Member Info for Blubay

A reshuffle is always possible but if you review the current restructured board and management the mix of financial and technical skills are all in place for exploration and exploitation, using an established O&G model...

James Smith, Non-Executive Chairman, 30+ years of experience as a senior oil and gas executive. Has held senior positions at Chevron Corporation, PanOcean Energy and as VP Exploration at Orca Exploration.

Sarah Cope, Senior Independent, Non-Executive Director, 20+ years of experience in investment banking and as Nomad / Broker at Cantor Fitzgerald, RFC Ambrian, FinnCap Ltd and RBC Capital Markets.

Lorna Blaisse, Chief Executive Officer, Skilled explorationist with 17+ years oil and gas experience in Africa. Successfully led exploration drilling campaigns in East and Central Africa, with extensive geological knowledge of the East Africa Rift System.

Nigel Friend, Non-Executive Director, Former CEO and CFO of Orca Energy with 35+ years of experience in successfully growing companies through a clear focus on cash generation.

Russel Swarts, Non-Executive Director, 30+ years of experience as a chartered accountant and finance director. Experience of multiple CEO and CFO positions.

Graham Jacobs, Finance Director, An experienced financial and commercial executive with over 30 years of experience in the natural resources sector. He has extensive expertise in the oil and gas industry having held a number of senior positions in E&P companies.

Mike Williams, Director of Operations, A Technical Engineering and Operations Manager with 16+ years experience working on remote projects globally including Southern and Eastern Africa. Delivering cost effective drilling operations whilst focusing on performance and safety. Extensive knowledge of well engineering and drilling exploration and appraisal projects.

Chris Eyre, Chief Financial Officer, Financial Executive based in Tanzania with 15+ years experience in senior positions across East & Southern Africa. Previously Financial Director for Tata East Africa region & Financial Controller heading the South African office for Traxys

Gunter Kai Gruschwitz, Technical Director, A Geoscientist and proven oil finder with extensive experience in seismic interpretation and application of geophysical methods for locating natural resources below ground and to de-risk drill targets in complex structural and stratigraphic settings. Over 25 years of international experience and has worked across a variety of exploration, appraisal and new ventures roles with Shell, Petro-Canada, Statoil.

More likely it's just anticipatory build and more people taking up positions for the weekend. Some might be looking to cover positions before it tops 5p. Low volume though, and not much obvious trading action on the book so far. Maybe we'll see that a larger trade was filled late in the day, who knows.

Yes, but there's a difference between you smelling jam on the breeze in your back garden, and you mentioning it as significant to production targets over lunch to your hedge fund mate with enough resources to move the Greggs share price.

It does work like that. The best you can do is have a strategy and stick to it. People have different strategies, risk calculations and time scales, which is fine. Each to their own. It's good to be aware of different approaches.

AIM leaks that impact on price movements are much more likely to filter through a NOMAD/broker to financial trading interests than they are to come from the company itself. Directors and CEOs of small public companies are usually pretty nervous about insider dealing. They can't RNS without consulting their market advisors though, who play these games all day, so that's a more likely source.

You are the noise.

It’s pretty simple, you have an RNS and you have an interview with the CEO. The company has informed the market that it should be fixed within two weeks, with a strong hint that it might take less than that. LB has a good record of task delivery and I would assume they’re on track unless they announce otherwise. It’s irrelevant to the market which part it is. The only question I would have is whether the cost impact falls within the planned contingency for the project, and whether the second drill can be completed as planned. All the signs would suggest that it will be fixed and they will move on to drill Itumbula.

The HE1 board has already been configured to include strong financial expertise already, as well as the technical O&G expertise, it’s very well balanced imo

Seriously though, S2T started at least seven threads yesterday and another four in the first hour of trading today, all with the usual price ramping titles, none with any substantiation at all...

Yesterday...

0.2 GOING LATER then we match upto 1p+ by santa time

Only tiny amount available full ask premium need

Good luck getting a buy quote

0.2 going then breakout

Last hour should be fun just like everyday from here on in 1p+

Auction 0.2 wanted i did say 1p+ this year

Try buying LOL right now no chance

Today...

0.2 bursting early the market always knows 1st 1p+

Looking hot now volume through the roof

Premium buying ONLY

2.5m block buyer loading

Exactly, it’s not a ‘block buy’ and it’s not significant in terms of news or trading volume. More to the point, S2T is well known for posting serial ramping threads without any substance.

2.5m shares is less than £5k

Don’t be daft, mechanical snags are an everyday part of drilling, happens on most drills at one time or another. The most common breaks are mitigated by holding spares. There are worldwide distribution systems for engine type repairs on O&G rigs. This type of breakdown is way easier to fix than encountering a problem underground.

From the original rig audit RNS

“ At the end of the audit each individual system was tested under high pressure before the commencement of an eight-hour endurance test. All systems operated successfully together at pressure of 2,000 psi, simulating the effect of drilling at depth and pressures beyond that expected to be encountered at Rukwa.”

The targets are (vertically) deeper on the Tai C side of the fault than in the Tai A side (see slide 7 in the most recent investor presentation)

It just signals a readiness to relocate operations there. The company is working strictly to O&G protocols now, including health and safety, they’ll set up the pad as they did for Tai C

Yes, I was being tongue in cheek, Liberium had them over a barrel, Sarah will have understood how that works

HE1 board is well equipped with financial expertise. The NOMAD/broker will have had them over a barrel but Sarah also used to be one in a previous life, so it was probably a fair fight.

It’s a mining forum, which doesn’t really fit with the company’s shift to an O&G strategy, and I’m not sure these type of private conference and events companies ever achieve much other than renting out exhibition stands. Strategic investors don’t get their leads from these events. HE1 is well known to the Tanzanian government and Sarah and Liberium will have built their investor book by other means.

LW You’re not missing anything of note in the prima facie case, although you could note the company’s differing opinion that the correct CoS estimations were more like 20% than 14%. You would then need to make up your own mind whether you think the method of calculation is liberal or conservative for the case in point - I.e. whether you feel it’s prudent to multiply all of the factor risks together as independent variables or whether you feel any of the variables might be weighted, and/or interdependent. CoS as a single % is generally regarded as conservative. The other chance element is the anecdotal (documented but unproven) incidence of free gas bubbles in the lower level mud logs, which we all saw and which led HE1 to prematurely Tweet and then delete the D word (in the absence of independent verification). If you believe there is any prior evidence of free gas, which the CPR is unable to attest /use, then the CoS might be altered. Overall, the geology looks very good but I’m not going to claim it’s better than 50/50 for commercial exploitation. But there is a working helium system and there’s good evidence of a strong trap. Drilling is risky and it’s still an untapped resource in this region though. If it was easy it would have been done by now.

If they think they can get away with it, within the time then I wouldn’t bd surprised if next RNS was to report part fixed and TD reached as planned without further delay.