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"Even if it is in Tanzania!"

Not sure what that means, all the gas majors are in Tanzania, it has huge gas reserves, they've even building a new dedicated gas shipping terminal.

This is why risk capital won't invest in London any more, between the pension funds playing safety, the day traders out to wreck every optimistic prospect for small companies, and NOMADs/brokers fleecing them at each turn, it's a pity

That's not likely, the raise was to cover them for the costs of planning and preparing the development phase (as they said at the time). They will of course need further investment to implement the development phase, we knew that was always the case.

Are you still invested LW or shorting for 1p at the moment?

The main market players, producers, offtakers, distributors and state actors were all mapped out for HE1 in the 2020 Hannam research note, pages of it with details and MO of each company. They will have done extensive homework and they will have spoken to people.

https://assets.lsegissuerservices.com/original-1fdbac35-5202-4a6b-a146-d02ab8d29538.pdf

We do know they have had exploratory discussions with potential JV partners in the past, so it's possible those channels are ongoing but no way of knowing

In exchange, it would be good to stop the deramping too. A nice balanced assessment of the potential and options would be good. First, the EWT is not that expensive in value terms and there are various ways of funding it, and the re-drilling at Tai. They might do a raise, they leverage a loan against the asset, or convertible credit notes, there are other options. No doubt they're considering all of them. At this point they will not want to be selling equity too cheaply as they have done in the past because they have a stronger hand to play. The parties interested in financing may also be different now. Let's not pre-judge.

That will not be the next RNS, how many times?

"So in your option the Noble figures are overstated?"

Wouldn't be the first time! Overstatement is their middle name.

The most recent assumptions from last summer were these (but those assumptions might have changed with the benefit of the hydrothermal power potential and the complication of the hydrogen processing)

CAPEX

• Helium plant US$ 38 MM

• Production wells and gathering US$ 48 MM (6 wells)

OPEX

• US$ 1 MM / year

But that has no relevance to HE1 because they would not be building a gas refinery with helium offtake, they would be building a pure helium plant with hydrogen. Apples and oranges.

People were incredibly stupid if they were expecting more. This is fantastic news.

Assuming we're talking about gas liberated from solution in deep hydrothermal solution (rather than tapped from a trapped porous reservoir) then I wouldn't start overhyping the likelihood of raising the flow rate dramatically.

It requires a lot of modelling and planning, and it requires finance. All that needs to be worked through.

No it isn't Dom, let the positive news sink in first, there's no need to start ramping up false expectations on next news

Even at preliminary flow rates, and pre-development, these are highly commercial levels. Compare it with any helium exploration well globally in terms of free flow rate x helium concentration, and with zero carbon contamination. It's massive. If it can be replicated in adjacent field wells then it's potentially off the scale in terms of discovery.

It's great news, it confirms what was suspected that they do have high helium concentrations in free flowing gas at commercial levels, and at cheaper cost to process than if it was in brine fluid solution (like Noble). As they outlined in the last RNS and interviews, the next stage will be extended testing and development work, while also exploring financing options and potential partners.

Spot on

"I was RIGHT, it's not open to debate"

You were wrong, and deliberately so. You posted over and over again that there was no free flowing gas, based on your claims to technical expertise, despite the previous announcements pointing to free flowing gas, which is now confirmed. You were completely wrong.

I do of course agree about the rampers, as well as the re-rampers, no time for them at all.

Joe, at least have the decency to admit you were completely wrong in your technical assessment that there was no free flowing gas.