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I do not agree that they have failed to quell fears of further dilution. They explicitly stated that after the EWT they would look at further funding through either debt, a JV or on offtake agreement. most likely a combination of the three.

They are not stupid, Lorna and Graham have over 100 million share options between them, the last thing they would want is more dilution.

Imo the only reason we don't have volume information is due to the complexity of analysing a truly unique situation involving many fractures and faults.

However, ALL of this information will be published this quarter, and we will get details of all finance that in my view won't have any dilutive effect.

If you can't wait 4,8,10 weeks, you're really looking at the wrong share.

Some excellent posts this morning summing up the current situation perfectly.

There's no doubt that the surprise raise for the BlueStar farm in coupled with the equally surprising decision to withhold the Feasibility Study from investors has suppressed the SP, and one could say that nothing has been priced in to date.

However, there's no doubt there is substantial upside to come. Rukwa has been substantially derisked and if it's 'all we could have hoped for' and 'of global significance' as stated by Lorna then it's equally all that investors could have hoped for.

With BlueStar we've had all of the pain of funding but there's zero priced in for the value. The 6 development wells are funded, early revenue which will fund an additional 9.

Everything is there. The SP will rerate in time, substantially imo. People might be wary but I do think investors trust the board in the strategy.

They've just got to inform the market what they have, and that will come in time, certainly this quarter.

Inflation down. Interest rates set to be cut every month for the next few months. Geopolitical issues affecting Qatar and Russia.

The above puts Helium One in a very strong negotiating position. The Southern Rukwa Helium Project lends itself to international debt financing, with low rates between 3-4% should HE1 want to go down that route.

Constraints on helium supply will only push prices higher and the nearest markets, India and China forecast as the two biggest growth areas for helium.

All this with the USA having depleted stock over the last decade.

One thing for sure, the majors who want a JV and or Offtake with Helium One are going to have to put a very lucrative deal on the table.

Https://ukinvestormagazine.co.uk/helium-one-shares-tick-higher-on-galactica-progress/

Houston Conference had only 20 tickets left yesterday so looks like Lorna will be presenting to a capacity audience.

Interesting times.

Although the completion of the BlueStar deal and the subsequent drilling of 6 production wells will be the major focus in the coming weeks, its worth reminding ourselves that some time in the next 40 trading days we're going to be awarded the Mining Licence for Rukwa, and head towards having not one but two production plants in operation.

The disingenuous traders can post as much rubbish as they wish, but just take a moment to focuson what Lorna said:

'With the addition of artificial lift in the production phase this becomes a globally significant helium project in southern Rukwa.

The Company extends their thanks and appreciation to the Ministry of Minerals, the Mining Commission and University of Dar es Salaam for their engagement and ongoing support of this project'.

Full support from the Tanzanian authorities AND a find that is of global significance. Their I'd only one explanation of that statement..it's billions of cubic feet of helium and that means, in all probability, billions of dollars of revenue.

I've said it many times, there is no better investment opportunity on AIM. I firmly believe all we have to do is wait, be patient and ignore the daily fluctuations of the SP.

Just my opinion.

The 5 development wells approved today make 15 development wells approved in total at Galactica so far, and I understand that as well as the 5 funded by Helium One this quarter they'll have a choice to drill 1 of 6 at Pegasus, again to be completed this quarter.

Whilst others are scurrying around trying to find helium, Helium One has not only found a major play of global significance but they are a few short months away from revenue generating PRODUCTION.

Confirmation of the deal should be a formality.

Congratulations to all, today is truly an inflection point for the company.

https://www.listcorp.com/asx/bnl/blue-star-helium-limited/news/galactica-pegasus-ogdp-i-update-3086442.html

Cyrox Helium One had enough working capital to last until the end of Q2 and what nobody noticed during the raise for the BlueStar farm in, they added another $1.1m working capital to the pot, less associated fees.

More than enough to take them through to generating revenue Q2 next year.

US$1.5 million in respect of past costs incurred by Blue Star on the Galactica Project;

· 100% of the costs in respect of six wells capped at US$450,000 per well;

· up to US$2.55 million in in respect of the Company's 50% participating interest share of the tie-back, installation andprocessing expenditures required for the development of the Galactica Project;

· the balance of US$1.18 million in respect of associated fees, legal costs and working capital and development contingencies.

Stamford just a side note, development (production) wells are far cheaper than exploration wells, even more so when you have your own rig which is the biggest cost.

Not only that, you fund the first 5 or 6, the revenue funds the next 9, they fund the next 15 etc etc, very similar to the BlueStar model, so the cost is really negligible.

Stamford it's common to have multiple wells when drilling for helium, it's probable BlueStar will end up with around 30 and they'll probably be looking at up to 1 Bcf.

Each well at Rukwa will probably do high hundreds of cubic feet but the field will be over a large area, giving you the billions of cubic feet return. Personally I think they'll end up with 40 or so wells.

We'll get an RNS on BlueStar tomorrow in my opinion, then we have 15 production wells being drilled to look forward to, 6 of them this year.

ML approval for Rukwa sometime in the next 8 weeks, JV and or offtake partnership to follow with those all important volumes and revenue projections being confirmed.

Calm, confident and very happy to wait.

So despite world renowned geologists from across three continents stating that

Rukwa hosts independently verified (SRK-2020) Best-Estimate Unrisked Prospective Recoverable Helium Resource (2U/P50) of 138Bcf, making it the largest known primary helium resource in the world, with Helium concentrations up to 10.2%, representing incredible high grades compared to typical values of under 1%, and being the largest active rift system with absolutely perfect geology, along of course two companies, as well as the Department of Geology at University Dar es Salaam who all state they think they have discovered massive commercial finds of 'global significance', a particular trader called HappyDazes who happens to be out of the share at the moment says there is no commercial discovery, and there never will be, so I suppose that's that then. I'm guessing he's a world renowned geologist as well? Or is he just a trader, and a really poor impression of one?

Well let's see. Rukwa does appear to be highly commercial, even by Nobles figures. Like HE1 they believe multiple wells will be drilled with each producing hundreds of cubic feet of helium (and like Helium One hydrogen as well). From their shallow drilling their worst estimate just on drilling to date is a P90 figure of 5.4 Bcf, increasing to a P50 of 29.1 Bcf. And, just from their shallow drilling are forecasting revenues of A$700m per annum or £359m per annum, or £3.59 BILLION pounds over the initial licence period. And that's a minimum figure.

Now I've compared all historical reports and CPRs from both companies and to me it's highly likely Helium One will have double the amount of Helium (and hydrogen) that Noble has, so I'm thinking it's BIG. Very big and very valuable. Most sensible people know offtake partners, majors who are multi billion dollar companies, will almost certainly fund all the infrastructure, including the plant production costs, in return for discounted helium to recoup their outlay over time. Every single discovery I have seen uses this model, and in order to be chosen its common they throw in many million dollars as working capital for appraisal and development work.

So there's me thinking the market cap of a company like Helium One could and should be £500-700m in the medium term, 4.5-7p maybe. But I'm torn as this particular trader is really saying I should sell, well at least until he's back in.

I'll let you all make your own decision, just my thoughts..well mine and any geologists across the globe.

Cat you may be right but all I was really trying to say is there's a difference between debating a point and arguing a point, but yes those narcissistic in nature will always want the last word.

Personally I now have so many filtered the board is rather pointless to be on, like most on LSE, so as I've said all I want to say ill leave everyone to it.

I agree on that point, he's now a green box. Enjoy your day.

Cat you know, I know, everyone knows people post based on their own investment or trading position. This is not a team sport.

The one thing that is absolutely pointless is arguing with any individual. If you're positive towards your investment just articulate why. It's far more effective.

Bluebay that's the key point you missed previously 'over the project lifetime' and agree that's probably accurate. But. If you state that you then have to balance it against how many billions of dollars revenue will be generated against the expenditure. It's then relative as well as relevant.

Blubay that's not necessarily correct. Renergen started their modular plant at $2.7m which could process $9m worth of helium pa. Bearing mind they will sell helium at source and development wells fund themselves after the first handful it's likely to be a fraction of the figure you state.

Cat another excellent post. Discussions ongoing since last April in fact, so financing will happen pretty instantaneously after approval.

Either people too think to understand what 'Project' financing is, or perhaps just being bloody minded to disrupt the board. Either way they are a total irrelevance.

Castle, your questions cover both projects.

First up and first news highly likely to be regulatory approval for the BlueStar farm in next week followed by confirmation between the two companies later this month. Once completed there will be six development/production wells drilled this quarter, five from Galactica and one from Pegasus. Production is likely to start Q2 next year.

A JV and or offtake partnership is likely to be announced either upon confirmation of the Rukwa mining licence or shortly after, as will details of the production plant. All are anticipated this quarter with production anticipated in Tanzania approximately twelve months after the licence is awarded.

Pub by law no it is not approved yet. By law the NEMC have 60 days to review and approve it before passing it onto a Minister, who has a further 30 days to grant final approval, hence why Lorna is looking at up to 3 months for the Mining Licence yo be awarded, as they can't issue a licence without ESIA approval.

But, if the Presidents wishes are acted upon, the whole process will be fast tracked and the above will not apply.