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Better than subset Z I imagine, bitter twisted, depressed, insulting and otherwise unable to function normally in a social group, currently just Rojo (including his various other ID's either current or past) and of course not forgetting the rancid ham.
One who is unable to imagine is unable to improve thine self or surroundings.
An appraisal well is for appraising a discovery, drilling and flow testing. The other wells were wild cat exploration with this last well being a potential discovery well. (still to be confirmed if commercial)
The issue with HE1 is that they have not raised enough money to drill an appraisal well, this is just a holding amount mainly for G&A and planning the next steps, so much more dilution to come and a share consolidation is probably on the cards as well.
"The company led placing provides the Company with sufficient working capital to progress its planning for the next stage of the work programme in Tanzania."
The issue with HE1 is that they have not raised enough money to drill an appraisal well, this is just a holding amount mainly for G&A and planning the next steps, so much more dilution to come and a share consolidation is probably on the cards as well.
"The company led placing provides the Company with sufficient working capital to progress its planning for the next stage of the work programme in Tanzania."
Well worth a trade though imo.
This is not a big enough raise to drill a new well, so is a holding raise for now with More to come before the year is out and I would not be surprised to see a consolidation of shares this year as well.
Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, announces that it has raised £4.7 million (approximately $5.92 million), before expenses, through a company led placing of 313,333,333 new ordinary shares (the "Placing Shares") at a price of 1.5p per share (the "Placing Price")
The samples need to be tested & confirmed
There needs to be a flow test
There needs to be a CPR
There needs to be an appraisal well
There needs to be a development plan submitted and approved by the Tanz gov
There needs to be a development licence approved by the Tanz Gov
There will most likely need to be a JV/Off take agreement
And of course all of the above needs money and quite a lot of it.
Fingers crossed this will be in production in 18 months to 2 years if all goes well.
Morning steve, hope all is well. I got out early 2022 but fully support what Forest are attempting with the resolution, I assume they would have some oversight on legal fees etc. The Ruvuma deal is worth $16 mill in total V the current mcap of £2.7 mill. I might even take a bite!
Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces that it has received a letter dated 2 February 2024 from Forest Nominees Limited - which is the legal holder of 78,978,978 shares in the Company which are held as nominee on behalf of G.P. (Jersey) Limited - requesting the Company to convene a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the "Act").
The Company can confirm it is subject to the requirement pursuant to section 304 of the Act to call a general meeting within 21 days of receipt of a valid requisition (such validity having been confirmed yesterday) and to hold such a general meeting on a date not more than 28 days after the date of the notice convening such general meeting.
The board of directors intends to comply with its obligations in accordance with section 304 of the Act and a circular convening the general meeting will be posted to Shareholders no later than 23 February 2024.
The single proposed resolution relates to a request for the Directors to put in place a strategy to distribute cash proceeds from the sale of assets to shareholders. The full text of the above proposed resolution will be set out in the circular.
As previously stated, the Board continues its review of a range of potential alternatives available to it by which it is able to deliver value to Shareholders, which may include the distribution of available cash, further investments in line with its investing policy and/or the deployment of the proceeds in pursuit of a reverse takeover transaction. The circular will contain an update on the board's review of these strategic options and voting recommendation.
Shareholders are advised to take no action at this time. Further announcements will be made in due course
The market decides on the price for any commercial discovery, it all depends on the results. If there is a commercial discovery then expect a significant spike, anything less and we all know what happens as H1 has been there before.
GLA