Member Info for JohnHenry

Jungmana you need to deduct the TAI3 cost overruns $2.7M from those figures 2

Imho they have around £300K left after the Itumbula drill a few months working capital

Looking at the price of new 2000hp rigs $ 14-20M

I’m guessing HE1 probably paid between $ 5-7M

The company where caught been a rock and a hard place.

They had to announce the need for further funding on the 5th as word had got out.

They needed to raise funds and quickly to drill before the height of the Rainy season and not have to demobilise all the plant, equipment manpower.

The brokers and bucket shops then took complete advantage of the situation

0.25p or no funds.

Not share price

If HE1 hadn’t suffered issues with the rig the Mkt Cap would have been around £30-40 million going into the Itumula drill.

The Mkt Cap is now around £7 million going into a more targeted Itumula drill

Urai5 there are no institutional investors in HE1

As you say there havent found commercial free gas, however they have found a working Helium system.

There is Helium leaching out of the ground at a fairly high concentration

A commercial discovery will be made at some point however will it be HE1

Aimho

Thing is prior to September before that fund raise HE1 was in exactly the same operational position it is now.

However there certainly wasnt the same hysteria there is now.

Also the company did have a midly operational success in TIA3 derisking further.

Although i am extremely negative on the BOD im midly positive on the prospect

Legalwolf on a slightly positive note they do have an extremely valuable asset

Have spent a shed load of money derisking the licence through seismic and drilling.

And they also own the own in country rig.

Im guessing thats got to be worth 3-5M to a company like Noble.

Teaye72 no one invested in this placing it was a bucket shop operation.

Brokers HNI etc thought they would get a quick 10% that hasnt happened.

Consequently they are now sellers as the intention wasnt to hold as the company could be bust within a few months.

If the rig fails or the weather turns bad the company is again screwed

Some would have made money forward selling ahead of the placing.

From the placing price.

HE1 drilling cost are very high especially when they have their own rig

Compare them to PRD similar depth drills and use third party rigs.

My guess is they are spunking most of the funds on the BOD.

When you look at the funds raised recently 15.9 M there are missing millions.

This BOD can no longer be trusted with shareholders cash.

5.77% of the enlarge share base.

TR1

Can only think theres a massive amount of shorting going on

Market makers have sold around 800M below the placing price

Phase 2 has pretty much destroyed the company,

CEO and CFO have absolutely failed to manage risk/costs and having zero plan B if the knackered rig they purchased didnt perform.

To be honest i think the CEO CFO Chairman will all walk out early next year

Legalwolf i dont think they will get the funding into results.

There might be takers around 0.1p

Legalwolf if the next drill doesnt come in the company is finished. Busted flush with no funds and unable to raise.

If positive they will be able to raise but probably around 0.1p

Is at the mercy of Knackered drilling rig and the weather to even complete the drill.

What a position this BOD has delivered.

Underwater.