Member Info for Buffin

I meant to say, £3.15m *before expenses*.

Mannan: If they did issue 315m shares at 1p (for example) that would only get them £3.15m. How far would that go.

Mannan: I have no idea. If you were putting new money in, though, I'm sure you'd want it to be at a discount to the market.

So the board want power to issue up to 315m new shares, on top of the existing 956m. Anything approaching this would be a huge dilution. Get out.

Banzai: A loan on what terms, though? Maybe a convertible loan secured on the rickety rig. If the next drill fails, the lenders take the rig. If it succeeds, they convert the loan to shares and holders are heavily diluted anyway. It's hardly likely it would be an unsecured bank loan, is it.

My guess : convertible loan secured on the rickety rig? If they don't find helium in commercial quantities this time, it's curtains and the lenders take the rig. If they do, they convert the loan into a humungous number of shares, and present holders are heavily diluted.

D-Geeman: Agree. People thinking of buying in or topping up should be able to read all points of view. I agree with the warnings from Joe and others.

Sdg1970: so at no discount to the current price? I doubt that!

D-Geeman, this wouldn't be a banking proposition.

GoldGirl: If the shares had been suspended, holders wouldn't have been able to sell to mitigate their losses. If they haven't taken their chance, I'm afraid that's their lookout. In any case, you can't suspend trading in our shares just because the outlook is grim.

If somebody really wanted control, I doubt they'd offer existing shareholders a premium. After all, if HE1 doesn't get any more new money, what stands between it and being wound up? They'd probably just dilute the existing shareholders to b****ry.

Agreed. Here's an exploration company which hasn't had unambiguous success with its latest hole. It has signalled that it needs more money before it can drill another hole. So dilution looms. And it owns a rig which keeps breaking down.

So this company is not worth £20m. How much is a temperamental rig worth?

Doesn't seem like it to me.

So unsurprisingly it's stalled. Thanks.

And how long has their target price been 35p?

Yes being tied into the PM's company is prestigious, but it is wise commercially?

Maybe I've misunderstood but we seem to be locked in for 12 months into negotiating with this company only. Suppose the PM decides to play hardball? Surely no one will gainsay him.

Have we just voluntarily put ourselves over a barrel? Please tell me what I haven't understood.

Given the quantities involved, this is a storm in a teacup.

And it will be - ahem - interesting to see if the "Technical Report expected by the end of this year summarising potential resources" actually materialises by the end of this year. Might the butterfingers management hit a target?

Faites vos jeux.

From one of the RNSs

"Furthermore the Company was able to conclude the acquisition of TRex and oversee the transfer of a large quantity of technical and commercial data to enable us to begin to plan the initial Cory Moruga workover programme for early in 2024.

The Cory Moruga Project is equally as exciting as Morocco, which will be demonstrated through the publication of an Independent Technical Report expected by the end of this year summarising potential resources."

"Equally as exciting as Morocco". Intriguing.

Sheephatch: Yes. The MOU feels rather indefinite and they do need to get their ducks lined up for a proper testing programme, but I am holding because of the resources, less so for the management.