Member Info for deep100

All sharesave employees have received offer letters citing the schemes - both old & new - will be closed within 6 months . The offer consists of payoff @ 0.1285 IP share for every Smiths share . No negotiation - take it or just get your money back that you have invested. This equates to only £4.15 per share & reflects the offer price stated back in April- not the current sp price

We have been royally shafted !

Lorna has said previously that she expects the ML to take 3 months for approval/non- approval so don’t expect any other news any time soon regarding Rukwa . The FS must of included how they will be funded moving forward- let’s hope they have a JV lined up with someone & not just allowing on future revenue from Colorado.

Their focus has now turned to Colorado & expect the next news to be from here .

I would think that when the new beefier larger rig is finalised that BS will tell us that they are drilling the Cambrian zone deeper.

Dai - lol

It’s the difference between Tanzania & Montana & a believable competent BOD !

It cost He1 £8m to drill 150m at Itumbula !

Dai

I think it was £8m

Dai

BS did say they won’t start Rudyard until they’re done at Clink#1 - the original rig did have a couple of jobs to do inbetween our 2 drills so I think it’s best to assume that Rudyard will be slightly delayed

Dai

They haven’t specifically said they will drill deeper but BS said it will be a larger beefier rig . I’m sure the identified rig will be able to although we don’t actually know how deep the Cambrian zone is .

As for finances I think both Clink#1 & Rudyard was only 4.5 million to drill - so plenty of donzies still left - no need to raise .

KR

The rig used was only capable of going 8000m which they thought would be TD in Cambrian zone . As it happens it is deeper than they thought & full of hydrogen & helium .

I’m sure the new rig sourced will be able to go deeper & we will know what is actually down there once wirelogging & EWT is done

Jwoz

“So they have money in the coffers. Plenty I would think.”

Quote of the day so far ! 😂😂

If He1 think this is a major global discovery, it is very odd there hasn’t been an interview yet ? She should be shouting from the rooftops!

With this set of results , I think the market has realised that it is gonna take an awful lot of money to take this into production- money He1 doesn’t have atm .

Is this set of results going to be good enough to attract a JV partner to cough up the cash needed ? I’m not so sure . If not & they have to go down the placing route again - this share will be diluted into oblivion!

I just hope when the LB interview comes today , she is asked “ Is this commercially viable ? “

I think I saw somewhere that they paid extra to keep the Marriot rig in Tanzania on call . I think I also saw somewhere that it was being sent back at a cost of a million. So it might not still be in Tanzania. I certainly don’t think they will be using it for the upcoming shallow drills .

If they don’t use He1’s rig I would love to know the reason why ?

KR

Taken from Google

Casing for the production zone based on equations for burst, collapse, and tension loads on the casing, and the well performance and safety criteria. For a horizontal well with a depth of 8,000 ft, a lateral length of 4,000 ft, and a reservoir pressure of 3,000 psi, the empirical method suggests a 7 in

Noble needed a rig & have announced they have a preferred contractor. Being ours is sitting hot stacked if the “preferred contractor “ was not He1 , what signal does that send out ? Surely it would be more expensive to import a different rig from outside Tanzania? Or is it ? 🤔

Crusty

The timing does not look good . Surely if the results are so good at Itumbula they could have raised the cash flow money needed by other means without diluting us any further.

One very big question for me

If He1 are sitting on a world class discovery which could provide all the the world’s helium needs for 10 years - ( their claim - not mine ) - why would you bother acquiring a 50% stake in another company in the USA for cash flow? Surely , if their claims are correct, they can make more than enough money by concentrating on Rukwa ?

Ask 1.2p at opening! 🤡

The 🤡 are at it again ! Why announce a raise today at 1.09p when they could have waited for EWT results & a higher sp ? The only answer for me is Itumbula is not going to be commercially viable .

This article was before we bought our own rig. Originally we were going to share a rig with Noble but that fell through in July 2023 . Noble ended up hiring the Marriott rig & we bought our own .