Member Info for dai2belts

@Tro, Your referring to QED, ?

There is supposed to be some big company name announced this month, part of the fuel agreement for the MSC trial...

Speculation something being announced at COP 28, or over the weekend some Forum

Somebody bought +1m at about 3.2p today ?

Could it be consolidating at abouts 3p in anticipation of this announcement ?

https://invst.ly/12kw30

@Tro, Ta, QED Video..

I think there might be a helium company holding a licence adjacent to Itumbula called 3D, lol

3D/Kidunda

@Swissy, they dont have to tell you anything that can be kept quiet, with a fair chance of resolving, especially if the news would be unnecessarily detrimental to the company.. Since they said they are confident, and have options they have good reason to keep shtum for the time being as it sound all in hand...

There is either a problem, or they have unnecessarily wiped millions off the MC, all at the expense of investors . Unless this is some how playing the tune liked by the potential funders...

CGH

05/12/23 CGH - buy 6.06 sell 6.69 ~10%

Waiting for 6p misses 2 days high volume, then its day 3 .... how does that combine with the 3 day rules

https://invst.ly/12kphg

Mmmmmmm, Dobby has a good point, crossed my mind too,

Its a heads up its going to be tough to raise the funding needed, as He1 keep quoting £6m without flow testing...

but then again PRD having been setting up a pad, drilling Gas and wire-lining for around £3m, and that includes hiring the rig ?

Makes you wonder about the £2m He1 spend on formation testing , exactly what is the £2m getting them over PRDs logging?

@Tro, we will go bust first...

But they will need to cut those licences down, and reduce their cash burn..

At the current rate, drilling 1 licence every 3 years just does'nt cut it..

Not buying anymore until after the funding...

Interesting how soften the blow, success, costing exercise before the unsolicited approaches, I just wonder if its the same guys that ring me once a week... Probably want to avoid delay with their cash burn..

Funding update

=============

Having successfully moved the rig to Itumbula and, following the identification of the new Itumbula well, completed the new well pad civils work in readiness for drilling, the Company has undertaken a full cost analysis and budgeting exercise in order to ensure that, once spudded, the Itumbula well can be successfully drilled as planned. In undertaking this costing exercise the Company has been cognisant of the contingency funding that may be required given the significant additional costs and time delays encountered during the drilling of Tai-3.

Having completed the costing exercise, the Company has identified a need for additional funds before Itumbula can be drilled. In addition, the Company is in receipt of a number of unsolicited approaches from potential investors and, in light of the findings of the costing exercise, is advancing these discussions while also assessing other financing options. The Company is confident of securing the additional funding in the near future so as to realise the cost synergies of avoiding a delay to the drilling of Itumbula and will provide an update in due course.

Then they have a self propelled rig the requires a 4 man crew, yet the logistics involved puts the man power closer to 60, and requires 17 trucks. They say its an Oil & Gas drill, but there is no oil to spill or flammable gases to flare..

While the first drill required nothing like we see now, the only difference is a bigger rig..?

@Swissy, like the 1st raise she should have kept shtum, there was good news to come, rig fix.. instead there is a new all time low, and possible drifting lower until its done.. if they do need to raise they have significantly reduced the placing price, and probably more than doubled the dilution required post rig fix .

@John, check your figures first, dont give them an excuse to correct you.....

At first glance something does'nt add up ....

" Group's cash position, at 30 June 2023, was US$9,600,786", then add the last raise " approximately US$8.5 million".. Thats $18m.. So far have drilled 1 hole, prepared civils for next, and shouted raise.

Original cost break down for Tai works out about $8m..and they claimed they saved £/$4m by drilling back to back, which suggests Itumbula costs were about $3m

Taking $500k/month cash burn, July- Dec they would have had close $15m towards the cost of the drills

Thats the cash burn often touted on the BB, not sure where it comes from..

Makes you wonder why they are announcing the need for funds at an all time low, especially when there should be some good news to come with regards to the rig repairs, and two weeks ago drilling was on.. They must have been aware of the cash balance...

@Tro, change is they have big expenses with a £16m MC,

What happened to the standalone rough neck ?

We will have to wait and see if pulsar make that discovery....

I noticed still 3 weeks for the rough neck,

@Twohearts, thats Minnesota, ?

I am a little baffled by mentioning they done well to make the cash last, shortly before the previous raise, especially after reading " cash position 30 June 2023, US$9,600,786"

Suggests they dont keep up with their own balances, and nobody corrected the statement ?

@sdg1970,

I am sure recently it was mentioned they done well to make the money to last until June(maybe July) but " Group's cash position, at 30 June 2023, was US$9,600,786", then add the last raise " approximately US$8.5 million".. Thats $18m to drill 1 hole, and prepare civils for next... Cost break down for Tai works out about $8m..

Makes you wonder why they are announcing the need for funds at an all time low ?

@Gogs, you could submit your questions so they get answered when the Q&A gets published ..

@Lucapizza, He1 have given no break down of drilling costs this year, they just talk savings without backing up the figures..

Drilling back to back was said to save £4m(if I recall correctly), which is the best part of the £6.5m stated for Tai-3 while renting a tower rig.. yet they raised £6.8 m on the back of the second drill.. That £4m saving suggests Itumbula costs were roughly an additional £2.5m....

So where has the £4m savings gone ?

Plus they raised £9.9 on the back Tai(£6.5m), another £3.4m towards running the company..

Noble have the Marriott stacked, perhaps the extra funds will be Noble hiring the Predator ?

And crashing the price a christmas present for the mates...

@Cameron, They only have a few minutes, and I think they are staged as a few times nothing has been said to give the interviewer the finer details revealed in the next question... She is always with holding info, the infamous Rig update, we dont anything about the hydraulic and electrical issues, just the rough neck...