Member Info for Blubay

Snow cover at the drill site yesterday

"why is it still worthless "

Since when is a company with an mcap of more than $50m worthless?

Basically, acting on legal advice and apparently the confidence of the TZ government to reserve release of subsurface data during the ML assessment process.

"it's with the government, it's a high level document that currently sits with the ministry. It is new, it's unique. I touched on us hopefully doing a CPR sometime in the future and the numbers that fall out that CPR will obviously be shared but the study itself we have been advised by our in country legal council that we really should keep that that information between ourselves and the government until the point of of Award.... it is a document that resides with the government and and and until the ml's awarded we we won't be disclosing any any details of that."

I imagine there's also a reticence to release any kind of complex and unorthodox reserve modelling estimates before independent validation, for which they appear to need a CPR done by a hydrologist rather than than a typical geological reservoir skill set (as explained in the presentation).

https://youtu.be/kz5ETYz348U?feature=shared&t=2729

"I will leave this board if someone can give me a valid reason as to why the feasibility study hasn't been disclosed to shareholders?"

I doubt you will but if you'd listened properly to the AGM presentation and Q&A session then you'd have your answer. I agree it's not a particularly satisfactory one but it is what it is.

I don't know about you but I'm not underwater. The SP has maintained a trading range of +/- 0.2 above from the 1p level for months. Like most AIM shares it mostly drifts down in the absence of news and bumps up when the next one comes along. Why would anyone cash in a share that's drifted towards the lower end of its range the day before spudding a new production well?

Remarkably little price decay here for an AIM penny share, considering the long period of news uncertainty. Seems to have been played within a narrow price range although creating plenty of trading opportunities with up to 20% moves in both directions. The large number of shares in issue may be a moderating factor.

They don’t. The project budget is approx $50m for plant and $25-50m for the wells.

The development plan is for 25-30 wells tied back to a modular production plant, at a total capex of $75-100m. Anyone who has followed this share knows the answers to all the questions being raised today. There are risks and opportunities. It’s market and people are free to bet their money either way without needing to attack anyone. GLA

It’s not difficult to extract He gas from water, it’s not even dissolved at surface temperature and pressure. Obviously it’s a bit slower adding that processing stage but it’s not particularly complicated (other than disposing the water).

Also, all underground resources in TZ belong to the Presidency, on behalf of the people, so any request to extract and sell those resources requires public permission.

It’s just a basic principle that you apply for one kind of licence to explore and a different kind of licence to commercially extract. But it’s a working assumption that the explorer can convert to a ML if there is a commercial discovery and they have the means to exploit it. In Tanzania, both types of licence cover multiple year periods.

Hemo - “The timeline for Rukwa is more dependent on commissioning the Production Facilities to be built rather than the drilling imo. ”

They’re both critical pathways in the timeline to production. The planned time for licensing and commissioning work was always September-March on the GANTT chart, so tendering EOIs is on track with that. Then new drilling season would be after the rains if the finance can be put in place.

That’s not really true, as no development drilling at Rukwa was envisaged before the rains, and warm stacking would typically remain cost effective for a restart within 9-12 months anyway.

Zoffy - "You must take a balanced view."

That would be a first

Jackson #4 is the same design, just a few feet less on the 7" section to 986', same td

https://ecmc.state.co.us/cogisdb/Facility/FacilityDetail?api=07109945

*no deviations

"Do we know how long the first drill is due to take."

Not long, days if all goes to plan. Vertical drill to shallow depth, deviations

Jackson #31 = 2500 ft. which is only a bit over 750m

12.25" (9.625" casing) to 38'

8.75" (7") to 1033'

6.125" open hole to 2500' td

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

Site works at the Jackson 31 and Jackson 04 helium wells are complete.

All casing has been delivered to site.

The drilling contractor is preparing to mobilise the rig to Jackson 31 and spud is expected

next week.

https://www.bluestarhelium.com/wp-content/uploads/2025/01/61246996.pdf

"It will make a profit after 1 year?"

Why wouldn't it? The programme is fully funded from current cash and they have zero debt. Why would you account for recouping an investment which doesn't need to be repaid to balance any account? They are cash positive now, and the project will generate initial cash revenue from Year 1. Some or all of that surplus may well be reinvested of course but that's another matter.

I wasn't aware I'd ever ramped anything or mentioned any kind of share price expectation/target, while you've invented fictional ones every day to suit a relentless short position narrative without any real justification, while cross ramping other shares. I've been long for 12 months and not trading at all. I happen to have a cautiously optimistic opinion on the company's odds of success but that's about it really, no more or less and no strong view on where the SP will be short term.