Member Info for Blubay

"Time he updated them on all our projects"

It would be good but I doubt they're in a position to do that yet without adding to the general market uncertainty. Hopefully some more pieces of the jigsaw fall into place before the end of this quarter as per all the stated plans.

It's a positive update, which shareholders have been rightly expecting after all the promised developments this year, but it's just a provisional collaborative agreement and more substance would be needed for a bigger lift in the SP. If something comes of it then great, otherwise it's not much more than an MoU at this stage. Early days still but they will need concrete evidence that something (anywhere in the portfolio) has gone into production, or into trial, or sales pipeline, beyond aspiration and intention.

For example, the ERCE report in early 2023 gave an estimate of 2.8bcf prospective helium reserves for Tai (2U = a mid estimate of ‘undiscovered’ reserves), with a commercial chance of success (COS) estimated around 14% (10% for the fractured basement). A lot has happened since then in terms of derisking and learning more about the geology from drills and tests, so a revised update is overdue really.

Tai is just one component of Rukwa, you’ll see the different prospective reserves broken down as subtotals. We could do with an update on that CPR following the Itumbula tests. The missing data at the moment is an estimate of recoverable and contingent resources (I.e. what they can reasonably extract in a commercial way, rather than what might be trapped underground prospectively). For example, the Colorado prospect is less than 1bcf but the estimated recoverable volume per day/year versus cost of recovery looks positive.

No surprise at all, the 12 month audit period from end of lastJune (the company’s financial year end) pre-dates the Colorado acquisition. There was never an expectation of revenue from Rukwa in the next accounting year (CEO suggested maybe 12 months after ML, eg end 2025). That’s why the Colorado project was significant as it brings possible cash revenue forward to this accounting year or year end (by June 2025

I think the very obvious point about the proposed road, rail and air investment is about the current government’s interest in opening up Southwest TZ as a new region for economic development and foreign investment.

This makes no sense Roger, a robust feasibility study is a requirement for the ML application not an option. What they could do with is independent validation of the recoverable and contingent resource estimates, and chances of commercial success, in the form of a competent person’s report (CPR), updating previous reports from Sproule or ERCE on the prospective resources. It’s just impossible for the market to value the asset at this point other than by guesswork.

Keeping the LSE admins busy anyway

The circumstances around that litigation are very specific and by no means one sided, and you’re forgetting that Orca was hugely successful in developing Tanzania’s gas industry and that the issues arose after that team left (now with HE1).

Your anxiety is misplaced in this case, and calling Tanzania a ‘despot’ country is just silly.

Graham Jacobs “An experienced financial and commercial executive with over 30 years of experience in the natural resources sector. He has extensive expertise in the oil and gas industry having held a number of senior positions in E&P companies.”

No news this week, CEO busy in Tanzania talking to government, industry and investors. Hopefully we get a plan from BNL to start drilling the next two wells in Colorado.

Lots done this year, the plan for Rukwa commercialisation was always focused on 2025. They’ve actually accelerated commercialisation with the acquisition in Colorado, so more ahead than behind schedule here.

No-one knows. The company expected a wait of around three months from submission, so hopefully before the end of the year.

Which licence?

Wishful thinking ;-)

The accounts are end of June 2024, It was announced in June that the company had working capital until the following June 2025. We're less than six months into the year, so probably less than 50% of that working capital burned, and with reduced liabilities for exploration licence fees in TZ from September in current year. The EWT was fully funded. The preparation of the mining licence was fully funded. Then they raised for the Galactica project, fully funded, and added something to the working capital allocation for this year, and the bulk of that operational raise is also still in the bank because it's spent on a drill by drill basis. Then there's the VAT refund anticipated. I don't $11bn in the bank currently is far off at all.

There was quite a bit of useful info in the accounting RNS if you read it carefully

Ooops, has Herbie run off the road?

I've no time for the daft rampers either, but you're one of the main people who's consistently called this wrong every day for months, persistently posting false information intended to mislead other investors, market abuse. The placement you've promised every day has not happened, the SP has not dropped to your target range. It's held up quite well and the company's plans have gone seemingly to plan so far. The most recent annual accounts are improved on the previous year both in terms of assets and cash. They have more diversified prospects, and the projects are at a more advanced stage of exploration/development. Not without risks of course but everything seems to be pretty much on track and with fairly decent prospects for 2025.