Member Info for CrustyPete

Time will tel McNol but until then your conclusions are nothing but speculation - logical, yes but speculation none the less.

Oh and your statement that "By seeking a "Partner," they are trading project equity for a Full Financial Carry" is not a fact in all cases, the carry is likely to cover only a specific outlay and for a specific programme of development or appraisal after which all JV partners will be required to contribute pro rata with their shareholding (Tanz Govt 17% excepted of course).

Regarding your VDR allusions. I understand the logic but that is not what the BoD have suggested - they have stated they are looking for a Farm Out for nothing other than "...We now need to increase our understanding of the Basement fault and fracture play, where we believe there is the potential to increase GWRs and helium concentrations. In order to do this, a further work programme will be required, and we will commence a strategic farmout process to seek an industry partner to help us deliver this."

"help us deliver this" That is to "increase our understanding of the basement fault.... etc".

Now they may well receive an offer for more than this but there is no indication that the BoD are looking for any more.

I note that most of the UK indices have recovered well after a really bad start - the exception (so far) being AIM which is towards its intraday low.

Mmmm, I wouldn't consider APT a "small" player and they (Omani Royal Family) have huge influence in Tanzania - as an example of which they are building a refinery near Dar Es Salaam. Moreover we have already seen that gaining approval for things takes time in Tanzania, particularly when it requires Governmental approval. But yes, I take your point.

A Buy Out would be "cleaner", though suspect that is somewhat unlikely at He1's current state of development.

The potential issue with a "majority" Farm Out as opposed to a Buy Out is that it would leave us as a "non-operator". Which bearing in mind the expertise and experience of the BoD in Rukwa to date and the fact that we own our own drilling rig is a little counter intuitive - a minority farm out seems more likely, maybe a very small farm-out (25% or less) just for the funds to drill the next appraisal well, thereby diluting shareholders least whilst retaining the most upside. Moreover the last time I saw a majority Farm-Out agreement for a Oil and Gas licence in Tanzania it took the Tanzanian authorities over 2 years to sign it off! (Aminex Farmed Out 50% and operator status to APT/ARA {Omani Royalty} - signed 11th July 2018 and approved by Tanzanian Government 12 October 2020)

No we don't Blubay but we know it is a lot the general market price is higher now than it was at the time those projections were made and hence I would suggest that the low, medium and high values are now somewhat dated; whether they have made an impact in "local" markets as yet is an unknown but, the USA is self sufficient in Oil and Gas but their domestic prices are now a lot higher than they were a week or so ago.

But you are right , if you choose to be a bloody pedant, yes we don;t actually know.

You will also no doubt choose to point out that current prices might not last or that they may indeed go higher or that the numbers used in the presentation may not bear any relevance to the reality on the ground but then what would have been the point of providing any projections whatsoever?

In the circumstances it could be a lot worse ;0)

So, yet again kread you are using your own selective figures.

BLN recent figures for the fund raise and figures relevant for the existing 7 wells only (page 12).

Helium Price (US$/Mcf) $350 $475 $600

CO₂ Price (US$/ton) $150 $375 $600

Illustrative Gross Revenue* US$13.8 million US$23.9 million US$34.2 million

And of course kread we now know that the price of helium is considerably higher than $600 / MCF......

Got it yet, or does someone else have to prove that your $2m figure is totally bogus.

If you don't believe the figures have a look here.

https://www.bluestarhelium.com/wp-content/uploads/2025/12/61304736.pdf

Maybe then you will stop your trolling of false and selective information on He1 and stick to stocks that you are actually invested in and know something about.

If not, who cares. you are now filturd as boring and irrelevant,

Blubay, let's face, kread has no interest or inclination in actually using those facts that do not meet his warped agenda; manipulating and selecting only those that meet his one-eyed agenda.

I ask again kread why are you here posting daily on a share that you have no interest in? Why not post on those you are?

"be careful"? Yes belstaff including myself occasionally but, even then, I only comment on shares that I have an investment in and choose not to deliberately negatively impact the shares that others are invested in.

All of my other "Helium" based stocks are up consistently and considerably over recent days, Pulsar is the exception. Maybe because they are not yet close to producing and all the others are, or are close to? Who knows but disappointing all the same particularly having topped quite up a lot recently after the fund raise. Ho hum, this is a longer term play but still a little surprised and disappointed.

$4m with CO2 and $10m after 9 new wells. The Analysts say 3.2 - 3.6p without the new wells and above that Share prices are forward looking.

So kread yet again I ask, you have no shares in He1, you have told us you have no faith in this share, that it is too speculative for you, so why are you here yet again spouting your negativity? Do you really have nothing better to do? Why not concentrate on the shares that you actually are invested in?

And a very busy close to the trading day....

Well it seems that "The primary objective is now a clean breach of the 0.71p–0.72p resistance to close the week at or near the 0.75p intraday high..." failed on this occasion. But no doubt more opportunities next week.

We are however nonetheless going to finish the week on another Blue day, which is always good news ahead of a weekend.

I wish you all a wonderful weekend.

Perfectly achievable, yes, but an with an awful lot of contingencies and dependencies in between. An advantageous Farm-Out and the outcome of next drill being the first of them.

Once all 16 wells have been drilled and are producing Galactica could/should be generating $20m per annum (with 2025 He prices) of which He1 own 50%. At a conservative 10x income multiple that should value He1 at circa £$100m. That income is only 12 moths away and He1 will be forward priced.

I am not sure that the answer is totally clear BUT we know that once all wells are tied in and contributing Galactica will generate circa $8m per annum and yet the cost of drilling the next 9 wells will be circa $4m or $2m for each JV partner hence it should throw off $2m surplus even before the new wells are themselves contributing. However we know that CO2 will not be generated until H2 and even then will funds be drawn as required, or will they stock pile income and accumulate the $4m "war chest"?

If the former, then I am sure He1 will not need to dilute but if the latter it will take 6-8 months to accumulate the $4m.

The other factor is the Farm-In. This might provide an alternative source of funds and not only for the drill. The question is the timing and the terms.

Well the "presentation" was the reality, it must be their interpretation that was flawed - if indeed it was.

Ho hum. If that is true I can only hope your judgement of the He1 situation is better than your "representative's" judgement of the level of my investment "sophistication". Perhaps you need to find a different "representative"? ;0)

Okay McNol, if you say so. I look forward to the whale breaking cover....