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Dai

Wishful thinking there - Starmer retired -

I think you meant Stalker - and yes - that should have been a red flag !

Crypt

I would suggest that they aren’t making a very good job of “going it alone “

Blue

I think most people on here - once the ML application was put in /feasibility studies done - etc - all thought the BOD knew what was at Itumbula & moving into production & financing was all forthcoming. The fact that they hadn’t had an independent CPR was a bit alarming for me & the subsequent independent CPR was not what most people was expecting.

Pub

It was only a couple of weeks ago that you were posting about the ESP being installed at Tai - not Itumbula - you couldn’t even get that right .

You have no credibility left here so best not preach .

“ Now that the ML has been officially awarded, the Company plans to commence further testing in Q4 2025 to advance the development. This will be undertaken by re-entering the ITW-1 well and utilising a downhole Electric Submersible Pump which will be used to create artificial lift and flow helium at increased rates from the Basement and Karoo intervals. This operation is expected to provide a greater understanding of the helium concentrations at higher flow rates. This information will then be used to enhance the development programme.”

Dai

This taken from the RNS & is the only information given so far. Dai - you know as well as anyone- that detailed information is not He1’s forte! So yours guess is as good as anyone’s as to what happens next !

The fact this was the only finance available to them is a telling fact here . Being unable to attract a JV partner says it all . This is despite them sitting on a supposedly “world class “ helium discovery.

It seems obvious to me that this BOD is a complete shambles & has been for some time & the market & financers have no faith in them whatsoever to deliver the Rukwa project. Hence no one was willing to come up with the 💰needed . Since the ML application back in September they have got nowhere with Rukwa & Galactica has been a side show .

Should have seen the red flag when Stalker quit a couple of years ago - the writing was on the wall then .

Hands up who would have preferred the cash box route now ?

Shareholders had the chance to block this at the EGM don’t forget- but it was voted through. Lots on here warned against it but were drowned out by Pub & his mates . This is only going one way !

Spam fritters were the best 😋

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Helpful

Thanks for sharing your journey & well done for making a profit . I’m sure there are many with similar experiences with very different outcomes .

A couple of excellent posts Bluebay & puts this into perspective. This still is very much a high risk gamble with the odds of success at Rukwa still up in the air . Gonna cost a helluva lot of money & time if this ever gets to production. The fact that the only finance they could attract was a CLN speaks volumes.

Let’s not forget originally Inez #1 was pencilled in for Q4 - it was pulled forward when the raise was made . That may be the reason why the Workover rig was not available straight away - it was booked for Q4 & is elsewhere atm .

So how much do you think it will cost to do the first 5 wells ?

Agreed Cp

But the point you’re all missing is that so far drilling has been so expensive using our own rig - even without flow testing- it is going to cost an absolute fortune!

No - I was asking how much do you think it is going to cost to drill these wells given past costs ?

June 2024 raise

· Proposed Placing and Subscription to raise gross proceeds of a minimum £8.0 million (approximately US$10.2 million) (before expenses) at the Issue Price.

· The Placing will be made to certain existing shareholders and other institutional and high net worth investors.

· All of the directors of the Company and certain members of management have indicated an intention to participate in the Subscription up to an aggregate amount of approximately £35k (approximately US$44k).

· Issue Price of 0.50 pence per new ordinary share represents a discount of 56.5 per cent. to the closing mid-market price of the Company's existing ordinary shares on 7 June 2024, the last practicable date prior to this announcement.

· The net proceeds of the Fundraise will be utilised to complete an Extended Well Test ("EWT") on Itumbula West-1 to evaluate commercial flow rates of helium prior to the development phase, as well as providing additional funds for operational contingency.

January 2024 raise

Proposed Placing and Subscription to raise gross proceeds of a minimum £5.8 million (approximately US$7.4 million) (before expenses) at the Issue Price.

· The Placing will be made to certain existing shareholders and other institutional and high net worth investors.

· All of the directors of the Company and a member of management have indicated an intention to participate in the Subscription up to an aggregate amount of approximately £18k (approximately US$23k).

· Issue Price of 0.25 pence per new ordinary share represents a discount of 72 per cent. to the closing mid-market price of the Company's existing ordinary shares on 19 December 2023, the last practicable date prior to this announcement.

· The net proceeds of the Fundraise will be used for drilling an exploration well (Itumbula West-A) on the Itumbula prospect, in addition to general working capital purposes.