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You misunderstand. We already know it’s not a ‘duster’. The commercial calculation is about the logistics and cost of getting it out of the ground and to market. Unlike the Colorado project there is no helium infrastructure in Rukwa. It’s a remote location and that adds cost to construction, operation and transit. The scale of the discovery looks significant but if needs to be in order to make it pay.

Don’t think we’ll see any TR1s just yet, unless Spreadbet have upped their game

Sharebel - you know as well as anyone that’s not how forward selling works, and that there won’t be 560m shares for sale on 30 August

Lots of shares changing hands again today

Goodness, jimmyriddle is back, things must be getting interesting

Nonsense, roughly half of placements result in prices lower than placing price and half don’t. Not nailed on in any way. It might or it might not, all about context and market sentiment at the time.

Leaks like that rarely come from the BoD of early stage companies (which would be illegal), more often they’re indirectly linked to the company’s Nomads, brokers, banks, or to the third party funds buying the placement shares.

Sure, it’s presumably also a diversification hedge. But the market assumption is still that 50% of the Galactica project and licences (with its discoveries plus six development wells), is worth only 10% of the Rukwa project. That’s worth keeping in mind!

“ don't know about anybody else but I'm pretty ticked off ”

The BoD’s job is to promote a thriving company long term not to satisfy short term share traders. It’s still an early stage company with zero income and little capital. It makes good business sense to capitalise on a rising mcap to add value to the business where they can. Securing any kind of short term cash flow would be a priority, whether from Colorado or leasing out the rig locally.

I think everyone is aware that the development phase of the company will require substantial capital to bring helium gas to market. We’ve had ballpark figures for that from previous shareholder presentations, but will depend on the engineering and logistics required (for example , if they want to drill 6 production wells and tie them into a modular purification plant). It’ll cost a lot more than the Colorado project as there’s no existing helium infrastructure to tie into, probably tens of millions. However, there may be a range of financing options to consider at that point (anything from placing, secured debt, farm in, JV, government investment, sale of the asset, sale of the company, etc).

Sorry, rushing between different things. It’s $2m over five years, so the assumed annual is one fifth of that total.

More to the point, it’s based on operation of 6 rather than 15 wells, presumably after reinvestment costs in the project…

“The initial programme, which has been funded by the capital raise, will require the drilling of six development wells which are planned for Q4 2024. Once these are complete, it is forecast that the sale of He and CO2 from these initial wells, will generate sufficient cash to fund the drilling and tie-back the remaining nine wells “

$2m a year would be $5.5k per day (or 25% annual dividend on the sum invested)

“I have 50 mil @1.29p invested here”

Sure you do

“Is the current SP action basically suggesting that the Karoo, or that section alone, wouldn’t be commercial?”

No, it’s suggesting there was a placement at 1.09p

“i have over 200k held here and im in good profit”

Shares or pounds?

Just the usual spread betting play on AIM, they want to see the placing price before it goes up again. Sometimes it works, sometimes it doesn’t

Herbie - “Lorna has pretty much confirmed that”

Could you point me to the bit where Lorna confirms the well is not commercial?

We already know the mining licence application will be submitted by 17 September

“ monies raised for Tanzanian project should have been used for said project”

They were. What are you on about?

Have you looked at the board and management of HE1? They have loads of experience in gas production and commercialisation.