Member Info for Legalwolf

Whatever - firstly, I haven't posted anywhere near as that. Secondly, I am well entitled to vent my anger after the shambles this company has put LTH through over a very prolonged period of time. After that stinker of a RNS, do not expect me, or most others, to hold back in the current circs. So I'll be posting as often as I want. Don't like it, just hit filter.

If they do that, then imo you have to wonder whether it has been the plan all along? I am still scratching my head how He1 have allowed Sofori to miss deadlines in the last 3 months, yet at the same time, not done what ANY determined to drill company would do, which is to accelerate and conclude discussions with one of the several other Rig options they keep telling us have been available i.e. do what NHE have done!

By even mentioning that they have not ruled out the Marriot Rig, imo this is also telling us (but without coming out clean about it) that they are NOT actually "committed" to drilling in Q3, because they can't drill in Q3 with Marriot, yet have other providers with whom they can still drill in Q3. Well if so, then why not just rule out the Marriot Rig completely?

And then if they don't drill in Q3, which I agree is now looking increasingly unlikely, what happens if NHE don't find Helium? Will He1 still think its wise to blow their entire budget on a 14% COS in the same basin, or will they turn around and say NHE's failure has caused He1 to re-evaluate its plans, and focus instead on identifying other targets or licences, thereby adding another couple of (lifestyle) years before drilling? All imo and dyor

Notrex - none of us can say whether the results in QLD will be any better than Victoria. I do think, however, that AH has always favoured QLD, but when he arrived, he was stuck with the exploration programmes at Victoria. It was inevitable that ECR would drill at Blue Moon and CresWick. Shareholders were crying out for that as well. Some of us returned here for CresWick. It was ECR's flagship, and we didn't think it would sink as badly as it did.

But, and not without reservations about AJ's abilities to find mineralisation anywhere in Australia (although you would think that AH will also have input into where they drill?), there's no point lamenting the past results over and over again. These are new projects and they might well represent more prospective ground (and/or easier to find mineralisation) than say CresWick. IF they do, and its always a big IF for most juniors, then TS is right, the upside from these low levels is virtually guaranteed. But as with any explorer, IF they don't, then so is the downside.

We've had literally months of critique and criticism of past and current performance. The future, as always, will be be judged on results. But if you choose to be invested here, then why not just see how it all plays out. To be constantly negative, and only negative, shows a rigidness and inflexibility of mind and thinking, and is never a good trait in life or as an investor.

Stocks like ECR make big moves up and down. This one has a chance - and I put it no higher than that - of making a decent move up over the next quarter. We should each and all recognise that, and be prepared to discuss it, and not just the negatives, surely?

Notrex - the pitch analogy doesn’t work. It’s not about the players as much as it is completely different ground and a fresh chance to possibly find some gold in it. No point being here if you don’t believe the same team can produce a different outcome. It’s like backing a horse but not believing it has any chance of winning the race. Strange approach to investing.

It’s a ridiculous RNS. One the one hand they tell us Sofori have repeatedly missed deadlines, and then they say they are still trying to contract them. Then they say they are reviewing and progressing other options. Basically the update has left us no further forward and more nervous than before. 3 months of silence and they serve up some rotten fish to us.

it's not just the incompetence or ineptitude with getting a rig over the line, that you can understand is a complicated process (well for he1 it is anyway). it's the lack of any comms and going into radio silence. how do you explain or excuse that, especially after what they had promised and already put us through?

so far, lb is showing signs of being out of her depth. she isn't fronting up at all. i'm not surprised, the last interview she did with proactive was not great. in fact, i got the distinct impression that not only was it rehe****d (yes, they probably all are) but it had to be recorded again, and they failed to edit that out.

not impressed at all. the shambles continues. all imo

TS has been 'wrong' about ECR (as have many of us) up until now. But it is now starting a new venture in QLD, and so we either have some belief/hope in this new venture, and should post about it in such terms or be prepared to be positive about it, or we don't, which begs the question of why we are still invested.

As far as I am concerned, Victoria is done and dusted now, and was a very bad trade/investment, but QLD is a new proposition and should be judged on its individual merits. And our discussions on here should reflect that as well, rather than just be dragged back down by regurgitating the past and revisiting old issues, at the expense of looking ahead. All imo

Notrex - I think I have called out other posters for repetition (and been called out on it myself as well), but to be fair, and yes this is my opinion, you're one of the worst offenders. If you think it's 'wrong' for TS to do it, then by definition, you surely must accept that its perhaps 'wrong' for any of us to just repeat ad nauseum.

I mean, we're talking months of repetition, and not simply in the context of a particular raging debate or discussion. I'm sure you have seen Groundhog Day? It's like that sometimes - in fact often - when checking into this BB.

As you say, this is not all on you, but most of us have been guilty of it, but it would be good if we could all change the worn out record, unless ECR give us something new to lament? Of course, each to their own.

I don't think its worth it now until they actually announce a positive RNS, whatever the price is. Sometimes the extra gains that you get by getting in front of a positive RNS, are simply not worth the aggro and risk you take on anymore. I've reached that point to be honest.

Notrex - I take no issue with all your negative points, and share many of them, but you are just overdoing it. Having made those points umpteenth times, what good does it do, or difference does it make, to then make the same points again and again. How does it change anything, or do you just find it cathartic?

Any other company, and you would think buy. But I've never known any company struggle so badly to secure a Rig and leave you with so little confidence that they either really want to, or even if they do, will actually manage to. The radio silence and CEO going MIA just makes it all the worse. So it's not so much 'buy on anticipation' here, but more a case of 'buy in trepidation'. All imo

Coco - for some reason, your username had me thinking that our Rig search has been 'Coco the Clown meets Mr Bean'. Maybe they are the consultants we have hired to secure a Rig.

I would love to know how the two companies came to decide on Sofori in the first place? Did NHE make the introduction or did we, or was it Sofori that approached one or both companies?

I mean, if we don't now end up drilling in Q3, and go back into a struggle to find a company willing to drill a single hole in Tanzania, could this have turned out any better for NHE? Look at where each company was before they entered the collaboration and look how it has completely swung the other way. But by pure luck or design? All imo

We have to remember that NHE are actually a rival company. If they make a discovery, they have enough Helium to supply global demand for X years. Now that they have raised and have their Rig sorted, I can't imagine that it suits their commercial interests or strategy to have another (potentially even bigger) discovery on their doorstep.

They have a very motivated management team (I think their CEO owns more than 30% of the company) and they have seemingly totally outfoxed us here, and might even have backed us into a corner.

Always wondered whether we have been backing the donkey here, and not the stallion. All imo

What we have actually been told by our CEO is that Sofori is now looking very unlikely, such that NHE have walked away and we have been forced to take legal advice and issue a notice. That is not the backdrop or precursor to shaking hands with them on a deal. I'd be amazed if we now agree anything with Sofori, but then this is He1 and they might be just be desperate enough now to take a chance.

In terms of the alternative options, I am amazed that we are still reviewing them. Surely, we should have picked one of the options by now. Look how swiftly NHE have moved.

Once we choose the best of the rest, do we not need to inspect their Rig etc before contracting it. So are we right to waste anymore precious time on Sofori and why are we doing this? Is it so that we can once again drag this sorry comedy box set into another series for 2024? All imo

D2B - I suspect the Sofori option is dead, and He1 have decided to exit via a rectification notice. Even by He1's standards of buffoonery, it would be something for He1 to go from today's RNS about Sofori, to announcing a Rig contract with them only weeks later? Could we even trust them to mobilise on time, and rule out issues occurring post contract and messing up our drill? If we do end with them, I would certainly hope it's only their Rig we are contracting, and not a crew etc?

Also, for all we know, NHE might already have issued a rectification notice, but not mentioned it in their RNS (as no need for them to go into such details?). All imo

Coco - it's the track record of incompetence and lack of transparency here, which doesn't inspire much confidence. No other company has turned securing a Rig into such a farce, time and time again. I expect them to announce shortly that they have walked away from Sofori. In fact, I used the word "expect" very hesitantly here, because the comms have been woeful, and I can't be sure they will tell us something like that when it happens, rather than weeks later. I'm also not sure how realistic it is for us to drill with the Marriot Rig in Q3. Noble Helium are drilling two wells in Q3, and will that leave enough time for us to drill before the November rains?

I would say that our best hope for Q3 would appear to be drilling with a third party, but knowing He1, they will probably go for the cheaper option of going for Marriot in Q1 of 2024. All imo

I have also wondered about an interview. It would certainly help to know what the issues are and whether/why she remains confident of a Q3 spud. But I doubt we will get one.

Porky - who knows what the issue is with Sofori and why there have been delays. The issues must have been serious enough to affect the timeline for NHE, which is why NHE have walked away. They must have made the decision to walk away weeks ago, because they have managed to then contract Marriot in that time.

The other thing that makes we wonder about Sofori, is that they have now lost a big contract here worth millions to them, and are just left with drilling a single hole for He1. So can they actually fulfil these contractual obligations and meet the deadlines. It seems not.

It's a ridiculously bad RNS and you have to read between the lines. One the one hand, they effectively announce the end of the Sofori option, but maintain the pretence that weeks of delays might still be rectified last minute. They then say there are "reviewing" and "progressing" a "number" of other options. They said that 3 months ago, and it is concerning that they have still not picked a preferred alternative option, and are still talking to a number. Why?