Member Info for CrustyPete

It seems to have been another busy day on the market and on the bulletin board.

To your earlier point McNol I do not actually have a problem with your observations regarding a "whale", it is perfectly plausible, though I suspect that it is not one whale but a number of "institutional buyers" each picking up sub TR1 quantities. Nor, incidentally, do I have a problem with the fact that TR1 are very easy to avoid (they are), if the parties are intent on doing so. Where I do take issue is with your identification of so-called "floors" - you have been following trades on Level2 and I haven't, so you are far better placed to judge but I have seen very little evidence to support your observations and it would seem that the previous floors at 0.80p and 0.70o were very quickly blown away if they ever existed in the first place. The one established at 0.60p is the first to stick and the sp had to drift all the way into the high 58's before the "whales" managed to exhaust the supply.

But anyway we seem to have solidified at this level and loom forward to further news to trigger another. Hopefully the next time it will be a sustained and supportable rise and not another spike now that the short term sellers have disappeared.

Being offered 13.08p for up to 100k and 12.962p for anything between 200k and 700k (the most I can test).

Exactly the same on Interactive Investor; can't buy more than 25k.

I am more than happy to take you word for it Rob, In either event that should allow those MM's to let the sp rise.

We will all be happy to see it.

GLA.

These supposed "floors" have benefitted no-one but the MM'sx I fear, assisted significantly by McNols running commentary.

Let's see what tomorrow brings. Fingers crossed

Feck! GROUNHOG DAY. I HAD HOPED THIS institutional selling had stopped. Let's hope the MM's had that covered and can now let it go?

Smarting not starting. Sorry, :"on the movr"..

Good news expected from Galatica and, who knows maybe a TR1 in the next 48 hours but will either, or both, take this up 50%? Not a hope.

What say you McNol? Still holding?

Agreed Sammy and I didn't, I take full responsibilty for my decisions and wish I had sold more in the high 90"s. Thankfully I am somewhat protected by having "free carry", though I am a little surprised at the extent of the fall.

I stated yesterday that yhe results didn't offer what they were designed to achieve; the expectstion of proving up higher resources and offering a path for transition from resources to reserves. No definitive proof of commercially that everyone had been hoping for. Si now another round of appraisal and delay before we get that. More drilling and more cost that needs funding; maybe not dilution through a fund raise but even a Farm-Out requires dilution through a difetrent mechanism.

On AIM time and uncertainty kills the share price and, outside of Galactica that is what we are seeing.

Why would a PI buy in now (eve at current prices, let alone a whale? And if the "whale" was, as McNol asserted buying in in the 90''s, 80's, 70's and 60"s they must be starting now. Yes,they have to buy large quantities when liquidity allows but, if as McNol was suggesting they now hold 13 16 %, what now? How many more do they need? When are they going to get a return on their money? They could have waited and picked them up far cheaper

McNol, I am not dismissing your views regarding a so-called "whale" or even "whales" but, we're it not for the fact that the several millions I now hold are free carry, I would now be very unhappy that you have told us, repeatedly, that there was meant to be a trading floor, firstly at 0.80p, then 0.70p, and now where? Just as I asked yesterday and you failed to comment many people would have delayed their sales on your commentary but here we are down 30% despite it. Whete is that "floor"? 0.54p, the last raise level? The price action that we have seen makes something of a mockery of you previous commentary and explanations. I hope you have made some good money on the basis of your previous analysis.

So tell us all now, when will the fall end based upon your previous "theories"? Many will now be a lot worse off by relying on them.

So much for that "floor" at 0.70p eh McNol?

Where has your wale gone? What is their strategy now?

Anybody seen signs of any whales today? Any blowholes?

FWIW I think that if there is a TR1 (or more) to be issued it may well come tomorrow but equally could well be Thursday or Friday or at any point in between (not necessarily a 7:00 am publication) - it depends when it was reported to the BoD of He1 and that could have been anytime between Friday and today dependent on when the "whale" or "whales" crossed the reporting "threshold". So I wouldn't get too caught up or caught out when (if) it doesn't appear tomorrow morning. My trigger finger is itching to be pulled as, when and if that (or more) TR1 comes out. If not happy to sit on my "free carry" holdings for the Farm Out RNS or the next fund raise before firing the gun.

And you believe that 0.70p is their "floor"? Why not 0.60p? Yesterday, at one point, you claimed it was 0.80p and here we are at 0.70p.

So McNol you haven't answered the principle question - what happens when the whale, or whales has had their fill? They surely wont go on forever, so who supports the price then? What then stops that fall to 0.50p when a retail player chooses to drop 2m shares?

One other point that maybe you can clarify McNol what happens when the whale has all they want and when is that likely to be? Their buying spree won't go on for ever but they have bought a lot at higher prices than they are now, so will they just continue until the selling stops? And who is to say when and if that selling will stop? There are billions out there in PI's hands and they tend not to like ever declining prices.

Oh, really? I will take your word for it McNol. Though how that is bullish takes some imagination - the MM's have been hit on the sell side, so if your earlier theories regarding a whale are correct, why aren't they soaking them up? Surely cheap stock is their aim? Are they witing for it to go lower? If so, I cannot see how that is great news for current holders.

FWIW it is possible to buy any amount up to 5m shares at 0.711p and impossible t0 sell more than 1m and even then only at 0.702p.... not sure that supports your theory McNol.

Changing the subject somewhat. So ;lets agree that the RNS was "inconclusive"; neither a fail nor a raging success and, even Pub agrees, could be some time before we hear any more on a Farm-In partner (oh and Pub, they actually stated in the RNS that they were just starting the search process).

So what else is there to look forward to in terms of short term news? Well we hope and (some) expect to get a TR1 sometime soon! But notwithstanding that news regarding the successful first gas sale from Galactica. If we get both of those that'll be pretty good. But what more from Colorado?

Question, when are we starting the forward drilling programme? When can we expect the first of the new wells to spud? Is there a formal timeline for that? Secondly, when can we expect news on the monetisation of CO2 at Galactica? H1, was the headline and let's face it that is now a maximum of four months but any sooner? What views?

No justification, yet, of increased resource numbers and no closer to moving from "resources" to "reserves"; the single strongest justification for a "re-rate"

I would broadly agree with your summary and conclusions Blubay (certainly on the post ESP figures) except for your conclusions regarding Itumbula. You say that they will need to move on from Itumbula and the 5 well EPS. I can see why you would say that particularly noting the statement highlighted below:

"This will require further drilling and testing, which will likely focus on primary fractured Basement targets at other locations across the 480 km2 Mining Licence area. A number of these targets have already been identified by the Company, and many of these are at shallower depths where the Basement is juxtaposed against faults."

So they need to do further evaluation of the Basement targets which will require further drilling at other sites but it certainly does not necessarily mean that Itumbula has been "abandoned". Indeed, if they could extract water at Itumbula whilst preventing the mixing of water from the Karoo layer (which I am confident they could do now that they have prior knowledge of that mixing) there is no reason why they would not continue with their 5 drill plan. Simply that before doing so they need to test the hypothesis that the basement itself, in isolation, is capable of higher DWR and He concentrations.

Whether, having drilled elsewhere and confirming their thesis, they choose to do so, is another thing of course.

We were all hoping for positive confirmation of "commerciality" after the ESP results. It is fairly evident to me that we are still waiting. The ESP results were insufficient to confirm that.