Member Info for BuildersBum3

Gift price.. I can't ignore it, so toped up another 50k late this afternoon.

Didn't think it would pull back this far prior to FID, but not complaining.

GL all

BB3

Some more interesting info: I assume its accurate.

https://www.cbsnews.com/minnesota/news/minnesota-iron-range-helium-more-drilling/

There might be 14 extra wells and not the 10 previously guided, also that some of them cant be drilled until winter months.

This may be one explanation for the relatively small step out of JS4, as in it may be in a higher/ dryer location to get to, and thus relevant to do now because of that as well as being the high point in the structure/anomaly. 1,457 ft is above or at the very edge of the velocity anomaly / presumed top margin of the reservoir at which JS4 intersected the gas pay.

"We anticipate going to up to Jetstream 16 to determine where the limits of this reservoir is," Steve Campbell, Pulsar's operations manager, explained to WCCO. "We're looking at multiple years, and a lot of the wells we can't drill until we're in a frozen condition because we're in wetlands."

Maybe this is also a reason to flow test now and get the kit up there before the big freeze and resulting restricted heavy load movements etc.

Now I thought 10 extra wells was a lot, but 14 extra is way more! This, with the additional flow tests, point to a larger cost profile and thus probably why we got financial support from the most recent Warrant transactions.. Very supportive of our largest shareholder, great sign.

So in summary, I think this opportunity is bigger and better than any of have considered, but there is now a funding risk with the expanded costs. Let's hope they have already got the funds needed to get us to the resource and commercial build out reports. If not then there may be another fundraise before the end (however if this is the case, I can't imagine it will be much needed in terms of % dilution given the expected news flow).

P.s. the link doesn't state all 14 additional wells are planned to be done in this drilling contract or even prior to production so may just be comments of the overall expectation rather than the current critical path.

BB3.

Bring on the JS4 completion depth down hole pressures, the HE3 and HE4 results from JS3 and JS4 drills, as well as the Flow Tests for both. Also inbound is any further JS2 flow news and the JS5 location/ results in a couple of weeks....

OMG the news flow is getting busy! :-)

Ok.. someone I'm baffled by the position of this JS4. It's very close to JS1 (just like JS2 was) and in the same north direction of JS3..

Any one care to guess the logic on this.. clearly without their geology model and maps, I'm not sure any of us can understand why they have chosen this location over another.

Will be a question for next week's Q&A.

Hopefully JS5 will have a big step out in a different direction.

BB3

Yea.. same..

In 6 months this SP will be plenty higher, the risk reward here is difficult to ignore, and I'm starting to become very overweight, but happily so.

Bb3

3x chunky trades coming through are mine.. all bought back with 50p+ sales.

Too cheap to ignore now IMO.

Oscar.. not sure if an amendment to the firm offer would be able to fly without another vote.. I will have to look back over the exact wording of what we were asked to vote for.. Not saying it cant be done, but there is a possibility it will have to be re-approved by shareholders which is in itself a new risk to funding.

BB3

The resourse upgrade is going to be a great day when it arrives.

BB3

Can't wait.

BB3

No probs.. I didnt know either, until rpoodle pointed it out to me last week.👍

Crusty...

https://finance.yahoo.com/news/abcrescent-cooperatief-u-announces-filing-215800722.html

BB3

Recently sold down some shares in a rising market with the knowledge that they can buy them back at the warrant price.

Yes they have made money, but rightly so, they put up the capital at risk, pulsar used it to raise the share price. They sold and bought it back cheaper to make a profit on the transaction.

The point being is we now have a pretty large cash pile, expanding acreage, and appraisal program going well, some of the world's best helium4 and helium3 concentrations and growing down hole pressures due to better well placement.

Next massive move up is the resource upgrade and commercial map/production details.

We will need funding after this point but not before, and when we do require that funding we will be in JV, takeover, and debt finance territory and not placings that will likely carry more options.

In my opinion, I think this company has been extremely well run and their largest shareholder is helping the company get to the promised land. They could have easily not purchased the warrants at this stage and forced the company towards another placing and then demanded more warrants to participate etc...

Also. The overhang has already been sold into the market as they used the proceeds to fund this purchase, they could sell some more but the stock can take it with the volume of news headed our way over the next 6 months...

Honestly, I view recent events and nothing but positive.

BB3

I dont agree with you Stas20,

The warrants were issued when we needed finance to teast Jetstream 1 which all of our success since has been built off of.

There is a cost for speculative funding that doesnt need to be repaid, and that is dilution, which happened nearly 2 years ago. The market has been well aware of the warrants and has

Hi mogger.

Going from memory. 2013 Ltip closed but thus blacklisting is for the awards in 2013 rewarding project sanction event (sam I think gets 1m, or was it the new chair? Can't remember.).. anyway thoes bonus shares are still in play.. the remainder is for curent LTIP which the price is, from memory, 3 months or 30 days trading average in the run up to voting approval for the new LTIP voted for at the last agm... Needless to say its very generous (1.5% of the company? At that average price) Again from memory) if the share price rises which it would do assuming FID.

Reminded me of double dipping, and I voted against, but it sailed through.

Either way, it happens to every AIM and listed company.. pockets fethered before doing the biz.. then again after. Great jobs if you can get them.

Anyway.

Maybe the bank would want these ltip shares in treasury pre debt approval etc...

Another tick in the box? OR could the 6th be even more interesting?.. FID news following (otherwise why would the 1m be awarded to a director? Under previous agreement in 2013???? Sanction is nailed on??

BB3

Hi mogger.

Going from memory. 2013 Ltip closed but thus blacklisting is for the awards in 2013 rewarding project sanction event (sam I think gets 1m, or was it the new chair? Can't remember.).. anyway thoes bonus shares are still in play.. the remainder is for curent LTIP which the price is, from memory, 3 months or 30 days trading average in the run up to voting approval for the new LTIP voted for at the last agm... Needless to say its very generous (1.5% of the company? At that average price) Again from memory) if the share price rises which it would do assuming FID.

Reminded me of double dipping, and I voted against, but it sailed through.

Either way, it happens to every AIM and listed company.. pockets fethered before doing the biz.. then again after. Great jobs if you can get them.

Anyway.

I completely agree the bank would likely want thes shares in treasury pre debt approval etc.ov 6th may be interesting

Hi Ditherer,

Quite possibly an oil gluten next year and sub 60usd pb.. but that will play into RKH's hand not against it (assuming FID has been given the green light).

Low oil price = less development and less exploration and more field shutdowns due to marginal barrels becoming non profitable.. = lower supply which in turn force the price up for the next cycle...

100usd+ pb incoming 2027... now that is of relevance and benefit to rkh.. SP north of £4.50??

BB3

Rpoodle,

Agreed, a better outcome from jet 1&2 should have been expected and somewhat under discussed...

Interesting to note that we now know the same anomoly (assuming they haven't targeted a different one with jet3) is now 2km to the east and 1.5km to the west and at least 1km to the north east.

Even more interesting is the slide on page 13 of the latest presentation showing the thick green/blue section of the sub surface cut away is 1.5km to the west, so was not tested in this latest well#3 ..

looks very promising to get results like this 1km the other direction to the sweet spot on the presentation map!. Can't wait to get the results from 1.5km to the west 😁

BB3

Rpoodle.

Agreed, a bet

Blue..

Working out who held previously would actually be very easy, as there was a vote to pass the fundraising, and with that a record of every holder eligible to vote and their holding at that point in time.. this to me would be the best and most fair way of working out entitlement, as thoes that voted carried the risk of pass, failure and or the market perception of the fundraising.

That said I think the simplist method would be the record date prior to the announcement of OO, being after FID but before the OO launch/terms RNS.

Bb3

Thanks Rpoodle. Hadn't seen that (sleepy head and a different time zone so just looking at lse.).

Well, if they follow through and purchase the warrants then that is a big blue tick in my book.. would rather the warrents get taken out rather than a new placing for the same amount...

3m will go a long way in their curent endeavours to get to a resource upgrade, and defining the commercial extraction setup/road map.

Roll on h2 2026

🥳

Ok.. someone that's me back in for another £30k.

Very overweight again.

Im not sure what to make of this recent share sale other than the fact its been gobbled up by the market.

Strange rns timing considering the drill bit should curently be turning to the right, but there will be a reason which will no doubt become clear in the coming weeks... maybe they take up their warrants with the proceeds, it seems the most reasonable answer as anything else just looks like insider trading which im sure is not what is happening here..

A need for some cash, but no ability to raise it due to the activity curently underway could have prompted it..

Look out for the warrant redemption RNS?

Bb3

I can only think of three scenarios around this.

1. Someone partaking in the placing sees no aditional advantage of keeping their holding knowing that FID is imminent and thus selling their block (that won't attract OO shares) soon to be replaced with ones from the placing... most likely scenario... with a single large new buyer entering the stock (otherwise we will be seeing a holdings notification).

2. One of our largest shareholders just got cold feet and hit the sell button (very unlikely in my opinion, as why would they have weathered the storm over the last x years to sell up their position on the cusp of FID???). Least likely (and for thoes that think they may know something if so.. that is called insiders trading, and pretty obvious if so!, so again unlikely).

3. Someone has taken the view that there will be a lot of selling once FID is taken and the new placing shares that come to market will suppress the rise and affect a near term drop in share price.. and thus has borrowed the stock and sold it into the market over the last few weeks... again unlikely in my view as the risk reward surely doesnt stack up well given the market knowledge of how far along FID is and the need for it to happen for all parties.

My view.. scenario 1 - one of our largest investors just swapped real shares for cash, and will be replacing them post FID with the cash they have already placed in escrow for the firm placing.. = very good business for them.. banked the upside if FID goes ahead and have removed/reduced massively their exposure if it doesnt.

Good news is, someone is very confident that FID will happen to spend £14m on a binary bet.

BB3