Yeah, got greedy as I saw this as a vehicle to recover losses from NCT/MYN/AOGL - the share HE1 reversed into. I made it too but tried to capitalise on the momentum. Rose tinted specs in the bin now.
Not sure much will happen here until news, but at least they are financed for whatever comes next. Just need to remember to always protect the principal invested.
It's taken me a while to digest this, but I broke too many of my own rules here.
Invested 90% of my portfolio here, didn't take out any profits when there were some and did not react when I saw the weird sells and reporting that was being made. I need to assume worst case scenarios with any future investments now.
I'm sorry for the losses everyone has incurred. I know some were hoping to derisk.
The current rig has a limit of 1200m I believe. So a different rig would be required if they were to drill deeper.
As DBD says, the helium comes through the crust but the deeper we drill, the more expensive it gets.
As helium is lighter than air, it is always trying to move upwards, which is why we do not need to drill so deep to find it.
What we don't know is where the helium is being trapped as free gas. There is no guarantee that this will have occurred at deeper levels where the heat and pressure are also greater.
It might close the gap that's at 12p then come back, but it's anyone's guess. As this drill is supposed to be shallower and they will not need to case at 400m (AFAIK) it should not take as long to complete. Hoping for a positive close to the week.
As there is no news expected until next week at the earliest, there is nothing keeping interest in the share - in the short term. At least I think this is the reason for the fall and downward momentum. I don't expect this to last long though and there is nothing on site that has changed. Drill is still turning and we know the Helium system is generating.
That information has not been released. The RNS stated they were investigating the Lake bed Formation which has an estimated base of approx 400m. The Show we were drilling when the string broke in Tai-1 was in the Red Sandstone Group which is below the LBF, so we don't know if this is also being tested. I don't think so, but just my opinion.
All we know is the figure was amended throughout the day - slowly being released late to the market driving the price down. Possibly MM's were instructed to sell at best price, so it was done in tranches but never seen it reported in this manner.
We don't know how many SCIR had as they were below the 3% threshold when they last reported.
Currently 615,498,925 shares in issue
Aim Rule 17: A holding of 3% or more in any class of AIM security (excluding treasury shares) and any increase or decrease in such holding through any single percentage point.
So we might not get a TR1 after all.
Cheers Wyndrum.
I shouldn't have said I was "worried" about it.
I'M FREAKIN' TERRIFIED!
Nah, just wondered. I thought that might be a bit of a stretch, but today was also a surprise so...
Plenty of time to wait until the drilling and testing is complete. When Tai-1 started, there was a drop that was only arrested by news of the show. Not sure we'll get news until it completes so could have a few more days of these extremes.
At least I now know how to make a small fortune on the market.
Start with a big fortune.
So Wyn, what do you think happened today?
Market correction, MM's trying to fulfil an order or something else?
I'm just worried that we have a head and shoulder completing and we had gapped up at 12p. Do you think that formation has completed or a further pullback is due?
We know that there are some short positions from the icon at the top, but i don't think that would be enough to explain the trades. I can't see MM's taking the price down to this level to fill and order, so the only thing left is zombies.