Member Info for Blubay

BNL are due to report half year results end of the month (up to December) so there should be some update on current activity either before then or appended as a forward statement.

I don’t think BNL news is likely today but there might well be an update this week ahead of their half year reporting.

It’s after hours in Sydney but the ASX news service operates 7:30am and 7:30pm so still vaguely possible that something pops up

Just to put it into perspective, 170m shares is less than $120k trading volume at these prices although the price has doubled since the raise which is positive

Highest daily volume on BNL in ten years

Apart from the spelling?

I’d expect BNL to update either in anticipation or appended to their annual report (due end of March) as that’ll be behind the curve of their current activity. I’m surprised they haven’t announced the end of their subscription raise.

Conveniently, Cope is also a director of Control Flow Technologies Group, which bought up the water saving tech part of the collapsed sole trading subsidiary of Eneraqua last year (Cenergist). Basically, the more viable part of their business rebirthed itself under a different identity and escaping the encumbered shell.

Nigel Friend was CEO/CFO of Orca. James Smith was VP Exploration at Orca. Graham Jacobs was Head of Commercial at Orca. Orca developed and commercialised Tanzania's largest offshore gas field.

Cope was central to reshaping the company and the board takeover by former Orca personnel following Minchin's departure as CEO and putting LB into the front facing role (repositioning from a mining based company to O&G protocols). Going back to the 0.25p raise, the asset protection contingency company East Africa Holdings was also set up in her name jointly with Jacobs and LB. I think her governance appointment to HE1 just formalised remuneration for the amount of work she was doing backstage and off camera at the meetings (and in the days before they appointed a PR agency if you emailed the company's generic address you got a reply from Sarah).

Unfortunately you have to distinguish what’s best for the company and long term interests. The strategy has always been to remain independent and uncompromised for as long as possible, to achieve transition from explorer to producer with no encumbrances. They’ve done well with that in Colorado and nearly managed it in Rukwa before running out of road. As I’ve said before, I’m optimistic about the company’s prospects but that doesn’t always mean being optimistic about short term share price.

If course, how on earth else do you think they’d raise the capital?

She's not a bad apple, she's mercenary in leveraging capital for high risk smallcaps in markets where they have no other options. Inevitably that results in insolvency in some cases, occasionally it might work. HE1 has accessed tens of millions of pounds in market capital for a flagship project with fairly low chance of success, zero income in a decade, bought it's own drill rig, and accomplished a 50% takeover of a reliable income project in the US while remaining cash solvent with zero debt. That's some achievement! She has a great skill set and contacts after being an AIM Nomad and establishing Cantor's O&G investment arm. That of course comes at a cost of volatility and shareholder risk.

What new hire?

Blimey, that’s a bit bizarre after all the abuse you’ve dished out. What happened to your band of true believers and real investors who were holding eternally for gold, balloons and rockets? Have you become one of those heartless traders that you so despise?

MC - Cope is not a NED, she’s Head of Governance and Compliance, which you will know from your attendance at the company meetings.

Cope runs the company, she’s not going anywhere. As long as HE1 needs access to the capital markets she’s the strongest asset they have. If you’re going to swim in a shark pool it helps to be a shark.

Almost certainly it means they’ve completed the remainder of the discount fundraise that was hanging over them due to under subscription at 0.005, and the share price has recovered which means there’s some demand. I would ignore the percentages as that’s an artefact of the decimal place limitation on the spread (their price fell so low they ran out of decimals on the exchange ticker).

HE1 can’t make announcements about production data at Galactica. They aren’t the operating company. When BNL make an announcement then HE1 will announce it to the London market.

Telling people to buy is no better than telling people to sell. Discussion is one thing but don’t tell other people what to do with their money.