Member Info for CrustyPete

Please excuse typo's I am "on the hoof"....

Well D-Geeman, my thoughts are that anyone, including He1, would hardly choose to go to market to raise capital, explicitly, for a TWO drill programme and then go back to market for further cash before you have completed it, unless it was completely unavoidable; so I am sure they only do so if really pushed BUT the delays and new equipment costs may force their hand methinks?

Having quickly scoured the interenet for the costs of such things as a new iron roughneck and new drilling equipment akin to that described on the interview I think it feasible that the costs of the equipment could be circa $250 -300,000 plus shipping, installation and testing; so below $500k. I juhoipe they have emough wiggle room with their capital toi cover this.

the point being that we won't know until we ask or the BoD decides to make a statement to that effect. The good news is that the AGM is only three weeks away and it is being held just a few tube stops from my offices, so I will be attending and will certainly ask if needs be.

A fair summary LW, mirrors my own thoughts, though I wonder if this was also foreseen by the BoD when coming up with the RNS before today's? They had already suspended drilling into the basement and presumably knew that they would need new equipment to complete the final 100m? Did they have funding in mind when bringing forward the date of the AGM...? Have you seen the agenda yet (I haven't)

I agree Trek - I was one of those that believed that the BoD would wait until after the drilling of Tai 3 before another capital raise on the basis that raising beforehand undermined confidence in the outcome of the drill. To be fair to LegalWolf he took the opposite view and mirrored your thoughts regarding the timing of the raise. Yes, the price might be lots better after the Itumbula drill or it could well be quite the opposite!

That new interview is a bit of a mixed bag. Three weeks to have new replacment parts on site, but no timeline for fitting, only a slight move from Itumbula, but new parts for re-entry and drilling of Tai 3; the elephant in the room is that none of the above comes for free - no cost estimates for any of the above and nor any discussion of whether or not this can be accomodated from current capital..... maybe one more drillin budget but certainly a raise before the next, or even the re-entry of Tai 3...

So pretty much as skittish underlined earlier in the day.

This looks like a hold for me until we get some claity of the above.

Skittish you say "Now they want a third pad (apparently), and more drilling."

Do they? that is the question just as likely that they still only plan to drill two but that the original site is now no longer on their radar. In which case, yes, there has been unnecessary spend but will it result in the need for additional funding? As you say we need an interview to have it explained.

Agreed Leonidas, particularly if they are moving any significant distance. Furthermore and as I first commented on earlier today, there was no mention in the RNS of getting the logging readings analysed independently. Will they await those before deciding on anew location? I suspect that is not their intention but, if the weather is to have a major influence (March 2024?) and if they have to wait a considerable time for parts for the Rig repairs might it not be better to wait?

It won't help the sp or the cash flow but I would suggest that most shareholders would be prepared to take a better safe than sorry approach.

I suspect you are right Happydazes, not much news on the horizon and they have to fix the rig before entering Itumbula. The reality (easy with hindsight) was that once they were forced to cease drilling just as they entered the Lower Karoo, failed to drill the additional 100m this was always going to be a damp squib. Some recognised that and said so, others suggested that this was a good outcome; "they stopped at the fractures because they don't need to go any deeper" I seem to remember.... It wasn't!

ART you say "I defy anyone to say they are in profit."

I suspect that Joe80 will find a way....! ;0)

Agree AOTG, that what caused the sp retraction of last week from above 6.3p down to 5.5 methinks. That looked a bit dodgy at the time and should have been a sign to reduce.

Ho hum, this was always a binary outcome and unfortunately not the outcome that most were hoping for. Onwards and upwards - to Itumbula! :0)

This early sp fall will wipe out a lot of CFD, Spread betters and anyone else margin trading after which the MM's will raise the sp......

All that may well be very true CP but, on the other hand the reality is that they have been unable to state that they have a discovery and the outcome is at best "inconclusive" and defers the date until they will have anything conclusive and from Itumbula not Tai3.... we know what happens with "uncertainty" and with an obvious delay. Does not look good for the short term sp in my view: likely a hold for another few weeks yet and maybe months; New Year anyone?

No mention of the wireline logging readings being sent for independent analysis either.

"The presence of these helium-enriched fluids migrating through the basin along fractures and fault zones that is likely to allow the helium to migrate from the deeper Basement source rock." Suggest that the helium is not being trapped in the Lower Karoo Group does it not? In which case that does not sound all that positive an outcome and seems to contradict some of the recent speculation and suggestion on this board. Anyone qualified to comment?

I think it is more to do with recent funders looking to de-risk, I know that some have suggested that recent funding has already long deparetd but I was never convinced of that argument, particularly with all of the upside possibility and I still belive there is some more to come. Once that has finally been exhausted then we will see a more convincing and sustained ride rather than this two steps forward one step back progress.

@ Joke90, " I can highlight something that is very much derampy if you want me to?"... go on then! Or would you rather the BB thinks that you only post according to your own interests? Surely not!

Joke90, from fearmonger to FOMO..... what an epiphany ;0)

Then I see no obvious answer for those entities except eToro, who do not actually act as a Broker; they are their own market on the shares they quote on, hence they can select whosoever they like but will only choose those where there is liquidity. I would not be at all surprised to find the same it true of the others insofar as they only quote on Shares where they have access to sufficient liquidity. They would not want to deal in shares or in quantities where they could not fill any orders and where they would have to take that position in-house. Alternatively as I do not believe that any (KBC may be an exception) are members of the LSE and therefore not "principal" in any transactions - they will use a third party and will be reliant on their trading universe.

I think you have answered your own question - the Board also spend most of their time trying to work out what they do - or at least how to justify their salaries to their shareholders...

" That's not so bad then, in regards to keeping the string free. ".....

Oh look so now it seems that after days of unrelenting, hyperbolic, scare mongering and finger pointing Joke90 now admits that he wasn't in possession of the facts after all....... And not for the first time.

But hey why and when did facts ever get in the way of a personal agenda, eh?

Re-entry achieved, perhaps?

Anyway, who cares? Bye for now GLA.

If it is to be bad news LW you won't have to read it - "those in the know" will have made their escape long before the RNS..... That is one reason that I am comforted by the recent sp movements - we might well have witnessed an sp "nosedive" if the doom mongers had a real case.

I'm with you Skippsy, trust what we are told until they tell us something different. Better that than listening to the Snake Oil Salesmen.

Oh and LegalW, I would agree with your assessment though whether it happens on Thursday am or Friday I am not too concerned but if we hear nothing, those doom mongers will have a ready audience of nervous investors hanging on their every word.