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Eastman is throwing up various red flags when you look below the surface. Has followed Peter Landau from company to company as he's left them in terrible states. See Citation Resources, Continental Coal and Mila Resources.
https://kochiioil.com.au/wp-content/uploads/2020/09/WestBusiness_24Sep2020.pdf
- Peter Landau was battling up to 82 criminal charges after investigations into Continental Resources and Citation Resources. (Eastman has worked for both of these under Landau!) - Apparently $1.42mn was sent from Continental Resources to Landaus private company OKAP Resources (Oops Eastman has also worked here under Landau as well!).
- Landau charged with 61 counts of stealing and allegedly stole $2.2mn from Citation Resources (Eastman also worked here under Landau)
Peter Landau has a terrible track record of taking companies money for himself. https://thewest.com.au/business/finance/federal-court-rebuffs-landau-ng-ya-104657
Landau charged again in 2020 - https://www.miningnews.net/regulation/news/1394083/landau-flegg-charged-again-as-asic-claims-further-scalp
I liked the look of this SPAC but Eastman is completely throwing me off. He had to know what Landau was doing and the fact he followed him from company to company is a massive red flag. Now I'm worried about Charlie Woods involvement in HeliumOne - how could he not know about Eastmans past links?
https://twitter.com/EastStar_PLC/status/1409508792388263938?s=20
In the latest proactive interview David says - "It's demonstrating to us for the first time that we've got a reservoir trap and seal working in the sub surface, and that there's helium in the (geological) system all the way to the top (of the surface)."
Also in the podcast with Zak Mir released today he says "the trap and seal is working".
Is this confirmation that the most risked piece of the project is de-risked? Or just confidence that it will be?
https://www.reddit.com/r/HeliumOne/comments/o5ovt7/summary_of_the_past_weeks_at_heliumone_helium_in/
Commencement of Drilling:
It took a week to cement the land pipe at a depth of 55m and then -
- Drilling commenced at the Tai prospect on the 12th of June at 4pm local time.
- This prospect has 'stacked targets' allowing HeliumOne to test multiple 'trap' structures with just one well.
- The total depth drilled will be around 1100 metres.
- Due to poor consolidation (looseness) of the surface soil (higher depths) pay-zones identified in this surface soil will not be able to be tested via wire stems. However, pay zones deeper should be fine to be tested.
Helium discovery in the mud:
- At a depth of 70.5m and 90 minutes after drilling began helium presence was detected in the mud logs.
- The concentration of helium was 2.2%.
- Results so surprising/amazing to be so early on, Minchin called the site managed to tell him he thought something was broke.
- David analysed the discovery as "It's demonstrating to us for the first time that we've got a reservoir trap and seal working in the sub surface, and that there's helium in the (geological) system all the way to the top (of the surface)." - Considering the trap and seal structure was identified by Hannam and Partners as a major risk in this exploration, possibly even the thing generating the most risk, the confidence of David here is great. I won't take this as a complete confirmation of a working trap and seal just yet, however it is a great sign.
- "The big takeaway from this event, is that the system works, we've got clear evidence. It helps to de-risk and give a sense of optimism over the whole of the basin."
- The concentrations were calculated with a micro gas chromatograph which had not yet been calibrated for the site due to again the earliness of the helium show
- The grade on the helium show in the mud has no relation to the grade of helium in the reservoir when we discover it.
Next move towards a commercial helium discovery:
Although we have 'discovered' helium in the mud logs, this does not confirm a commercial presence of helium. For this a few things need to happen:
- Drilling will continue - The company will begin wireline logging at around 400m (believed to be the depth of the lake bed formation). This logging will allow the company to identify any potential 'pay zones' and additional information on the formation reservoir characteristics.
- Still around 1000m of drilling to go.
Summary:
I don't think there's much negative takeaway from this sequence of events. I am amazed by the lack of negatives I have during my full coverage of HeliumOne, it has been brilliant the whole way through and these are amazing signs/indicators of what could be to come!
All Info:
https://www.youtube.com/watch?v=Oi4gNFekfrQ - YOUTUBE Proactive Investor interview with David Minchin.
https://www.lse.co.uk/rns/HE1/identification-of-helium-enriched-gas-shows-djvjpp3uki5utci.html - RNS iden
https://www.reddit.com/r/HeliumOne/comments/nqrvz0/fundraiser_update/?utm_source=share&utm_medium=web2x&context=3
A few of you may know of potential plans to do a fundraiser for a cause in the Rukwa region (where HeliumOne operates) if HeliumOne reaches a share price of around £1. This was all brought about after a few people offered me beer money for introducing them to the stock, I would rather this money go to something useful.
So I started reaching out to the LSE board and the Telegram group where the idea garnered interest with a lot of people saying this was a great idea - the people in this community are great.
So I have managed to get in touch with our CEO David Minchin who was enthusiastic about the idea and said he would get back to me.
I had a short chat with him on the phone today as he and the HeliumOne ESG team had had a few concepts and criteria:
Criteria:
- The solution must be modular and scalable. Therefore, no matter how much we raise we will be able to get something. Something which doesn't require much up-keep. As David said to me "the harsh truth is, we're an exploration company - you have to remember we just may not be here tomorrow."
Concepts:
- Provide sewing machines to women - This would allow them to set up their own businesses. David focussed on the fact that when he was in Tanzania the teachers spent a lot of their times fixing uniforms. This could be something women in the area could capitalise on.
- Providing consumables in Education - This would involve bulk buying consumables such as pens, notebooks, textbooks, scissors etc. This would have an immediate impact and not require much upkeep.
- Provide simple hand tools for farming - 90% of men in the area are small farmers. This money could be used to provide forks, spades and wheel barrow seed planters.
What we decided:
Taking into account:
- The ease of the 2nd solution due to no requirements to teach anything or provide upkeep.
- We believed you would be able to get a bigger impact for your money. £10 may only get one hand tool whereas it may get 100 pens. So you would be helping up to 50 people (2 pens per person) or 1 person.
This led us to believe that providing consumables such as pencils/pens/books would be the best thing to raise money for.
What's next?:
- Remember if HeliumOne doesn't take off and reach a SP of around £1 this will not be happening, as people will probably have lost/not made that much to warrant giving away a portion of their gains.
- David is reporting back to the ESG team where they will begin to price up things. So we can have a clear monetary goal and packages such as "Donate £5 for 100 notebooks" etc.
Summary:
Obviously, we have to be careful of pre-empting gains. However, I want to have the plans and links with the company in place to pull this off when we reach our target price.
I am really proud of this community with their encouragement of this project. I know we have around 700 members here, if each person d
https://www.reddit.com/r/HeliumOne/comments/nlg6j5/core_finance_interview_with_david_minchin_260521/
- We're called a very loyal set of retail investors lol.
https://drive.google.com/file/d/1sopNrDIccz-Tf4RcUlRKK08SQolp9nkN/view?usp=sharing
Hi Guys.
I created the subreddit and have had a bunch of people offer me payments for getting them into HeliumOne fairly early on. Personally, I don't really care about this money and would rather it go to someone who needs it.
So I have had the idea of a potential crowdfund for a local charity in the Rukwa region if the share price gets up to around £1. I must admit I am a lot more familiar with the people over on the Telegram group and sub-reddit and one of the polls showed that 80% of people would donate/crowdfund a donation to a Rukwa based charity. Considering there's between 500-600 people subscribed to the reddit page and telegram, even £10 each (which would be a fraction of the gains made from this company) would create a substantial donation to the area.
I have also managed to get in touch with the main man DM, who said he would forward me to their ESG manager to find us a potential local charity.
I just wanted to post here to see if this is something you guys on the LSE forum would get involved in!
Thanks.
Are these drills just to confirm the Helium or will they be confirming the trap and seal structure which we need. In my opinion, the risk isn't the helium being there, it's whether the trap and seal structure is there to allow the helium to be captured.
If the discovery wells are not confirming the trap and seal (if no results on this are announced) I will hold through drilling as I think they will make a helium discovery.
However, if the discovery wells will confirm the trap and seal structure I will be more inclined to de-risk pre-drilling in case the trap and seal isn't good.