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Punter - why do you call Colorado is a 'side show'? I find it odd, given that helium flow rates from the production wells drilled there match or exceed the best estimate of optimised flow rate from the Rukwa test well, at much lower cost to drill and lower cost to process from free gas. As things stand, the profit margin per well is (currently) greater in Colorado than it is predicted to be in Rukwa (based on ITW1). The CO2 per well in Colorado also (currently) looks more profitable than the estimated hydrogen from Rukwa. The obvious bonus for Rukwa will be a much larger long term gas reserve, subject to CPR, supplying a larger number of wells, subject to knowing more about the equity splits and debt ratios for drilling them. I'm confident it'll be very profitable but Colorado is already shaping up for $5-10m per year profit making enterprise for HE1 from 15 wells, within a year or so. I wouldn't call it a side show at all.

It's not lack of fuel, it's due to protracted upgrading work on the two refuelling stations.

Not forgetting that HE1 have zero debt, while PLSR have agreed to mortgage 100% of their ownership in the Minnesota project to facilitate loans at 12% interest, plus 2% fee, which will be called in 12 months. They'll need to get a move on.

Best to reserve judgement until Pulsar have some actual helium test results, which they don't yet. Yes, there is some potential in Pulsar's prospect, but HE1's Galactica prospective resource is 50% larger, it's already proven, already has four wells drilled to production readiness, and is fully funded to bring on stream to market. Chalk and cheese at the moment in terms of risk.

Hydrogen cell vehicles are EVs, just that they’re powered by a more expensive and resource intensive energy source to make the electricity.

The margins of uncertainty are still very wide though. As far as I can see, the average well in Rukwa might produce as much helium as the average well in Colorado, per year, and should have a longer commercial life, but will cost more to develop. If HE1 could retain half the project equity in Rukwa then the return per well might also be similar in the end (and across lots of wells). If they can keep more equity then great. If they can realise the 15 producing wells in Colorado and 30 wells in Rukwa then they’ll have a real basis as a producer and opportunities to grow a portfolio of development projects globally.

Sure, of course it isn't, it's neither what the rampers claim nor what the derampers claim. That's just the way of the market and these discussion boards. It still looks like a very promising commercial venture that will turn a very decent profit for a very long time into the future.

Plenty of activity but little public news. They can't really publish anything about contract conditions while negotiations are ongoing with the government and subject to legal process, but we know quite a lot and there won't necessarily be any big surprises. We know the licence area is huge, we know the scale of the development plan, number of development wells, the flow rates for the test well, ballpark project budget, cost of the processing plant. We know the company's preferred funding route, and the minimum equity splits required. We know they'll need to do some further appraisal work, and we know they were at least considering a pilot size plant for an early start up to gas production. Everything else is really about sliding scales on those variables, how much debt, how much equity, how much time, and which banks and off takers sign up for it.

For someone who has been trading shares for over 20 years your financial advice to "Keep buying shares, & don't look at ya PC's to often" might require a disclaimer.

A Production facility study was commissioned a year ago, six months before the ML application.

“The Company has also commenced above-ground engineering studies and, following a detailed review of several companies, has now selected one to produce a preliminary design for a production system that will be suited to the flow rates and gas composition within the Rukwa Basin.

This study has commenced with several processing facility options already being reviewed. These will include a smaller, lower rate pilot plant that would allow for early production as well as larger, modular systems that can be scaled-up. The design work will include helium liquefaction, storage and transportation with the aim of providing a well head to off-taker processing system. This would enable the Company to streamline all downstream and mid-stream activities.”

The cost and design of plant was presented and discussed at the AGM in December (and the design is on the slides).

Earlier this year, they tendered EOIs for “Provision for Helium production facility”

The engineering for helium extraction was already specified in the technical commissioning work done for the processing plant, during the feasibility study. The same work has already modelled the commerciality as demonstrating positive economics for the company at 30 wells. Unless you know something the company doesn’t?

AIM is pretty quiet in general with the lack of risk market money at the moment, and lack of retail free cash. Only 123 trades and the spread narrowed right down from 10% this morning to nearly 2% now, and no price movement. No one's trading so some might argue 'Lassonde Curve', but who knows?

No, the plan is for this year and it is on track.

Easter is not a public holiday in the US, so normal working there. Exchanges closed Friday/Monday in Australia and London, so it’s a maybe

I think definitely an ASX/RNS for 27 spud, after setting shallow conductor, if not test results first

That makes no sense

Purely for speculation, and some research, here's an early stage scenario comparison of preliminary assumptions for Galactica (based on State 16) and Rukwa (based on ITW1). Hypothetically, both test wells have rather similar assumed flows of helium for optimised production, both projects have a chance of producing roughly similar commercial returns per well if developed, give or take some very wide error margins and working assumptions, could be more or less, with 15 wells currently planned for Galactica, 30 wells planned for Rukwa. 50% profit share at Galactica, unknown profit share at Rukwa, 10x difference in capex, etc

+-----------------------------+-----------------------------------------------+-----------------------------------------------+

| Category | Galactica (State-16 type) | Rukwa (ITW1 type) |

+-----------------------------+-----------------------------------------------+-----------------------------------------------+

| Helium yield per well | ~6,000 scf/day (2.17% of 300k scf/d) | ~6,000 scf/day (5.5%, solution gas) |

| Processing challenges | CO₂ removal | Degassing, water disposal |

| Overall complexity | Lower | Higher |

| Processing requirement | CO₂ scrubbing + helium purification | Degassing (artificial lift), drying, purification |

| Energy / Infrastructure | Lower (dry gas system) | Higher (requires pumps/separators) |

| Low revenue case per well | ~$1.2M – $280K opex = $920K | ~$1.1M – $340K opex = $760K |

| High revenue case per well | ~$1.8M – $280K opex = $1.52M | ~$1.7M – $340K opex = $1.36M |

+-----------------------------+-----------------------------------------------+-----------------------------------------------+

In the absence of more info, we might be hopeful that each well could clear at least $1m per year. Any thoughts, alternative assumptions or scenarios?

Sorry that was a tab table that got mangled in posting, will try again..

Purely for speculation, and some research, here's an early stage scenario comparison of preliminary assumptions for Galactica (based on State 16) and Rukwa (based on ITW1). Hypothetically, both test wells have rather similar assumed flows of helium for optimised production, both projects have a chance of producing roughly similar commercial returns per well if developed, give or take some very wide error margins and working assumptions, could be more or less, with 15 wells currently planned for Galactica, 30 wells planned for Rukwa. 50% profit share at Galactica, unknown profit share at Rukwa, 10x difference in capex, etc

Galactica wells (State-16 type) Rukwa wells (ITW1 type)

Helium yield per well ~6,000 scf/day (2.17% of 300k scf/d) ~6,000 scf/day (5.5%, solution gas)

Processing challenges CO₂ removal Degassing, water disposal

Overall complexity Lower Higher

Processing Requirement CO₂ scrubbing + helium purification Degassing (artificial lift), drying, purification

Energy/Infrastructure Lower (dry gas system) Higher (requires pumps/separators)

Low Revenue Case (per well) ~$1.2M – $280K opex = $920K ~$1.1M – $340K opex = $760K

High Revenue Case ~$1.8M – $280K opex = $1.52M ~$1.7M – $340K opex = $1.36M

In the absence of more info, we might be hopeful that each well could clear at least $1m per year. Any thoughts, alternative assumptions or scenarios?

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