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It's not us mixing them up. It's BNL's project map that has those two wells labelled the wrong way around, and it has another two locations sharing the label Jackson 29 too

Why do you think it's "slightly worrying"? What were you expecting? I can't see any reason to be worried, it's likely to take weeks rather than days but probably not months.

Oops again, Jackson 2 and 4 labelled the wrong way round there :-)

Sorry, with the labels

https://imgur.com/a/tswrpPW

Map of well leases here

https://imgur.com/a/yj9Is6Y

Or interactive details here

https://www.drillingedge.com/colorado/operators/bnl-enterprise-inc/10763

It’s a bit confusing but the JXSN#4 discovery well is quite a long way from the Jackson 4 development well

Yep, they mortgaged Voyager to raise cash to make payments to IACX. The deal was that BNL would make monthly payments with no capital costs incurred. That agreement was executed but not sure what if anything was ever paid over.

Not sure but I think BNL paid IACX to commission that processing plant before they ran out of money, and I doubt IACX are bothered at all as long as they get paid. No idea, but BNL might even still have credit with them for that.

The proposed processing site is to the southwest of the field (marked with a yellow star on the project map), just south of Jackson 31, near the bend in the county road. The southern cluster of 7 wells would be tied back there via a gathering network of pipes.

Apologies, but I don't understand why you would repeatedly post about delays from almost immediately after the ML offer and keep that up when there is no suggestion of any delay from normal process.

It doesn't suggest anything of the kind Broomtree. There is so far no sign of 'delay' and you're inventing imaginary scenarios for the purpose of casting FUD.

10% dilution for a 50% stake in Galactica was a brilliant bit of acquisition business by HE1

"Helium One do of course have an item in for contingencies which hopefully will cover any overspend."

HE1 do but I'd be surprised if BNL do. If there's significant overspend I wouldn't be surprised if BNL hit a problem, they're running on fumes (but then that might be opportune for HE1 if they could grab a bigger slice of the project pie)

Presumably the average budget cap per well also includes some reasonable contingency given the chances of the odd snag/delay in any drilling programme, but I suspect resurfacing the service road was probably unexpected.

Just routine regulatory reporting requirement, not of any consequence. It refers to shares that have been previously block listed, which means they are still reserved for future issue under a share scheme, director options etc

Punter "can't find that anywhere, so if you posted it then you should know where you got it from surely?"

Try the ASX publications from the acquisition, it's very clear.

"Helium One’s obligation under the initial six (6) well drilling programme is capped at US$0.45 million per well. In the event that any well exceeds that obligation ceiling, the partners will share excess costs in proportion with their respective project working interests, ie 50/50."

There is no 'delay' in accepting the ML

Really not sure about that but I imagine mostly so. Can't imagine they had shelled out very much Galactica cash before end December with the delayed start to drilling. They may have some contingency built into the drilling costs and the more wells they can drill in one mobilisation the cheaper the average cost will be in the end. Any of the wells come in under the $450k ceiling then that's extra cash, any that go over budget may be eating into cash for subsequent wells. And someone is paying for the additional road surfacing job. I guess we'll find out if they're on budget when they announce if the sixth and final well is going ahead (no Form 2 drill permit for that yet).

See Slide 9 on the AGM presentation for processing concept

https://www.helium-one.com/wp-content/uploads/2024/12/241216_HE1_AGM-Presentation_FINAL.pdf

AGM presentation:

"...it actually makes the development scenario really quite straightforward um our processing facilities that we've already got the blueprints for without having to deal with any other gases other than the helium and nitrogen and the water, it makes it very straightforward forward and as a result it makes it very very cost effective as well and so that's why it's quite key to sort of point that out and and separates us from from some of the other other players"

The bigger challenge is what to do with the amount of water in a heavily regulated water control region, see Slide 10

"When producing helium in solution, water management is going to be key and the Company is looking to support NGO led irrigation projects in region"

Of course it can be extracted from water, it's simply slower, more energy intensive and more costly than extracting it from free gas, although also balance that against the nature of the carrier gas (no hydrocarbons and mostly nitrogen). It's challenging but perfectly possible at scale. They already have the specifications for the processing plant and the economic modelling on the scale of operation required (i.e. 30 wells and $100m), and they have a licence offer based on that feasibility. Obviously, Galactica-Pegasus is an easier bang for buck project for a small company but hopefully Rukwa is a larger prize in the end. The real success story for the company longer term will be their ability to develop a diverse global portfolio, one project at a time. Rukwa is just a step on that road.