so the working assumption was to have the ML in place and plant commissioned within Q1 2025 (see GANTT chart). The critical slippage point would be hitting the drilling season in Q2-3, after the rains. They've already tendered EOIs for drilling supplies and services, and specified the plant requirements. All depends on the ML and the finance really. They would then have to set up a new SPV company in TZ and agree terms of government partnership, as well as any equity splits with funders. It's tight but doable. There is no need for legislation though, that's a red herring.

I doubt they’ll get the rig on site today with the extreme temperature warnings (-26 this morning!) but it’s due to get back above freezing later on and hopefully still on track for a spud this week.

Broomtree - so you sold just before the placement? Well done you. Some sold over 20p and bought below 0.25p. I’m not sure what your point is. You seem to be the one playing with dates. You can’t compare prices with different shares in issue. As I said, ‘following’ the placement, it’s traded roughly in the range 0.8 to 1.2, and has narrowed around 0.9, following lower highs and higher lows along the way. I don’t think that’s particularly controversial. It is what it is.

SP is no lower now than it was following the surprise placement at the end of August. It went above 1.2p on submission of the ML application, and down to 0.8p in November. Since then the range has narrowed towards 0.9p, lower highs and higher lows.

Skeleton staffing, maintenance and service. Depending on the timescale between drills it's often more cost efficient to warm stack on site than to dismantle it and move to cold stack in a yard somewhere else and then re-mobilise, particularly if the re-mobilisation is time sensitive. For the period of planned downtime there's not much in it and the contingency for a quick restart remains attractive (remember last time it was taken apart there was some damage and delay).

-15 with snow in Las Animas but warming up tomorrow for the rest of the week

The explanation given at the AGM was again emphasising the unique geological situation and needing to identify a CP with a hydrological skill set (presumably to validate their unorthodox modelling of perpetual reserves generated from basement geothermal fluids?). The problem is that if they rely on orthodox industry reservoir models then can probably only independently validate the trap and seal reservoirs in the Karoo, which is only half the story. I think they did suggest they might have identified a qualified party but I'd have to listen again.