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Hit the 0.8p target price on the nail too

That would be the same Ashley Kelty analyst who's coincidentally director of resources at HE1's Nomad and joint share broker then? ;-) I don't think it was an unreasonable assessment but probably best read with the appropriate cautions.

The share has traded in the same range since submission of the mining licence application in September last year, roughly between 0.8 and 1.1, with occasional spikes either way.

They've been very frugal this year in order to reduce working capital requirements, as announced in RNS, specifically by combining registered office functions, shedding a director, and relinquishing all of the less commercial prospect licences in Tanzania since the last financial year end. I think the basic working liabilities were about $2-3m per year. They had $10m in the bank at December, including an assurance of 12 months free cash, so it will depend if they're over or under budget for Colorado at end of June to determine if they still have that kind of working contingency remaining then.

This makes no sense at all Roger, it's just AI copy and paste. How on earth would an analyst "multiply the market price by the company’s trailing 12-month earnings" when they have no historical earnings? The broker note clearly explains how they arrived at their valuation and target and it's not using P/E.

I would take any share broker target with a pinch of salt to be honest, especially on AIM. It’s their job to manage demand or keep the share warm when needed. It doesn’t seem unreasonable within their analytical parameters and timescales though.

Sorry yeah, Jackson 31 is closest to the processing site. And gogs is right about the rig. The one photographed isn’t the same as before so there was probably a switch for one reason or another.

End of June was the target date for first production, so one month. I imagine it will be slightly later but they haven’t issued any schedule revision yet. What we’re missing is news confirming a start on the processing site or a confirmed order for the plant.

All the phase one wells are completed and the drill rig released. They now need to lay 4” pipe back from each well, clear the site at the south west corner of the field and install a modular processing plant. Jackson 29 is the nearest well to the plant site.

Six wells drilled and flowing gas without a hitch in less than six months. Fantastic achievement by the contractors Andretta. They now have all seven wells ready for tie in to phase one production.

BNL isn’t up, it’s been 0.006 / 0.008 spread since mid March, whether it ends the day on a sell or a buy is the difference between +33% or -25%

State 9 was spud at least ten days ago. We’re waiting for news of completion and testing.

Yes, very unlikely to be any snag in drilling. The only minor delays have been flooded roads or freezing cement (and those were announced immediately). So agree they should have reached TD middle of last week. Previous lab results have been a week later, so a mid week timeline seems possible, along with admission of the contractor’s shares. What else I guess we have to wait and see.

Plenty of airstrips in Rukwa region, there’s one practically next door to HE1. No-one’s going to be flying helium tanks from them but hopefully the government completes the rural road upgrade link to the highway.

Surprised we haven’t seen some weekend news confirming completion of the final planned well in this phase. For the previous five wells we had either news of TD or a prompt announcement of any minor delay. A faultless operation. Intriguing, maybe Trent’s taking a holiday 🤔

Im not sure we’ll get to see a CPR until they’ve done some appraisal work, but we do know it’s in process

Yes, that’s what I mean Stan. A fixed number of shares are given to the contractor at no fixed price, to be valued at whatever the market values them at in the future (next Wednesday). And as Gogs says, it’s another little hint that the wheels are moving.

There is no price because it’s not an equity capital raise. No one has bought any shares. They’ve just given some shares to a contractor as part payment for services, which is common practice in exploration. For example, a rig operator will often accept shares in part payment because there’s a high chance of them increasing in value when they spud the well.

I’m delighted to see they’re paying contractors, must be some work afoot. Could be CSR or appraisal related perhaps? 🤔

Don’t be ridiculous Happy. Part payment in shares is completely normal for well contractors etc. They take the shares on the chance of the value rising as a consequence of the work moving the business on.

Tuesday. Sentinel doesn't give you Google type resolution so it can be pretty blurred, and you'd be hard pushed to catch anyone laying a 4" pipe (!) but most civils work is pretty visible and you might get a vague sense of some larger objects like containers/trucks. No change on the State 9 pad so looks like the rig was still there as expected. Nothing I could see changing around the processing plant area yet, which would be a large plot but the civils is actually fairly minimal for those modular plant installs.

This should be centred around that area - https://tinyurl.com/Jackson29