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Profit calculation for a full MARE SICULUM tanker (1.16 million barrels)

Using your updated cost assumption of $30 per barrel, and keeping all other inputs the same: Bonny Light sale price: $122/bbl - Hedge loss: $10/bbl - Net realized price: 122 − 10 = $ 112 / bbl Cost per barrel: $30

Volume: 1,160,000 barrels 1️⃣ Profit per barrel 112 − 30 = $ 82/bbl

2️⃣ Total profit for a full tanker 82 × 1,160,000 = $95,120,000

✅ Total profit with $30/bbl cost: ≈ $95.12 million per full MARE SICULUM cargo Summary (very short) At $30/bbl cost, each full tanker earns $95.1M. The five cargoes (March–July) together earn (5) ≈ $439.6M.

Lower cost assumptions push profits above $100M per tanker.

Thanks also AI

Funny how you demand “numbers” while those are exactly what a trading update consists of. The well data, the flow tests, the permits, the technical reports - those are the numbers. Anyone claiming it’s all “promises and sentiment” simply hasn’t read the RNS releases. Your car analogy actually proves the opposite of what you think: You don’t buy a car by asking the seller to “give me some numbers”, you look at the technical inspection and the condition reports. That’s exactly what’s happening here — the technical documentation is public and verifiable. A trading update is issued when there is new, material information not when someone gets impatient. Those who understand the available data know what they’re looking at. Those who don’t keep asking for numbers that already exist. 🕶️

Supplement; Outside the Gulf region, closures since 2023 include: Europe: Several major shutdowns (UK, Belgium, Netherlands, Germany).

United States: Multiple permanent closures (Martinez, Convent, Gallup, PES). Canada: Refineries converted to biofuel or idled. Australia: Two major refineries closed; only two remain. Japan & South Korea: Several small refineries shut down due to low margins. Brazil: Older refineries idled or sold.

Russia: 18 refineries knocked offline by drone strikes.

Refinery closures; at least six major refineries outside the Gulf have shut down since 2023 (Grangemouth, Lindsey, Gunvor Antwerp, Gunvor Rotterdam, plus multiple shutdowns in Germany and Scotland, plus 18 Russian refineries disabled by drone strikes. This reduces global refining capacity and boosts demand for West African crude like Tullow’s. Platts Dated Brent is the physical spot price for oil delivered in 10–25 days. It’s usually $10–$25 higher than Brent futures. Tullow sells at PDB while hedges cap only Brent — so Tullow keeps the full PDB premium.

Bezos vs Musk fighting over a bone — something’s leaking here. M9nday 0.61 and only up from there

Thank you for the explanation, T12

RSI(14) 36.36 - Wm%R(14) -100.00 - ? (26 - 6 - 1) ?

Anyone figured out yet why the Chairman departed recently?

No official reason has been given. Most likely it’s part of a governance reshuffle ahead of a JV or farm‑out, since big partners usually want a different board setup. Investor pressure or strategic disagreements are also common reasons. Beyond that, it’s all speculation.

A Tier‑1 JV partner wouldn’t fix these issues to “help” HE1 — they’d do it to protect their own investment. Their tens of millions need to go into the ground, not into inflated overhead or misaligned option packages. That’s why big partners usually demand a cleaned‑up cap table, tighter governance and lower costs before committing. Less waste and less risk means a better return for them. That’s the real incentive.

The “selling out” idea doesn’t really add up. The current team already locked themselves into a long‑term performance reward package, so they only benefit if the project grows, not if it’s dumped cheaply. And yes — the consultants (PVE) were hired specifically to secure a partner. That’s their entire job.

The farm‑out is the plan, not an exit.

With PVE working alongside the Tanzanian government, it wouldn’t be surprising if a Tier‑1 like CNOOC or Sinopec is already part of the wider discussions. Strong TZ–China ties + China’s interest in helium + PVE as dealmaker = a very realistic farm‑out path. At this point, it feels more like when and with whom, not if.

Https://www.cruxinvestor.com/companies/helium-one

Last hour to buy for maybe a positive RNS Monday, come one over that 0.76 all to play for...

I also got back in this morning but still have a way to go to reach my average from when I got out, there is no squeeze or gap in sight anywhere

Sure — the text on that page mentions lithium and spodumene, but the table at the bottom is still the gold‑royalty table. The lithium/spodumene references are in the narrative text, not in the royalty‑rate table. That’s why the 10% shown there applies to gold only.

No, I’m not an AI — I’m just explaining the document as it is. The table on page 613 covers gold only, even though lithium is mentioned elsewhere in the same Journal Officiel issue.

Uh I'm a very small investor in A.I.M.

The page you’re referring to does mention lithium/spodumene elsewhere in the same Journal Officiel issue, but the royalty table on page 613 applies only to gold. The lithium/spodumene references are in the narrative sections, not in the royalty‑rate table. That’s why the table shows only gold bands and the 10% rate there is the gold royalty, not the lithium one. Lithium has its own separate decree with a sliding CIF‑China scale.

The AI summary is incorrect because the document you linked (Journal Officiel, p. 613) only covers gold royalties. Lithium/spodumene is not mentioned in that decree at all, which is why the AI assumed it wasn’t included. Lithium has its own separate decree with a sliding ad‑valorem scale based on the CIF China price. That’s why the gold document shows 10% for gold, but not for lithium.

The 2023 Mining Code does not contain royalty percentages. Those are defined in separate implementing decrees. The document from the Journal Officiel you linked (p. 613) refers exclusively to gold. The 10% shown there is therefore the gold royalty, not the lithium royalty.

For lithium/spodumene there is a separate decree with a sliding scale based on the CIF China price. At the current high SC6 prices, lithium automatically falls into the 10% category. That is why Kodal is paying 10% now, even though this percentage does not appear in the gold decree.