Member Info for Blubay

Anyone who thinks liberating nitrogen/helium/hydrogen gas from water is tricky might also enjoy this one...

https://www.instagram.com/heliumone1/reel/C_fVrO1Onoc/

News flow should be very positive for sure, although inevitably there will be scope for the market to play on any of the usual drilling delays or snags that occur. Should be a lot simpler to drill development wells in Colorado than exploration wells in Tanzania anyway

Which applies equally to the rampers. It's not likely Galactica will help fund any of the development at Rukwa next year, but it will help to fund some of the basic working capital the company will need beyond mid 2025

For the avoidance of doubt, from the 10 June RNS (again!)

"Following the completion of the proposed Fundraise, the Company will be fully funded to complete the EWT, with a working capital runway for a minimum of 12 months from the date of Admission."

"If you watch the most recent interview that there is an obvious funding gap between now and the 3 months it takes for the mining licence to be approved."

With respect, that is absolute nonsense. They raised enough in June for a minimum of 12 months working capital (taking them to mid 2025), and they have since raised the capital needed for the project development in Colorado. There is absolutely nothing to suggest there is any short term capital requirement that is unfunded.

They can't provide commercial detail until the feasibility study and complex reservoir modelling are complete, as clearly explained in the interview. They've already estimated that the Rukwa project has positive economics for the company if it can be developed at scale with institutional level finance (which suggests that it's not a project they would seek to develop alone, on the basis of small shareholder capital raises, but rather they would be approaching banks or/and partners to fund the more major infrastructure). That requires time and negotiation. Conversely, the Colorado project is on a scale where it can be developed now to deliver near term cash income within the existing capital resources HE1 and Blue Star have already raised (drilling six wells and tying them into existing infrastructure). We have the numbers for that and so the strategy seems very clear - in the next six months they focus on bringing the Galactica project into production, while waiting for a mining licence to develop Rukwa and completing the specs and costings for that proposed venture (at which point there would be a prospectus or a competent person's report setting out the detailed case. I don't think it's too hard to understand.

Growmorecash - "L2 is data straight from LSE"

If you're paying for L2 and you don't understand how it works then you may be wasting your money.

Before making any investment decisions

https://www.youtube.com/watch?v=s7T5h4qi28c

You are aware that the "boutique investment bank" is actually the company's Nomad and joint broker (as well as an MM in this market)? However, the assessment looks reasonably even handed on this occasion.

It won’t fund any kind of major development work but it will fund some of the company’s working capital, avoiding raises for everyday operations. The scale of Rukwa development is well beyond the scope of a share raise for a company like HE1, and would be approached initially by other means if available (sale, loan, JV, government etc)

The government have been actively working on at least half a dozen irrigation schemes in the Rukwa region as part of agricultural strategy and the Lake Rukwa Water Basin board. There are also about 50 more traditional irrigation schemes.

https://dailynews.co.tz/five-irrigation-schemes-to-be-constructed-in-rukwa/

No, the gas is being transported/held in underground water. The gas liberates easily enough from the water at surface pressure (as you can see from the various bubbly videos) but the engineering, economic and environmental challenge is what to do with the water. They have done an environmental impact assessment as part of the mining licence application (which part has to be pre-approved) and they seem to be in discussion with 'local organisations' about making use of the water rather than returning it underground. Rukwa is a farming basin with very uneven access to water supply through the year. They may be onto something if they can sell or farm out a use for it (if it's suitable)

You will see from the GANTT chart that the phase of "Commission Production Facility and Award of Mining Licenses (MLs)" is pencilled from September 2024 to March 2025

Everyone knows what the average timescale is for mining licence decisions in Tanzania, it's all published (eventually). The assumption is roughly three months and this was known and published on the company's project timeline in the investor presentations months ago. Approximate milestones were always to submit the licence now and get a licence by beginning 2025 for development during that year, with initial revenue commencing before the year end. The only thing that has changed is the addition of the Colorado project, which accelerates the timeline for initial revenue to H1 2025

I think it tells you that the Nomad (who is also the broker and MM) wouldn't let them release the pre-recorded interview until the market was clear

Note that the organised shorting handles ceased posting just at the market low point timestamp this morning (around 8.13), and just before the CEO interview was released (coincidentally of course). Positions closed, dogs called off ;-)

"We have your number already and when you step over the line you will be reported too."

You might wish to compare my posting history with your own before drawing too many conclusions.

McNol isn't an admin, and had no effect on the posting. There is no way LSE admin will remove posters for simply being short or posting FUD, anymore than if posting rockets. Their whole advertising revenue relies on volume traffic of posting. The FUD posters stopped posting before the CEO interview went online because that's when the positions they were supporting were closed.

Really good interview there

Ramping shift is back on then, after logging out of the deramping account names?