Member Info for Blubay

Seriously MC, you can’t expect to post factually untrue statements that contradict the information provided to the market by the company and expect people not to pick up on it. It’s false and misleading information.

Yes, the discovery has considerable ‘potential’ to yield a commercial production project. Yes, the quantity of gas is there. Yes, they successfully moved from prospective resources to some contingent resources. Yes, it’s progressed beyond an exploration project to an appraisal stage project.

No, the most recent independent audit did not move it into ‘development’. The CPR explicitly drew the line short of that with the designation of ‘contingent’ resources rather than ‘proven’ reserves. The contingency is how to recover the helium in a commercial way. ‘Proven reserves’ is not a ‘final stamp’. They have to prove it. The company has categorically not ‘publicly stated that the technical requirements for a commercial development are now satisfied’. It has stated that further programmes of work are required to better understand the discovery before they can move to development stage. Appraisal stage is not development stage. There’s work to do, which is fine. One step at a time.

Come on, there’s no way you went to the bother of formatting your typing into ChatGPT style, just like all the AI trading bot notifications you post. Nothing wrong with using AI but at least say so or adapt it.

If you’re going to cut and paste AI summaries at least take the time to say so.

MC - to put it bluntly you’re accusing the board of misleading the market. The board have clearly stated that the project is at the evaluative/appraisal stage and not yet at a development stage. They’ve done well to show higher volumes of fluid can be pumped and managed, and it’s great that the helium concentration held up, and that the well repressurised. But the forward plan is explicit, to drill elsewhere and to acquire additional forms or data (perhaps 3D seismic?) to increase the chances of isolating their basement targets which should improve the GWR and possibly helium concentration (if the intervening reservoirs don’t prove so porous as to suck in water from the aquifer to the pumped well system). They’ve made good progress but they need help to try and prove the reserves. That’s fine but don’t jump the gun.

This is simply untrue MC. You cannot make those claims unless you have some kind of evidence that isn’t in the public domain. Where on earth are you getting this from?

Expo - BNL’s last ASX news update on Galactica was 25 March, which HE1 reposted on 26 March.

If you add it to Thursday’s closing block transfer it rounds off close to 100m shares at a similar mid price, or c. 1% of float. A transfer of ownership isn’t always a buy or a sell.

Holding up well this morning after that massive block transfer into the holiday weekend close.

The nature of the raised basement fractures means they aren’t necessarily deep well targets. There’s a map of provisional well targets in the CPR.

“Forward Plan

The Company will now continue to evaluate the results of this test. In particular, it will seek to increase its understanding of the sources and interaction of the helium enriched fluids that have been identified. This will require further drilling and testing, which will likely focus on primary fractured Basement targets at other locations across the 480 km2 Mining Licence area. A number of these targets have already been identified by the Company, and many of these are at shallower depths where the Basement is juxtaposed against faults.”

Not sure they’re bringing it to surface at that kind of temperature but if they can isolate the basement fluids and maintain that while pumping then there’s a potential bonus for combined geothermal energy production (which is what Sinopec are doing to commercialise helium from water in the Weihe Basin).

You have an IOU worth one slice of cake. The price of cake goes up. The baker cuts the cake into smaller slices at the same price.

What are you talking about Broom? Of course the CO2 is part of the partnership. HE1 has a 50% beneficial ownership in the whole of the Galactica-Pegasus project. The CO2 revenue is specifically mentioned in the acquisition notice.

Think spot trailer sales in the US have been hitting $500 since the attacks on Iran/Qatar etc so that's above expectation. The CO2 will be the bigger gain as that's looking way above plan for quality and quantity in a well established domestic market, could be double expectation at time of acquisition. Can't complain if sales beat expectations, that's a clear win.

You're not going to see recorded sales income until Q2 results so there's not much point creating false expectations by asking for it. You might get some operational information on number or frequency of trailer to site, or data on plant output volumes as they increase maybe. Sales won't settle into a pattern until the CO2 comes on stream, hopefully end of this quarter. Reliable sales figures I don't think you'll see til until Q3 results or H1/AGM in December.

26 March RNS - "The Operator has agreed sales for the initial tube trailer at spot pricing, with a second trailer expected on-site shortly.... Spot Sales: near-term deliveries are scheduled and set to be spot-priced on a tube trailer load basis"

With 833,333,334 new shares just issued at 0.6p, the market will need to absorb that before moving on. Hopefully they can manage not drop a dampener on the next good news and let the SP take advantage of the current helium market buzz.

That's not at all likely though is it?

HE1 should be at least funded for current planned operations in Colorado and be better off for ticking over Rukwa licence, rig, staff and working capital. They’ll want the end of June annual accounts to show sufficient balance sheet for 12 months so presumably they have that in mind. I would be good to see a clearer costed plan for the Colorado development, the infill wells to increase capacity at the Pinon plant or extending up into Pegasus (where they’ll then need a second processing plant at some stage). There hasn’t been any breakdown explanation of how previous raise was allocated. They have permits for 15 wells so hopefully we’ll see an operational plan fairly soon.

Yes, and the grade of CO2 from the Galactica wells turned out to be higher than expected so there may be a premium for beverage grade, but depends on the local market demand I guess.

Are we still waiting for the share float to be adjusted after admission of the new 0.6p shares, due yesterday? Should be showing 10,155,492,215 shares.