Member Info for BuildersBum3

My calcs are s follows:

820mcf per day x 2 wells = 1640 (without any increase for depth as its not yet proven)

Midpoint of He - 7.5% purity

Midpoint of sales range $550 per mcf

(1640 x 0.075 ) x $550 = $67,650 per day

330 days up time per year = $22.3m revenue from 2 producers with 7.5% average He and no additional depth pressure or economic benefit from the Co2.

$5m per well for any additional producers

$40m top end cost of plant to produce from 4 producers

Additional $50m spend from here will net circa $50m annual revenue with a PE of 10 will give a share price of circa £3 once producing, assuming debt for development spending, no further improvement or decline in purity or flow rates, and that the resource can sustain extraction of 4 wells over 20+ years(regional).

BB3

I'm so overweight with RKH shares I wouldn't be allowed on a train let alone a flight, but even so I won't be selling until after FID. Even then I think I'm going to be overweight RKH for some years after.

BB3

LTT.

Was that a half hearted attempt to lower the SP prior to your new ISA investment window opens up next month.. lol😉

Bb3

Ralph..

I'm sure they will be able to support 2 fpso's from the FI.. not on day 1, but they won't be waiting 25+ years once SL if finished extracting to make it possible.

Very likely that once the first is up and running then attention will be turned to making the second work, but as you say, would be nice to have another partner and for them to run with it in parallel.

BB3

Either a shat show just about to unfold -

with failure of securing the 2nd tranch of the private placement and a delay of operations off the back of it.. market hates missed stated timelines and uncertainty even more so (hence the depressed price).

Or, something is cooking which is purposefully holding this all up, likely to be revealed once the agreed placement timeline lapses..

My guess is something is cooking.. how can 14.5% he purity with flow rates from just the top section, which is already good enough to go into production alone, be a dead duck when further deeper drilling (along with further acreage being secured, with top end gas handling and fabrication specialists joining the project) has proved a deeper resource and enables an increase in the resource estimate whilst providing the required info to scale and scope the commercial topside equiptment needed for production numbers (and thus the commercial investment case - final investment decision). All in a Trump environment where imports just became much more expensive. I just don't understand why they wouldn't be full steam ahead, with new money falling over themselves to get involved. 🤷‍♂️ we are not talking big beer to flow test 2 Wells 350m or so away from each other, and they still have funds left over from the recent raises anyway.

My bet is they are in farm out / jv talks and can't progress with announcement due to an open placing which is no longer needed.

We will soon see, but if nothing is amiss then there should be an awful lot of newsflow within the next 30 days.

Closing of finance, flow test 1 start, flow test 2 start, results for both flow tests, jetstream 2 HE undiluted lab test results.

Beyond 30 days but still short term, news on resource estimate upgrade, production scenario and expected costs and commercial model for final investment decision allong with strategy of how they plan to finance FID (jv, offtake agreements, debt, OO, etc etc.), project NPV, and the timeline to FID and then again from FID to commercial extraction.

Bb3..

This company will go from 'hyping its activities' into hard action and outcomes very shortly.. the share price should follow it up in short order IMHO. (Unless this is a long con coming to a slow close - would be very odd if it were though, as I would have expected way more fundraising and much grander plans of how to spend it if that was the case - this project just doesn't cost that much to bring to the point of FID).

LTT.

For 10% of SL I think £150m cash would work for me. 10% of the NFB I think it would need to be £250m.

For 28.6% of RKH acreage rights (same as 10% nfb but inclusive of the SFB acreage) I think £250m cash + £100m exploration carry.

BP + murphy farming into a total of 28.6% of RKH acreage interests would be my dream scenario👌

BB3

Could you imagine if they decided to put another hole in isobel prior to doing the production wells so they can better plan their drill programme and entice more favorable farm in offers!.

Stranger things have happened.

Bb3

Why would you thunk they are an overhang?? Have you seen any rns showing management selling?

No.. there hasn't been.

Stop trying to spread rubbish, you haven't a clue what your talking about.

BB3

Millions of founders shares, are the same as millions of other ordinary shares out in the market.. im not seeing your point?!

Founders are just as much of the shareholder base as you, I, institutions and traders, however they can't buy and sell when they like as they are restricted because they are exposed to price sensitive information unlike the rest of us until its RNS'd..

So yes, there are over 130 million shares out there, spread between the Canadian, US, and UK markets... and from memory 30% of thoes are restricted due to being held by management/founders, with the new additional fundraise shares being tied for 4 months, the rest can be bought and sold on a daily basis like any other share on the markets..

BB3

Founders shares would have to be rns'd if being sold (assuming it was directors selling) - however no RNS to confirm this.

Considering the company is in the process of drilling, awaiting lab results and starting flow testing among other activities, one would imagine this is a closed period and the board would not be able to trade in their own stock.

So unless there is a founder that isn't part of the operations / management of the company, I personally wouldn't think there are 10's of millions of founders shares being unloaded.

If you look at the drop from its all time high then there has been a big transfer of shares over the last 10 months, from original holders to new holders (including new issued shares).

Results from down hole and commercial opportunity will drive the price of this long term, short term selling pressure is to be expected.. its got a tiny market cap.

BB3

Which is likely to substantialy change again in a few month according to the the ceo commentary was also included in that 2024 updated resource rns.

"President & CEO of Pulsar, commented: "The resource evaluation is significant as it is based only on one prospect within the Topaz Project and data from only one well, Jetstream #1, which naturally flowed high-concentration helium of up to 14.5% to surface and without the presence of water. Such positive estimations received from a single and comparatively shallow well are hugely encouraging ahead of further exploration, which Pulsar has scheduled for Q4 2024. Data indicates that the well penetrated only the top of the helium-bearing fracture zone which is likely to persist for a further 1,650ft (500m) vertical depth. Therefore deepening of the Jetstream #1 well, scheduled for Q4 2024, is likely to have a significant impact on the next iteration of the resource estimation."

We are now much deeper and a step out providing what seems to be have been a replica of the jetstream 1 well ..

Looking forward to the new report.

BB3

If your looking for a helium play, your far better of checking our Pulsar (plsr), trades on the tsx for a premium of 50-60% to their aim listing.

14.5% helium play in the US, with further flow flow testing and resource upgrade due within 2 months of their step out well and deepening of the original discovery.. should x3 or x4 in the same timeframe.. oh and they are funded to FID and management have a large stake, so no worry about dilution.

Miles better than that basket case HE1.

BB3

Buying into BOR now with a market cap of £55m with no money, no farm out, deep warer discovery not appraised, and no where near production.!??!

Compared to RKH with a market cap of £230m with circa £40-70m in the bank, a fully appraised and far bigger prospect with a fully developed production plan with all the approvals to produce being passed off, a wealthy partner, and on the cusp of final investment decision...in shallow waters?!?!¿

Why on earth would someone see value in BOR at any price above 2 or 3p??

BB3

Price- piece

1.. No aditional funds needed.. fully funded to final investment decision. If more wells are needed it will be for production, not to get to final investment decision.

2. Share price disparity with the us and canadian markets means nothing as you can't buy on one and sell on the other, however when a re-rate comes then investors will look at the values offered on each market and chose the cheaper one to purchase on.. I.e. would you curently buy 1 share on the us or Canadian Market over the aim market curently?? No I wouldn't, I'm getting the same price of the company for 25-30% less on aim.

3. All shares will be equal on all exchanges if and when there is a takeover (paper or cash).

4. They have signed up the best in the business equiptment manufacturers which just so happen to have a massive fabrication plant in the same state..

5. Very competent management, who also have a big stake in the company which is already tightly held.. when this goes pop, it will double, then triple, then.....

6. Personal opinion, but I beleive JS1 deep results will have be better than 14.5% He. And I beleive the results will be replicated in JS2.

PLSR... only headed north.

BB3

HE1 😂 basket case 🤣

Management don't have a stake of any note, and will need to keep doing placements to progress their projects.. God forbid their rig breaks down again, will kill the company.

Lost a shed load of money on that between 6p and 3p, sold my last branch at 2p and glad to be shot of it.

BB3

Lifted from another board.... Not sure its been highlighted here much or even recognised by some viewers/ posters, but though i'd highlight it as it looks way bigger than their initial seismic suggested. Can't believe this share price isn't moving up to reflect it yet.

Surprised $PLSR share price has not risen much with the recent drilling update. I didn't realize at first how much deeper they had drilled versus their re-entry plan. On January 6, Pulsar stated "As part of this crucial phase, Pulsar plans to deepen the Jetstream #1 appraisal well by a minimum of 1,640 feet (500 metres), to a total depth of no less than 3,840 feet (1,170 metres)." Yet on January 13 they announced, "Multiple helium-bearing zones have been identified in the interpreted geophysical anomaly over the interval from 1,750 – 5,100 feet, representing a significant potential increase in reservoir height over previous estimates." Fully 1260 feet DEEPER than planned. And apparently because they kept getting more helium readings indicating more helium-bearing zones.

BB3

Rpoodle, don't go.. you have plenty of drilling knowledge some on here could benefit from.

I remember a few discussions on the RKH boards over the years. Hope your still holding over there too, will be a great year for both PLSR & RKH.

Don't know enough about rigs to comment, but it wouldn't surprise me to have a specialised rig for drilling and another for flow testing.. when operations are on land and in the US, there will be tons of choice whilst capability/cost could vary wildly between rigs with a different rig for each role possibly the best fit for both.

BB3

Transferred the last of my TSX holdings to AIM for a tasty 25% increase in shares at no additional cost this morning.. Thank you Mr market.

Crazy price distortion.

Agree about increasing company promotion in the UK, but honestly don't think it will matter once the step out well, associated flow and lab tests are complete and resource upgrade has been delivered to market.

£1+ share all day long.

BB3

Https://rockhopperexploration.co.uk/investors/advisers/

Link Group

10th Floor, Central Square, 29 Wellington Street, Leeds LS1 4DL

Tel: 0371 664 0300

Email: shareholderenquiries@linkgroup.co.uk