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But it's not like they're not simply drilling a free gas field in shallow permeable reservoir layers (like Colorado), although there is some gas in the intermediate layers. The unique claim seems to be about tapping into the hydrological helium transport system in the basement, so they would need to target specific fracture locations I think (?), which proved tricky at Tai but worked at ITW1. Maybe a mix of the two plays. Really hard to know until they publish some detail about the proposed development plan.

Not sure what you mean exactly. Itumbula is the site of the discovery well (ITW1) along with Tai. The licensing area is huge though, 480km2 across the Southern Rukwa field. We don’t know how many wells there will be in full development but the company has indicated a programme of 25-30 wells would be economic, and that seems to be the assumption for the $100m ballpark project budget, over 10+ years.

As HE1 makes the transition from wildcat explorer to gas producer I’d be wary of expecting the SP to behave like a wildcat explorer. A good rerate should be on the cards, not sure about anything as wild as half a billion mcap just yet

It’s £50k

You're wrong Dazes. It is commercially viable, as stated to the market several times by the company. But it turned out to be a larger, more complex and longer term development than HE1 could have taken on as a first project and survived intact. Colorado was, as you say, a risk diversification for short term revenue (a very good one, which they had been looking for a year previous). It plugs the essential gap in cash flow and evidences the proof of concept for a corporate strategy of moving from explorer to producer through acquisition (that's how they'll really make money in the future). That does not in any way mean that Rukwa is 'not commercial'. That would be a wildly unbelievable # claim given all the stakeholder engagement and government involvement in partnering the project, the award of the mining licence, setting up the SPV company, contingent on minimum annual spends and payment of fees. If it was not commercial they would have done what they did with the other non-commercial licence areas and handed them back.

There is no delay, it's all progressing well through final stages as expected

Well each to their own. I have an investment here but I wouldn't risk more than 10% of my portfolio on AIM shares, let alone one share

"Why can’t Admin block the IP address of the mobile or laptop or whatever device they are using"

Because everyone's IP is hidden behind randomized addresses and relays these days

Really? Why would you do that?

"For some reason Admin doesn't want you to have an update on the investment conference yesterday as they keep deleting my recollection of events?"

Closed door event, maybe posts were reported by someone (not me) who felt they breached one of the LSE rules? e.g.

- post any confidential or price sensitive information or that is not public knowledge.

- post any private communication, or part thereof, from any other person, including from a member of the board of directors of a listed company. Such posts cannot be verified as true and could be deemed to be misleading.

"confirmation that we are working with Gazprom"

I don't think it confirms that at all. The first example in the sentence is about Gazprom, the second example is about Tanzania (i.e. the government, in partnership with HE1).

Absolutely, there are completely different market calculations for early stage prospective exploration companies versus established commercial production companies. HE1 is positioned on the verge of moving from one to the other during this year and would be difficult for anyone to price objectively (although the brokers raised their pitch to 3.6p). If we believe the Colorado project will be fully developed to 16 wells and self-financed then that alone justifies most of the current mcap (e.g. if it produces net profit of say $10m for a decade or more), plus the value of the licence areas in Tanzania, the options on more Colorado licences, the rig asset etc. I don't think the current mcap is far out of line at all for current status and expectation. The big unknown remains the terms of project finance and equity split to develop Rukwa, and the timescales to production, and the extent to which the market fears debt or dilution. I think you would see a big change in investor base if the transition is successful, you'd start to lose the wilder end of AIM trading and pick up more boring investors. I won't dare to mention the Lassonde curve, but...

Yeah, I think something like an average of 2% at 300mcf/d per well plus the better than expected CO2 purity would be good news financially, but we could be looking at 350+ mcf/d if the maturing well pressures also play out at the other locations.

Gogs - "2 drilled Discovery Wells at Jackson 2 reading 3.1% Helium, and Jackson 4 reading 4-6% Helium"

Yes, very promising. It would be fantastic if they got closer to 3% from State 9. Back of an envelope, but I think they could probably do with an average of say 2% helium at 300mcf/d per well across the phase one project development to keep pace with their production revenue targets. Helium has been a bit light overall but the flow rates seem better than expected and the CO2 looks more lucrative to the South East, so it might all balance out quite well.

How many times have you topped up now, must be quite a few?

One step at a time, drill the wells, pipe them back to the processing site, install the processing plant, switch on the taps. All going to plan.

Tanzania appears to be going very well and following the normal process. Licence in the final stage of process, new operating company being established, CEO and government reps sharing an investor platform

In London yesterday. All looks very promising.

Admittedly, shallow vertical wells for free gas but hats off to BNL’s planning and their local rig contractors. A faultless drilling campaign so far. Six commercial production wells completed and the final one this week. More importantly, looks like they’re on schedule and budget. Top marks 👏

The Tanzanian mining portal was updated to show that the mining licence was ‘approved’ (we already knew the company had accepted the offer). It also named a new company as the licence holder, so that probably means the new SPV company has been established. Meanwhile, the CEO is speaking at a panel today in London about investing in Tanzanian mining, along with other industry and government representatives.

The board actually might not be aware that the portal update has placed the information in the public domain, but I'm sure they'll find out by the time the drinks reception is over in London