Member Info for BuildersBum3

Considering JS5 and previous wells all reported gas encounters within 7-10 days of spudding, I wouldn't want to be out of this during the weekend.

They will be circa 11/12 days in with planned td at only 3000ft (possible extension to 5000).

With the SP riding high, any good news is likely to push it to new all time highs.

🤞, have a lovely weekend all.

BB3

I think LTT was talking about the pre FID loan which does attract interest, where as the development loan doesn't and would rightly be left in place as long as possible.

RBL would make a lot of sense for any appraisal and further legs of development beyond what is already funded, or even paying the tax settlement to remove it from short term liability column into the longer grass and thus having more disposable income and removing any remaining barrier to shareholder returns etc.

Re. Free cashflow being 15% until repayment of loan completed.

This isnt an issue in my eyes.. a small placing, OM output, or reserves based lending can all be leant upon to provide a bit of working capital to grow/explore beyond the phases already detailed.

Bb3

Damn post message button too close to the keyboard on the phone...

Second paragraph should read...

That said thate are some knowns we can use as yard sticks... costs and flow rate are a little more understood but again should be taken with a wide margin of error.. what we do know is 0.4bcubic feet have been remarked as a resource from the first half of JS1, but how much lateral extent that takes into account is unkown. They would have likely been given 100% of modeled resource within 50m from the drill spot and then decreasing rapidly the further out you go, so nothing (or as little as 1%) would be attributed to the resource number for mapped resource close to the edges of the mapped system/field.

Flow has been detailed from JS1 and has been roughly ballparked to generate circa $15-18m per annum if under production (not including He3) which also includes a bunch of moving variables, topsides for which are likely to cost circa $40-$60m from Chart industries (again not including He3 seperation).

Lastly, we dont know how many producers the system can handle, it has been mentioned 3 or 4, but that number could be 6 or 7 if the field is bigger than expected and flow / pressure rates allow etc... all of which the upcoming flow tests and step out wells will help determine.

One thing we do know is that their mapped resource is being proved correct and their identification methods for mapping are being proved more reliable with each drill and the down hole pressure has been higher the deeper they are drilling (but there is no comparison to JS1, as only top hole pressures have been communicated)

Possible outcomes.. 0.4b will be increasing, likely by a minimum of x10.

At 4 producers we are creating cash at $60m+ per annum, but this is likely to only grow either by extraction speed (better flow rates fro. Higher pressures) or by drilling more producers if the field can handle it.

And we havent even got to He3 yet.

So.. good luck with your investment, we are all awaiting the updated Sprule report in great hope and expectation..

BB3

Hi Bluetiger,

The simple answer is, nobody knows the resource size or the resulting asset value, as the information needed to be crunched just hasnt been realessed to the market. Even if it had, you would likely need a degree in the subject with many years of experince to get close to an actual number.. best leave it to the experts in the sprule report when it comes..

That said thate are some knowns we can use as yard sticks... costs and flow rate are a little more understood but again should be taken the rate at which it can be extracted or to form a cashflow profile

$100k per day??? Not missing another 0??

Is it not more like just under $1m per day? By your own calcs.

Yea.. historically TRP have produced square route of f all.. and long term holders have been diluted as a result.

I think that there is an opportunity there now though.. I may be wrong, but the market cap is such that the risk reward stacks up well for me.

Not a long term investment for me at all, just a trade.

BB3

Hey Supra.. like me you were looking for a bit of divestment from RKH, im glad you made a fistfull here.. for the record, I own about 1% here and about 0.5% of RKH after the dilution, so yes, big balls when it comes to small caps that I like.

want another tip?. super risky punt, but one that could return 4-8 bags?.

Check out TRP.. waiting on a Cameroon farm out approval, should be any day now (but this is Camaroon and any day, can mean anything).. they have no cash beyond or month or 2 so dilution on delay is the biggest risk... however if the farm out approval is received then they are fully funded for a drill on a super high cos well which the farminee will pay 15m for a 45% stake of (read across is that the well is valued at 35m pre drill)... the funds must be used to drill (lots of rigs in that area) and the market cap of TRP curently is just 9m (read across again is 18m market cap for their 55% of the drill alone)..

Anyway, its a live wire so don't get burnt, but on a successfull drill it could have a market cap of 100m on the hype etc.. just make sure you jump before any fundraising... im planning on exiting 1/2 pre drill results and 1/2 shortly after, as i think they will fundraise without much delay on any drill result news.

P.s. I only hold about 35k in TRP, its not a big one for me, but hopefully will be a fun one.

BB3..

Hi Supra..

Yea, I'm not very interested in the village mentality of he said she said, and the you can't do this or say that bollax.. each to their own and good luck to you is more me.. if he doesnt want to read post, poster, or thread there is always the filter or block functions he/they can use..

Your welcome, I really do see PULSAR haveing a very similar feel/trajectory compared to RKH and was sure some on that board would have been interested in the sector/story/drilling campaign.

I just hope that management dont screw it up like sam did... the world was his playground, now rkh unfortunately is a rule taker and not a trend setter, but hay ho.. it will still make us a lot of money.

BB3

Im unsure of what to make of this.. what are your thoughts Rpoodle..?

It's not a crazy amount, maybe they are just taking some chips off the table? Maybe selling to buy into another average opportunity with the cash to then sell on to pulsar at another profit?. Maybe it is to smooth a path to a better prize / investment partner? Or maybe they know something we dont?.

I think i would get worried if I saw another disposal.. but considering they just sold a load to buy up their warrents recently (which they didnt have to do but benefitted the company) then if feels they are acting positively toward pulsar... at least on the face of it.

BB3

Change your broker to ii Longtermthinker.. ive never had an issue with them, easy to use and can run kids isa's and all the other weird and wonderful.. found it very cheap too.

BB3

Had my fingers crossed for the price being sup 70p when the refund came back.. banged it all on RKH's black stuff. A number of very sizable bets👌

I'd imagine trade volumes are going to be bigger than normal today..

Helium 3 maybe.. but space growth is he4 and it isnt on the critical raw materials list yet in the US so unlikely any government interest on that front.

Maybe its just to put the awareness into the space sector a little more to aid sales calls to possible offtakers if they are targeting space x and the like.. maybe my view from a shareholder is blinkered and actually its nought to do with share price and more to do with laying the ground for sales pitches/calls etc.

BB3

Im not sure why the company does this... I do get that the Helium exploration market is relatively new and they are competing for eyeballs and investment $$ to help push the share price so that when it comes to trying to fund the topside production facilities they are doing it from a position of a higher share price and market cap...

However.. they have been banging this same drum for well over a year from the PR front.. and it doesnt directly relate to an investment in pulsar as it is an awareness campaign..

If I were the PR man, I'd be asking the Managing Director for some glossy maps, some nice 2d and 3d sizemic cross sections, some internal company estimates of co2/he4/he3 gas in place, some information of what other prospects they know of within their acreage, and some more informative drilling data, as well as relaying any helium maket deals that can point to pricing and contract styles/lengths can be obtained, lists of big users and producers in terms of market share etc. Etc (including for co2).. this is all company focused and starts to sell a story rather than just trying to expose the market genrally.

I think that would help the SP more than 'space exploration is growing, therefore the demand for the product we want to sell will go up over time'.. relavant but its all into the future stuff- investors want inside company info and details.... that's my take on their PR anyway..

BB3.. it all helps i guess, they are paying big bucks for their PR machine though, so it would be nice to see a different angle at some point.

Have just bought back a big chunk at 80p that I sold at over 90p

Still got some powder dry in case this goes down to 72-74p levels.. but if it does then I would imagine it will be straight back up on JS6 results in a weeks time followed by completion and JS7 location and flow test commencement, and that's without hearing back from the J3&4 samples which could drop at any time.

Some easy sell and buy back opportunities here over the last month.. hopefully it continues as I would love to build a bigger stake without further funding..

Good luck to all.

BB3

Am I missing something?

The last two posters state: and are upticked 5 times..

Another well complete to planned TD & the good news keeps coming, Canada will love this.

First of all, the well didnt reach 5,000 ft and stopped sort by about 20%, secondly they lost a bunch of time and a drill string which is now stuck in the well preventing full logging which has also impacted the ability to flow test it as it is not now included in the wells to be flowed. This is aditional to the time and $ cost associated to returning in April to have another go at sorting out the issue, or the cost of re-drilling if the issue cant be resolved.

This company still has great prospects and I wouldn't want to discourage anyone from investing here, but the two last statements dont seem to take on board at all what has been said in the RNS.

BB3

Spud on the 28th Nov, break for christmas on the 14th Dec = 17days inclusive (rns on the ... 1st gas at 837ft , 2nd gas at 1481ft, both reported in the 8th Dec after 11 days of drilling - circa 130ft per day.

Back to work on 3rd Jan - today is the 28th = 26 days inclusive. (Rns on the 9th Jan 3rd gas at 2857ft - 12 drilling days after last gas reported rns (minus half a day for shut down and half a day for start up = 10 days at circa 130 per day = 1300ft additional from 2nd gas zone of 1481 = 2781... so, pretty much on track and similar speed to progress so far.

Since the 9th.. we have had circa 19 days at the curent drill speed we should be at (19×130=2469 × depth on the 9th of 2857 = 5326ft

Well was to go a maximum of 5000, so we are 2 days over.....

Problems?

Another gas zone and are logging?

Just slow?

Decided not to RNS and instead waiting to RNS JS6 spud or next gas encounter?

Either way I am expecting an RNS this coming morning... let's hope the recent rise and maintained strength of the SP is pointing to good news coming down the line to us, rather than anything else.

P.s. not sure why we are aiming at 5,000ft if we hit the predicted zones in the first 2/3rds of the drill.. surely they have good enough data to realise 2,000ft past it is overkill, unless they think there is more, or the 3rd gas encounter is juicy thick!!

BB3

Im on board too.

Expect a bump in Trade volume today.

I'd accept anything over £1.50 right now, anything over £2.20 in a year and anything over £3.50 at first oil for a takeover bid.

Share price will likely undershoot all of thoes but after first oil we will likely be discovering new fields in short order with funds/or borrowing to develop them so from that point on I'm no longer interested in a takeover.

My view anyway.

BB3

Italy and OM a material gain. 😂😂🤣

It has cost us an absolute arm and leg in comparison to what could have been achieved if the focus had remained on SL and the NFB.

Oh, that is a good one.. material gain.

Anyway, whats done is done and cant be undone.

BB3