RE: Noble30 Jun 2023 15:01
No, check the funding,
"Funds will be used to drill and test the first well and purchase long lead items for the second well at the North Rukwa Project."
Does'nt mention 2nd site construction either..
Probably because the 2nd well at a different location has not been committed to
"The proceeds from the Placement will be used to drill the Company’s first exploration well and purchase long lead items for the second >exploration/appraisal< well at its North Rukwa Helium Project in Tanzania in Q3 2023."
Justyn keeps talking two wells, like he keeps saying they have an experienced drilling team, both misleading, the drilling team he refers to are his desk jockeys not the rig crew..and they are committed to 2 drills but dont have the funding..
That LOI was probably based on 3 drills, so 2 is just 66% of the sum SOFORI would have expected..
If thats the reason for the hold up, then its hard to believe they terminated the JV to raise for one well... and He1 can't comment on while negotiations are still in hand..
He1, raise last year was thwarted by the PI knowing it was coming, so suppressing the share price. After a series of positive updates came DMs awful video where he talked around so many questions, so his 7p raise only achieved 5p as the price fell..
Plus they are finishing the well for production, and spending £2m on testing it, pushing the boat out..
Early days and only speculation but it makes some sense if Noble did'nt consult with SOFORI before going for the raise..
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