Member Info for Blubay

I agree, but referring to ‘their mates’ is usually wrong though. The shark capital funds that underwrite AIM companies are not usually ‘their mates’, far from it. They’re a necessary evil, you can’t list on AIM without them, you can only raise capital on their terms, you can’t RNS without them knowing, and they and ‘their mates’ know this.

Forrest, the so-called ‘insiders’ who make a killing on AIM are not employees in the small companies with limited resources. They are usually the NOMADs, brokers and banks who claim to support these companies when they publicly list. They have the companies over a barrel and companies like HE1 won’t be issuing an RNS without asking their NOMAD.

The market does not need to know which part number it is. The market needs to know the nature of the problem, whether a solution has been identified (yes), and what the consequences are (max two weeks delay). Ideally you’d want to know the estimated cost, or confirm that it is within the existing budget contingency (but that could come later). They did exactly what they were required to do by updating the market as soon as possible within trading hours.

Not ideal circumstances but today’s liquidity may help to stabilise the market a bit.

Thanks for the breakdown scenarios Gogs, very helpful. Listening to LB’s interview saying that,although they have yet to source the part, they’re confident of running again in less than two weeks does suggest that it’s a fairly standard part and/or a fairly easy fit.

Absolute nonsense Rob, how on earth would they be at the 8.5” section, after casing the 17.5” section, if there was a delay previously? They were on schedule with no problems in the well. The broken part isn’t even in the well. What we need is clear facts and not conspiracy theories. There is a problem, they have a solution, that’s pretty normal for drilling. The market will have reservations about uncertainty and about waiting, let’s not add any fiction to that.

The rig was fully assessed, and tested under pressure exceeding the requirements of this drill, before they even considered buying it. Just one of the risks of drilling unfortunately. The company did full diligence on the rig.

Chess, then you clearly didn’t read the rigorous testing protocol that was applied to this rig way before there was any talk of buying it.

Forrest, it only happened last night, outside trading hours so there wouldn’t be prior knowledge (assuming it wasn’t nobbled). Company has followed precise protocol by informing the market as soon as possible during trading hours with a solution. Unfortunately, that’s all you can ask for.

The problem is delay and cash burn, retaining all those staff and services for another two weeks and adding possible risk to second drill timetable, hopefully without another raise.

RNS “expected to be reached approximately two weeks from spud”

Approximately… I’m not really expecting an RNS on Monday, even if they are bang on 14 days I’d expect it be at least a day or two after to confirm clearance of the well and agree correct wording.

Hopefully there’ll be a picture of LB and the Geolog crew smiling at the mobile spectrometer

Unfortunately AIM exists mostly for one purpose, to take money from risky investors ;-)

“They are very lucky it is capable of being repaired on site.”

Let’s hope they’re right. They’ve been over confident in their comms to this point, talking about 100% success rates, using optimistic bcf figures, etc. Will NHE fix the problem by Monday? I’m more reassured by HE1’s business like approach of just getting the job done, as planned. Let’s hope NHE rescue their situation, but I shan’t complain if capital now starts to flow out of their uncertainty and into HE1’s imminent drill completion before the weekend.

Ouch!

They could, but working that many sells at the upper end of the spread when there’s been a lack of buyers seems unlikely.

Good question. Late trades can be reported up to an hour after the trade has been executed if the trade is at least six times the Normal Market Size. Also if the bargain was amended for some reason, like a change of settlement date, it would show as a late trade. Not sure about your charts, maybe the 16:47 trade doesn’t show for you if stamped after 16:30 trading hours? Odd if the 16:27 doesn’t show up. What platform are you charting on?

To be fair, I’m on my mobile on a beach so I haven’t checked the details 😊 but time stamps of the delayed reported trades look like two early morning (08:11 and 08:15) and two end of the day (16:27 and 16:47). They’re all above 5p. Maybe someone else has easier access to the data.

Because the MMs are not taking 3 million shares at the end of the day without dropping the price

What is controversial about that? Do you know how brokers and MMs manage orders through the day on AIM?

Shares may have been collected during the trading day to fill an order at a price, or at best price.