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Beat me to it Deep100

Just to let those who can't count up to 6, or 3 + 3, or Q1 = first 3 months, Q2 = second 3 Months, etc. etc. It has been officially stated by the Royal Institute of Mathematicians, that JUNE is the third month of Q2

IG

Thanks for the update!

Guys, we have already burned through £1.5m since start of January at £300k per month for 5 months, and if as you say KR, if we can't drill before Christmas, that would be another £2.1m (for further 7 months) gone by then !

This needs dealt with next week one way or the other, or we are going to find ourselves in a pretty dire position.

On the bright side of any possible bad news, is the fact that Invictus have used up 5 months of the 12 month extension they signed up to at the start of January. Anyone know if Invictus have done any drilling with the rig in the 5 months just passed ?

If we sign a forward contract with Exalo now, we could have a drill ready for January coming, and not far away from site.

It's got to the point that I don't know if I have just said that in jest, or not ?

Has become very strange to be invested in a stock that is at present relying so heavily on the updates of another!

GLA

All the significant trades today have been Sells, with almost no buys of any substance.

Certainly not a FOMO Friday!

Enjoy the long weekend everyone, and hopefully Tuesday will bring some positive action.

KR

Interesting thing is that Lorna was at Tullow from Aug 2007 to Apr 2012, so may well have come across Justin at some point.

Somewhere in the Mist of the last 2 years, I suggested that Tullow could be a JV partner for HE1, so perhaps we may still see them at the forefront of taking Helium to market!

Up 25% yesterday, a further 5% today, and now recovered above position at start of last week!

Bizarre that I am invested so heavily in He1, but am now spending more time watching the news outflow and price of what is basically a competitor.

Thank goodness the sun is shining and the garden beckons!

GLA

Noble share price is more than 40% down since the end of March this year, and rapidly heading back to the last full year low of A$0.135

This is not just nerves before the announcement of a farm-out deal, there is more to this whole Noble scenario!

If it continues to drop in the early part of next week, then HE1 has to cut them adrift and go for the single costly Drill, if Sofori is willing to do a one-only drill, in the hope of a successful discovery, or we could be back in the early January situation where we lose the chance of a Drill Contract yet again.

Since the collaboration with Noble started, we have certainly spent in excess of £1m in operating costs and Salaries, and rising, so the value for money sharing "discount" is looking less attractive by the day.

This is as if we are walking through a Tumbleweed Town looking for the last chance Saloon!

The share price has fallen just under 30% since 5th May on a constant decline each day!

What does that say about their constant tweets, interviews and presentation?

Do their shareholders not believe the rhetoric, or are the very nervous about the farm-in?

IG
Just back from Hols, and hoping for a wee surprise, but should've known better!

Whether the Cash Flow is Au$ or US$, what it shows is that the cash burn is around $1m per month, so that $3m
will now be nearer $2m and potentially used up by end of June if no news of Farm-out Partner, or Rig Contract signed by the 3 parties!
HE1 surely need to look at going on their own if nothing transpires by end of May ?

Colin
So have Interpath notified the Insurers of Intent to Claim, without actually divulging who the Insurers are ?
Seems like Interpath need a rocket where the Sun don't shine!

Colin
Is the Insurance you are referring to Professional Indemnity Cover which DP and AS have, and or others ?

Prae
I'll tell you why they look weak.

For 18 months HE1 have been making statements in RNS's and Updates, which have later turned out to be either incorrect or un-achievable, or have fallen by the wayside due to other factors coming into play, rather than saying nothing until the fish was in the net, as it were.
In February at the AGM, both Lorna and Ian talked about MOU's and LOI's as being meaningless, almost mocking DM in the process, and going forward they would wait for a hard and fast Contract being signed, before announcing it.

We set up a collaboration agreement with Noble, who have no appreciable funds in place at present, are in the process of trying to arrange a Farm-out to get funds to Drill this year, and are looking for any form of beneficial news to assist with their attempt to raise funds. So the RNS may potentially help Noble.

As far as HE1 are concerned, what has the RNS done for them?
Firstly, many seem to think we have, but we DON'T have a Rig, but only an LOI, which we said in February was a meaningless exercise.
We let the RNS appear on ASX before it came up on LSE, to Noble's benefit, not ours. Why was it not put on ASX after our release? Timezone has bugger all to do with it! Noble took a march on us there!

Now, the Rig ? Supposedly we have been in discussions with several operators over the last months, and we chose Sofori to supply the Rig. Has it just finished a contract ? Does it need an Audit and possible work done, or is it worn out after 6 years of drilling ? We just don't know !
Who are Sofori ? A website under construction, a CEO on LinkedIn who likes everyone else's posts, but has posted absolutely zilch on Sofori. Getting any info on them is like finding a needle in a haystack as far as I can see !

So in my opinion, after 2 years of putting in £30k at different stages, and now being a bit underwater, I do think that the management of the collaboration and the last RNS release show HE1 in a weak light! IMO

So why did HE1 not just ask NHE to leave the LOI bit out and just say they have located and picked a Rig, and just need to get it to the point of signing off a Contract, rather than saying announcing a LOI, which is what our BOD said they wouldn't do at the AGM ?

Agree with what you have said Legal Wolf
Appears to me that the Tail is wagging the Dog at the moment!
No way NHE should have come out with that RNS if the terms of the collaboration between us had been set out properly, as we were the funded company, and programmed to drill first, whereas it has just made HE1 look weak, as they had to follow suit this morning!

From Twitter
Drillmec
@DrillmecRig
DRILLMEC Delivers a Super-single Hydraulic Oil rig in Tunisia Model HH102
The rig was delivered in October to SOFORI, a drilling contractor privatly owened and operating in the coutry for more than 25 years.
Image
10:42 am · 23 Dec 2017

This Noble thing is beginning to worry me.

We raised $13m four months ago to secure a single drill at TAI, after 18months of in-active nonsense quite frankly!
It appears that is not enough to attract a provider to mobilise just for a single drill!

Then we agree to try and procure a Rig in conjunction with Noble, but apparently with no hard and fast conditions/rules other than that, it was stated in an interview, HE1 will drill first if they manage to secure one and share the associated costs!

We are now in the position of apparently waiting for Noble, a company with half our market capitalisation and no appreciable funds just now, to progress from Phase 1 Farm-out bids, to now announcing a Phase 2 where they will allow the bidders to do the DD through access to Noble data, before presumably then agreeing funding to allow Noble to drill - at $28m MC Noble will have to give up the majority of the company to the successful bidder to get the sort of cash they need for 2 Drills, and all this could take several months to conclude!
This situation has benefited Noble far more the HE1 to date.

Meanwhile HE1 are sitting waiting for a Rig, and a second Phase process for bidders in Nobles Farm-out before we can Spud Tai again. My worry is that whoever gets into bed with Noble will control their decisions going forward, and if it is a multi-national or state owned company, I doubt very much if they will be interested in letting HE1 go first, and in fact it may well be in their interests to drag things to the point where HE1 cash drain puts them in a position they can no longer fund a single drill without further dilution, at which point the company who have bought into Noble, can do the same again to HE1, and gain control of the Tanzanian Helium prospects, for not a lot of money!

Also, don't appear to be many ISA top-up clients interested in HE1 so far today.

Was down yesterday all day!
Hopefully updating personnel, newsfeeds, presentations, timelines in time for the upcoming RNS's ad drilling season!

Said last Friday I had a hunch an RNS might land tomorrow Wednesday 29th, and still thinking this might be possible, after Noble providing more news for us than we have provided ourselves! Also relevant that IS, rather than Lorna, put in a bit about "the team working tirelessly to ensure this happens swiftly". Once we get the nod that Noble are in execution of farm-out contract (or not) then it will be "Rig Contract" announcement time!

Don't think Friday is a popular day for RNS due to following dead days at the weekend.