Member Info for Blubay

As LB said right at the end of the investor presentation Q&A, comms updates have to be guided with reference to the NOMAD (in this case Liberium Capital), who are also the brokers and were responsible for handling the placing process.

Sorry, you've lost me at the first bit, why do you say they haven't arrived? That's unsubstantiated. The balance of evidence in the public domain says they will have arrived and the crew geared up onto full intensity working.

Yes, but isn't that the point? Contrary to popular opinion on this board, they seem to have updated and communicated rather more detail than many companies do (probably because they needed to raise and it helped to whip up enthusiasm). They reported on civils, crew, shift patterns, and these long lead items, all of which were progressing on schedule for the planned spud. I'm unclear if they're being criticised for over-communicating or under-communicating.

PS. I don't rule out the risk of delay, drilling is always high risk from a project management perspective, and delay is always the most likely risk in a critical pathway, and time is money. There's always going to be a risk to completing two drills before the wet season, or even completing one drill. Either they will spud on time or there will be a delay, but I honestly don't expect to see an RNS one way or the other before next week. In the meantime, watching the chart is probably a better guide than speculating about what has or hasn't been reported.

Can you give me an example of an AIM prospecting company that has published RNS of precise advance spud date (beyond a two week planned window) as opposed to companies that have published RNS shortly after spud confirming the date on which drilling began and quantifying the planned schedule for completion date. I don't think I've ever seen the former and can only think of examples of the latter.

Chess, there have been at least two confirmations of everything being on track and on schedule for the planned spud date, and specifically referring to these items. It seems very unlikely that the crews would have been mobilised onto 24 hour rotating shifts six days ago if there was a likelihood of delay to spud.

Since then there was RNS and Twitter confirmation that the last of these items was on schedule and expected to arrive at site last week.

At that date (July) the next planned move included a need to

"... purchase the remaining long lead items to enable drilling operations to commence in September."

Recent photos from the pad show some of the listed items onsite, so we're probably talking about items that were purchased after mid July rather than those that might have been previously associated with the Drillmec rig.

If you read the RNS Operational Update from 10 July 2023...

"Long lead items such as drill bits, bottom hole assemblies, casing and drill pipe that the Company had already purchased for the Drillmec HH102 rig are compatible with the Epiroc Predator 220 rig, and this will keep additional cost spend to a minimum. Some of this equipment has already been mobilised to site in anticipation of the forthcoming operations."

Since Noble are importing the Drillmec HH102 rig, some people have assumed that the long lead items might be in the same shipment, which arrived recently, although there's no substantiation for that in the public domain.

Company's never run their own shares down, they want to maximise the capital they can raise for minimum dilution. When there is a co-ordinated attempt to lower the price it's more likely to come from the broker/bank or from a hedge fund.

"Or have the 2 companies planned to spud concurrently to effectively spread the risk?"

Why on earth would they do that? What risk would that spread? I imagine HE1 is a couple of weeks ahead and there isn't a cat in hell's chance they would slow down with their crew and rig in place and needing to get two drills done before the wet season.

"You only lose money if you sell."

true enough, missed out might be a better word than lost. To be honest, I didn't sell either as my stop loss was just below 6p, but the mood music was sufficiently helpful to delay buying more stock until the raise, so I was grateful for the 6p opportunity.

But he was right Cyber, there was a placing coming and the only people who lost money were those who held instead of selling.

Filtering is a false economy. One of the only useful things about AIM discussion boards is the evidence they provide about which shares are being actively pumped or dumped.

430 million shares initial stake

“"We have met with the management of Beacon and are familiar with their onshore assets in Germany, which we consider hold impressive scope and upside potential for both the near and mid-term.”

Https://giphy.com/clips/storyful-animals-bear-funny-P7MRKm5vpXyzN2KFuO

How many times? You will not get an RNS of expected spud date because you've already had it, when it was on schedule for spud in the 'second half of September'. You will get an RNS shortly after the spud when the drill is turning without any teething issues, or you will get an RNS at the end of September to explain why there has not been a spud. Either way, you will almost certainly get some kind of signal on the chart before you get an RNS.

From the presentation on the company website... https://imgur.com/a/g7yADl6

The schedule is clearly laid out in the investor presentation. Complete two quick drills before the wet season, moving the rig straight on from one the other (hopefully leading to a discovery at one or both sites, and derisking the whole Rukwa basin). Then further investigation and appraisal after December.

I wouldn't take it too seriously Christo, that's what these AIM discussion boards are for. They provide a good barometer of ramping and deramping sentiment, and the hottest shares of the moment usually have the most toxic discussions.

NoRNS, with all your experience why not actually read the RNS where the options are explained?