Member Info for Glib

How read up are you on SYME? I was invested there for a while, but sold to come in here.
They are setting up a new asset class for inventory monetisation (customers are screened first) and they can get cash for existing stock (that sells) and I believe also for goods in transit - creating cashflow for companies.

They have been trying to set up a captive bank for some time but this has dragged on. They recently partnered/merged with another company which will expand the customer base but there are still a few outstanding questions on finances. It is a bit of a gamble and i'm not sure why it jumped the way it did today. It may continue to increase, but be very careful of getting spiked. The SP was at the current level around 3 months ago, bur has been on a downward trajectory. An interesting share though.

I put 90% of my eggs in this basket, but that was because it had basically recovered huge losses from the predecessor - AOGL here. Also broke the rule about always protecting the principal. A reduction in profit is not the same as losing money. Strangely, i'm not too concerned right now. Maybe i'm just dippit.

HE1 should have about £12m in cash right now. In December we had $6m available which would cover the exploration phase and then we raised £10m to secure the rig that would also drill appraisal wells (£2.4m). This also covers £3.8m for 3D Seismic of any discovery and a few more million for feasibility studies, licence fees, contingencies, expenses etc.

We have not heard about a new site being prepared, so are we redrilling Tai? I don't think there is anything to be learned right now by doing so. Or do we prepare the next site while completing the testing of the shows that we can access? That would make sense to me, but just my opinion.

What next?

We either take readings from the parts of Tai-1A that we can reach with the wireline or move on.
(The more data we have the better so I would like to get info on the strata and the shows that we passed on the way down, even if a gas column was not "discovered")

We drill another hole at Tai
(If we know that the ground is unstable at this site beyond 800m then I'm not sure what benefit will be gained)

We drill another site
(Itambula and Kasuku had been mentioned before. I believe both of these are a different trap type too)

When it comes to drilling a new hole, the 2D will need to be used along with the data taken from Tai-1A which may take a while to interpret. The results from the next hole will also fill in some of the picture so we can read the basin and system better.

We are fully funded for exploration, appraisal and 3D Seismic of a discovery. No need to worry about finances for a while.

DM - some people seem to have lost faith in him. I'm not sure he can be blamed for being enthusiastic about the project and the maiden drill. I am not aware of any misinformation from the the interviews although I was slightly worried about that DT article. It did not read like an interview and made no mention of when it took place. Was the information reported cherrypicked? It seemed more like a ramp than an interview so I largely ignored it.

Some posters try to "read between the lines" to find a hidden meaning in articles and tweets, but other than a slight delay of perhaps a week in updating us (I assume to be sure they have a read on the situation) HE1 has not made any unfounded or misleading claims IMO.

I'm still invested and down 5 figures, but we have drilled 1 hole and have finances in place for 2/3 more as well as the appraisal drilling. I'm not going anywhere - we have confirmation that there is a working Helium system and efficient seals are not required to make an effective seal. This could open up a lot more potential sites that were initially written off.

We will probably need to wait a few days for the market to settle before we have a clear indication of a new baseline and where we go from here.

16/04 - Placing and Subscription raising £10 million at 10p per share
The drop today was supported by a trend line on the chart and also falling to the last placing price. Falling below this would be excessive and I believe this level would be the baseline for any drop. This paid for Appraisal drilling and 3D Seismic as existing funds covered the Exploration drill costs.

[ Whilst the three well exploration programme remains fully funded from the Company's existing cash resources, additional funds raised at this time will now enable the Company to contract the drill rig to allow appraisal drilling to take place immediately following the anticipated exploration success. Contracting the rig now will keep the rig on site and save an anticipated c.4 months or more of drilling downtime and c.US$500k in rig mobilisation and demobilisation costs. The proceeds will also allow for the mobilisation of a 3D seismic programme to maximise anticipated reserve to resource conversion and will fund the costs of a feasibility study as well as working capital and licence fees.

· Appraisal well drilling: £2.4 million
· Enhanced well completion: £0.5 million
· 3D seismic programme: £3.8 million
· Feasibility Studies and licence fees: £1.2 million
· Additional operational contingencies, working capital and expenses: £2.1 million ]

28/04 - SP had climbed to 17p having been 12p a week before
29/04 - Mobilisation of Drill Rig & trading on the OTCQB. SP reaches 20p

04/05 - Completion of Extended 2D Seismic Campaign. SP reaches 24p as it is reported that Tai is a must drill location due to triple stack formation identified on Seismic.

With reduced sentiment and our position being back to pre-Tai levels, I would expect the SP to settle in a range between 14p-17p. There is an upper resistance at 14.2p from highs in mid and late April, and lower resistance at 10.2p. There is resistance at 16.65p and 17.52p. I don't think we will fall back to 10p or reach the 8p level that we left in March before any upward momentum took place.

After we have news on what the next steps are, we should see the SP move upwards to 14p-17p. Do we stay at Tai to test the Shows that we can access? I believe we should - it will give us more data points to marry up with results from the next hole. A few more days before we hear news and hopefully things will have settled down. We know the Rukwa basin has Helium in it and it is migrating through the system. We just need to find an accumulation of gas with preferably a stable bore hole.

If we do move on from Tai at this point, I believe it is not a reflection on the Helium levels or faith in the project, but to get a better understanding of the overall geology of the basin and to test other trap styles. If there are the same problems in drilling at other sites a plan will need to be put in place to counter this. It is likely that if Tai is not drilled again we will be testing a different trap style. I believe from the presentations that the other sites would not need to drill so deep.

Cash raised for 3 drills - optional 4th for shares.

Not the news we were hoping for. Hopefully the next drill will be better - it should be faster now we known some of the strata we will be dealing with.

We should see the SP bounce back to just below its position before Tai drilling was announced. Not looked at what that was yet though. First target on looks to be around 16p. https://invst.ly/vpqks

Porosity is the space in the rock. Think of the difference between coal and slate. Coal has more space in it for other things like gas or water to move through.

SP has fallen slightly further than I projected (the lows from the 2nd and 3rd), but think we will start to see the SP turning around now. https://invst.ly/vox6e

I don't think this dip will be sustained and the downward trend has been reducing since 11:30. There was a larger fall at 13:20 that took us to where we are now but the price has not gone below this. https://invst.ly/vox85

I think we may be back to 27.2p by close at the blue dashed line which is a long-term trend.

The older baseline trend (green line) is now being tested as it crosses the resistance level (red line). The SP will either follow the green line upwards (before the weekend) or follow the red line to stay within the red/pink triangle - which is a more recent baseline trend. https://invst.ly/vo04q

I think SP will now rise until the end of the day.

Hopefully we see a bit of movement in the SP soon. We almost had a breakout around 8:45 but this was quickly brought bacl into the current channel. We are getting close to the end of 2 possible pennants, so one of them will have to fail. As both are moving upwards, will the downward pressure give way instead? https://invst.ly/vnx9l

When I hear of the entire basin being derisked, I think it is because we now know an unknown.
Due to the seeps, we know that Helium is there.
What we don't know is if the helium is being trapped in commercially viable concentrations.

If this turns out to be the case at Tai (we will need to wait until the appraisal is complete to get an idea of flow rate and reservoir size), it shows that similar trap styles in the basin may also hold commercial quantities that we can access. So the risk that the helium may not be getting stored is removed - and this can be factored in to other drill site projections.

By my estimate, at an average of 25mpd we would be around 1050m. At 30mpd we would have reached TD an starting to run tests. I will need to look out some Gas Explorer RNS' to see if there is any info on how long these take to do any how long before results are made known. It would be different for oil so need to remove some keywords in the search.

If we were to do a wireline test of the 400m zone (or part of it), they send down a tool to blast holes in the casing first. Then send down the wireline tool.

As far as I am aware there is no mention of a second drill location as yet. I may have been in error on assuming Tai-1 was the first of 3 drills at the Tai prospect which is 2km wide by 5km long. I suppose it will be Itumbula or Kasuku next if we are only drilling 1 hole per site. It seemed odd to write off an entire prospect if one hole failed.

@Craignews

I was probably not as clear as I should have been in my post. Yes we are fully financed for 3 exploration drills and the appraisal well drills with an optional 4th. I thought the 3 drills were going to be at Tai hence my comment "we are only currently financed for exploration and appraisal drilling at the Tai site". I may be wrong on that - do we know where the other drills are supposed to be if not at Tai? I probably assumed this as the drill has been designated Tai-1 which suggests (to me) there will be more than one drill at the site so they need an individual identification rather than just calling the drill Tai. I could be wrong.

As I am talking utter rubbish, could you fill in the blanks? My research is obviously not good enough.

Totally agree SeagullsFan

While we have 3 sites, we are only currently financed for exploration and appraisal drilling at the Tai site. Our first drill hole is Tai-1. It was supposed to take approx. 1 month per drill, but Magoo247's comment about drilling while preserving the structure of the payzones makes a lot of sense - it's not a case of getting as deep as possible as fast as possible. The appraisal drilling should go faster as we will know exactly what the geology and probable depths of the various rock types are which we are just learning about from this drill. What we learn from this hole will help speed up the drilling of all the others.

If a commercial discovery is made (we are at exploration stage - still to do appraisal), it will take about 12-18 months to get the the site ready, environmental impacts done and permits in place. Can't remember timeline from the presentation now. We may start the process while drilling the other sites, but it will not be a case of a few months.

Looks like drilling continues, then possibly another few days for cleaning the hole, testing and analysis before writing an RNS.
Back to work for me.

If all that was required for them to make a market was to match people wanting to sell at a certain price with people wanting to buy, it would be automated. It isn't automated because they are after their own pound of flesh along with the transaction fees for each purchase and each sale. Call it the vig if you like but they are there to do more than just make a market - they are there to make as much profit as possible for their bosses.

I'd say the chances were pretty good of closing at 26.5 - especially after the closing auction.
Some people can't follow chart lines on a candlestick graph https://invst.ly/vle4j
So here it is on a straight line area graph. https://invst.ly/vle6j