Member Info for Blubay

More market myths, there are lots of reasons why single share trades appear on book, and at least as many daft conspiracy theories about them.

I agree the interim results show the change in assets, but that wasn't the document the discussion was referring to. You are making a big assumption though that all of the change in assets is accounted for by the rig. It's possible, but at a maximum that looks like $1.8m (or £1.4m)

Just a hunch, but that change to company structure in November would allow them to drill in Tanzania on the basis of a company based on Tanzania (a government requirement I think?) and possibly to ring fence the rig asset in a holding company out of reach of any potential administration risk to HE1 at that time. HE1 is the sole share founder of EAH. Cope, LB and Smith are the directors. My guess is that EAH will be the company operating and leasing out the rig, both to HE1 and to other clients.

No LOTM, you're wrong. The rig is not accounted in the financial statement up to June 2023 because it was not purchased until after the accounting period ended. See point 27

No it doesn't, the accounting year is end June. The title of the report is literally "ANNUAL REPORT AND CONSOLIDATED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023". How simple can it be? The rig purchase is itemised under point 27 'Post balance sheet events'.

Not exactly, Liberum is HE1’s designated Nomad and their joint broker and one of their market makers.

The story is here

https://www.proactiveinvestors.co.uk/companies/news/1042737/helium-one-drill-results-highly-encouraging-says-investment-bank-1042737.html

Nonsense Joe,

SECOND SCHEDULE

_________ (Made under section 113(1))

ROYALTY AND PROFIT SHARE

A licence holder on behalf of itself and the Contractor shall discharge obligation to pay royalty

out of gross production under the Act in respect of petroleum produced from the Contract

Area, by delivering to the Government 12.5% for onshore/shelf areas and 7.5% for offshore of

total crude oil/natural gas production prior to cost oil and or cost gas recovery at such royalty

otherwise to be delivered to the Government in such manner as the Government may direct.

Of course they do, Liberum is the company's NOMAD, their joint broker, and one of their Market Makers!

I think you'll find they do have that option actively in mind, and that is probably what EAH was established to do (apart from ringfencing the rig from risk of administration last year). What does it cost in time and money to find an available rig and get it shipped out to East Africa from Australia, and what premium would you pay for one that is sitting on your doorstep, fully serviced, with crew?

Next news, 'we just raised £1m towards our development costs by leasing out our rig, more customers waiting...'

"Frankly shocking however is the bit about the company being pleased to announce that they don't have a clue what to do with their expensive, newly acquired rig for the next 4 months, other than burn available funds to keep a rig crew on standby!"

I think the clue is in LB's most recent interview, where she mentions as an aside interested parties coming to look at the rig. I'm guessing that it's readied for a short term drilling contract with our near neighbours

"But their play doesn't work unless the sp does go back up again so whatever they've saying now to bring sentiment and belief down, soon they too will be willing it back up."

That's not how shorting works. Shorts make profit by borrowing or forward selling shares at a high price and replacing them at a low price (or just leveraging a short spread bet). The money is made on the way down, as near to zero as possible. Pump and dump is a different strategy, often involving different people.

What proportion of HE1's own appraisal well plan for Itumbula, or just company cash flow, could be financed by hiring out the rig during the planning phase, rather than diluting? Having an income stream from EAH would change the look of the books

As Lorna says in the interview, "interested parties are getting in touch to view the rig"... who could she be referring to...?

We know where there's a handy rig hot stacked and ready to go just down the road...

Under DM and the previous board, HE1 was indeed operating in Tanzania as a 'mining' company. One of the key changes from the new board and LB's appointment last year was to try and reposition HE1 as an O&G company going forward.

Made more amusing by his first post on this board claiming to know nothing whatsoever about share trading

Puppy - "these flow rates are not what the market wanted or expected."

What was the market expecting? The RNS confirms outstanding commercial potential from this field, it's as good as any comparable helium exploration drill in the world that I can find, it's way above the best fields in North America, and it's pure gas, no carbon contamination. If they can develop this play across maybe half a dozen wells the prospects are huge. What did 'you' expect?

What was the negative in the RNS Cameron? It appeared to confirm all of the doubts of the initial news release. It confirmed the gas was free flowing and not in solution, or pumped. It confirmed an amazing 4.7% helium concentration, plus the hydrogen, way higher than other drills around the world. It confirmed an already commercial flow rate, which should be improved upon with further work. It confirmed the immediate plans mentioned before about further testing at Itumbula and further drilling at Tai, this year. It confirmed discussions are being held about production engineering, and that this marks the turning point from exploration towards commercial production. Where is the negative in this? I sense that most of the negatives mentioned on this board this morning are in people's imaginations, immediate revenue, JV agreements, dividends. None of this was ever expected at this stage.