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Morning all,
I have it on good authority that the judge dismissed the court case due to the fact that the case should never have been brought before Kenyan court juristiction. I received an email back from the Milimani courts this morning. The results should be published at the latest next week.
As far as I can see, the Hotspur Rig is ready for action. I just hope helium one are making arrangements to contract it as we speak.
Following up on the Hotspur geothermal rig I have found out that the legal dispute is ongoing. I've been scouring to look to see if there are any ongoing legal disputes in the UK and in Kenya with no luck. I did however come up trumps with an ongoing case between cluff geothermal and a drilling company to which a verdict is due on the 20th Jan 2023.
Could this be the decider as to whether the rig becomes available for us? I hope so. I dont fully understand legal jargon so maybe someone could shed some light?
http://kenyalaw.org/kl/index.php?id=1592
If you download the list ( word document) its about halfway down
Dai if you look at the site it mentions east africa and not limited to just Kenya. Also it reads like an advert mentioning competitive day rates so I think they are offering it to third parties. Very exciting prospect that it could be available to us provided they havnt taken any other work. We know it capable, we know its ready for service, we know its close by and by the sounds of it is available soon.
Does sound quite optimistic that this could now be an option
I dont think we will be waiting too long for news, seems like we are on a similar timeline to 2021 now, Spud was June but the planning and newsflow all started early in the year.
Ive added more shares. I think this will be huge this year and lots of money to be made
Just checked in and saw the news having been in the USA over the holidays.
Very disappointing. I do feel this is a good opportunity to add at what equates to the placing price and now they are fully funded.
Im optimistic about finding a rig, a quick google search found this, I assume its the rig they were auditing last year?
https://www.hotspurgeothermal.com/drilling/
All evidence points towards cancelling it
HE1 have been told end of December release ( realistically even with the sidetrack at Mukuyu-1 costing 18 days they would never have gotten Baobab drilled in that time)
CEO was hesitant to confirm in their AGM citing wet season and christmas being barriers to doing it.
They have made a discovery of hydrocarbon at Mukuyu - 1, in the AGM Scott said further basin modelling is needed and they have proven a working hydrocarbon system. All pointing to reserving finances to plan further drilling next year after assesment of current results possibly even flow testing if they can claim full disovery at mukuyu-1
Next week is the week where everything happens IMO. Just before the christmas break happens. This price is lucicrous and I can believe people have been selling oot.
Finances will be raised, the rig will be contracted after invictus energy results and possibly even released.
Did you all not see the presentation?
15p before christmas IMO DYOR
Having just attended the AGM a question was raised about the second drill at Baobab.
Scott the CEO said that is the plan for now but the sidetrack would push the rig move into the holiday period and into Zimbabwe's rainy season. It sounded very much non commital and subject to change.
He also mentioned that thry are keen to explore the Makuyu prospect in more depth ( current drill location). I would expect this to include analysis of the downhole data and possible further geological study and interpretation which would take some time before drilling again.
Obviously trust a message board post over our ceo i think thats flawed logic.
Invictus second drill, from my underaeanding was always a backup hole for if the Mukuyu drill site did not yield good results. Its an alternative trapping style but higher risk of finding any hydrocarbons at that depth ( basin margin)
Invictus are on the brink of a formal discovery in the first hole, things have gone a bit pearshape abd theh need another 12-18 days to fix that.
David Minchin must have been informed that tbe drill would be released to us this side of christmas, he wouldnt make it up.
As it standa theres been a small delay of a couple of weeks will have the effwct of knocking our timeline back a couple of weeks.
I fail to see the major issie here for helium one. I just think you are, for whatever reason.. pushing the point for your own agenda. Hopefully botb companies will have success
Its a sidetrack of round 1000m so they can attempt to sample the hydrocarbons to declare the formal discovery . Downhole conditions were failing and the wireline was getting stuck, sound familiar?
The consensus on the discord group was the second higher risk drill might be cancelled if they get the discovery on the first well. That hasnt happened now due to the sidetrack operation but theres every chance it will in 12-18 days.
At that point the rig should be released before christmas to Rukwa.
Im sure the investor presentation will cover it friday
Invictus's sidetrack will significantly erode the budget for their planned second well
I've been following Invictus for a while now.
Theres a lot of talk about them cancelling the second of their planned wells due to the shallower targets of their current well not showing any positive signs for hydrocarbons. With the second well only being approx 1000m and having an overall COS much less than the current well, it seems unlikely they will drill it now.
Obviously with a sidetrack and logging operwtion delaying the first well by 12-18 days, that decision to cancel the second well is dependant on success of the sidetrack.
Either way if they sucessefully sidetrack and make a hydrocarbon discovery - tbe rig can be released to He1 late December for a jan start
If they decide to drill the second well then it will be released to us late jan early feb for a late feb / early march start.
Q1 as planned
Maybe its not true then, just passing on what I saw. I wondered what the implications were if it was true.
Ive been catching up with the newsflow. Perhaps its a quick raise of funds to pay for the rig (purchase?) and Baker hughes.
If it is true, then I dont see how they could be raising funds from corporate investors without having everything in place already for the upcoming drill program. Hopefully that means news cant be far off. Ive only got a tiny holding right now but im really tempted to fo all in here, its been on my watch list for a while.
I just saw a post on reddit saying Liberum are holding a corporate investor roadshow this week for Helium One. Does anyone know anything about it?.
Follow up messages suggested the info was from a Bloomberg email.
The poster suggested it might be to raise funds for multiple hole program next year. What is the latest update on the drill program, is it still January 2023? If so perhaps this fund raise is to drill additional holes or to pay for the drill.
Hoping to invest more here so any info appreciated
Mark