Member Info for CrustyPete

Understood, thanks win.

And until and unless they get some funding nor will they....

Nothing commercial Rojo... no.

Sorry.

Whether that funding is to be equity or lending it will come at a huge cost to shareholders.

LB is an O&G technician NOT a finance expert and so wasn't fielding any questions on those matters and could not be expected to but In my view they are "bricking it" about the uncertainty surrounding funding..... they avoided any and every question around current cash balances, overspend and fund raising; yes, I understand that in a funding round you have to be extraordinarily "tight-lipped" and avoid any and all leaks, rumour and conjecture but the questions being raised at the AGM will certainly be asked by any potential funder and will sit in any "data room"..... They also admitted that they had looked for a Farm-In earlier in the year but having opened a data room had ZERO offers. That is very worrying to my mind - funding is very difficult to find in the current market conditions and when available is bloody expensive. Whether e

Sorry one and all - reverse NT1 & NT2 in post below...

Winalot, I tend to agree with you and certainly hope you are right because I would not have confidence in the He1 rig to do the job at CH1 or NT2; maybe NT1 though? Though without a pipeline and GSA who is going to drill anything?!

One of the most vivid takeaways of the AEX AGM way back in Q2 was the BoD's and ARA's collective concern about the reliance on TPDC for the building of the pipeline - something that is "baked in" to the GSA and consequent pricing.... but is a critical dependency for production and drilling.

Yes BG, very similar...

Another thing RJ, as has been mentioned many a time before, the NT2 drill proved that the gas pressures at Ntorya are such that very specialised, high grade rig and casings will be required for the CH1 drill (allowing venting of gas to reduce and control the pressure) and would you be confident of using the He1 rig after the recent performance issues....?! I wouldn't.

Well RJ, honestly, I rather hope not. Not least because, even assuming that the rig is repaired in short order, He1 needs it to drill one, or ideally two, drills in coming months and only then after they have secured the necessary funding. In my view that means that realistically, it will not be available until at least April..... unless of course they don't get funding - in which case He1 is totally buggered and the rig will be available for nothing in February!

FWIW RJ, I think He1 are really struggling to get the quantum of funding they need and even if they do it will come at the cost of HUGE dilution akin to the AEX dilution when selling out to AGRA for a song; the two companies are in exactly the same position - neither having a pot to p iss in and requiring a "white knight" to ride in and save them - but at a "fire sale" price of course....

Oh and BG, yes, I am expecting to see the output from that 3D analysis - revised CPR - in January. Though it was meant to be released to coincide with the CH1 drill and that still looks a long way off.... I am not expecting any movement on that until we get a GSA and pipeline initiation.

I am not sure that I agree with you Northern. Too many times during these extended periods of extended "radio silence" the rose tinted spectacle brigade have tried to persuade us that the BoD and ARA will have be doing a, b & c behind the scenes and that all will very soon be revealed; When, in reality, those periods of "radio silence" have. invariably, been proven to reveal a period of minimal, if any, activity whatsoever....

I was at the He1 AGM yesterday and one interesting fact was revealed and that was that the He1 BoD had been approached by a number of "in country" (i.e. Tanzania) O&G entities to enquire about the availability of He1's own Drilling Rig; so maybe there is a glimmer of life in AEX (ARA) yet ;0)

But then RJ when ever have facts mattered to those with an agenda....? certainly not to Joke90.... He1 will be the best thing since sliced bread (yet again) once he decides to buy back in.

"It's not confirmed there will be dilution. It could be a loan."......

I agree with many of the subsequent comments, with no income of any kind, any form of loan cannot be repaid except through the issuance of more equity, so if a loan is to be agreed it will only be a temporary arrangement. Moreover I think the sp movements that have been seen since the last announcement would suggest that capital has been raised through the issuance of more equity - another dilution.

Joke90 - "Based on the information at the time you numpty. You wallopers where just pure ramping yesterday with zero info, fuelled by pure greed"....

Well Joke90 might believe his own drivel but thankfully, everyone else sees him it for the hypocrite he is.

JokeyCokey80, in out, in out shake it all about.... and no longer holding but still here. And no doubt still in profit too ;0)

i tend to agree porters, or, at least similar. in reality the cost overruns would be much the same whether they would have stayed at tai or moved on but, you would think that the drill costs for tai would be lower than itumbula so, what can we take from that? my take on it is that whilst prospects at tai3 may or may not be commercial, the bod perceived that they had a greater chance of success that at tai3. if they had redrilled tai3 and failed they would have had to raise more money for itumbula in any event, so why not raise anyway and "go for broke" with itumbula?

as i said below - it is likely to be "**** or bust" in any event if they failed but there was a greater chance of avoiding that scenario with an itumbula drill and then a subsequent raise for tai3 if successful.

Anyway, those that are suggesting forward selling, where oh where are they borrowing the stock? There is bugger all stock lending available in He1 - there is next to no liquidity....

forward selling? well it goes without saying sharebel that there may well be a large number of sells yet to be notified but really? less than 8 million shares at 1/70p - that would have raised all of £160k.....

it would also be interesting to know how much they intend to raise? how much did the mechanical faults / repairs / replacements and the staffing issues cost? surely not $millions? and who would want or even be able to raise a large sum of money now with all the dilution. borrowing? the only financing available would be "death spiral" lending as he1 has no ability to repay any loans or interest.... if that is where they are going i will definitely be out.

so i suspect that it is "**** or bust" on the next drill; raise just as much as you need to drill itumbula and, maybe, re-enter tai3 and if they do not "pay-off" it's all over bar the fat lady....

Jemgee, I think that is an optimistic outlook - as far as we have heard they've only found Helium contained in water. To my knowledge that does not constitute a "commercial" find. No-one, here at least, has been able to confirm whether it is even possible to separate the Helium from the water/liquids.... One of the questions that I hope to be asking next Thursday.