Member Info for Blubay

Aware of share manipulation rumours but no evidence yet of anything illegal

So the model must project a profit ROI on that investment, and they have agreed today there can be no share placement in the next 12 months without shareholder approval (presumably because whoever is funding it wants that guarantee)?

That's bang on expectation

Current estimate $75-100m

Elephant in the room, who is funding Rukwa development if the board can't do any placements yet is clearly planning to develop it commercially within the year?

So, fully funded, short term cash flow, and no share raises now possible without shareholder approval?

Fundraising only for specific purposes, fully funded for the next 12 months

Helium processing already in place in Colorado so mainly just needs a tie back to that

Water management a key feature of the ESG (ESIA)

Selling helium at source, which means an off taker

Could do with less time spent on geology and more on business strategy and company finances

Rukwa gas processing plant 'very straight forward' and 'very cost effective'

Commercial discovery, company in a different place from this time last year, independent CPR in consideration, etc etc, positive tone so far.

Basically, the board has conceded its annual request for authority to raise any share capital without shareholder approval for the next year (5 and 6). That's quite surprising with the appraisal and major development phase of a project committed in that period. Either they don't need to raise at all, or major shareholders have objected to the proposal, or there's some major corporate changes coming?

Resolutions 5 and 6 withdrawn

HE1 is not an investor in BNL. They're a farm in partner to a project venture operated by BNL. Company dealings by BNL have no direct impact on HE1.

It's an AGM, just regular business with nothing unusual on the agenda. I think they're taking the Q&A discussion first before the formalities.

HE1 already bought their own O&G drill. BNL don't need one. The development wells for Galactica are cheap, shallow vertical drills, no deviations. They just bring in a water well contractor.

Positive funding and results announcements would certainly tip the balance. All looking very good so far on delivery milestones for the year end.

No Roger, it’s standard notice wording and it definitely means pending release of an announcement by the company, regarding an acquisition. They aren’t allowed to say more.