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Is it possible that the Rig collaboration is turning into a longer term partnership of some sort?

Just wondering why the funding is taking so long? I mean, it's only £1 million, and was meant to come from an investment bank. Has TL said anything about it since?

Dobby - I am inclined to agree with you that we are still on for Q3. If the game were up for Q3, then there is no logical reason for He1 AND NHE to each delay that news. Why would they just sit on it, and let the share price fall, and then hit us with that bad news weeks afterwards, resulting in a further fall? It would be self-sabotage by LB.

Like you, I am inclined to think that they are still working on a Rig for Q3. I believe that this is still in collaboration with NHE. Whether it is still the Sofori Rig, or they are looking at alternative options, who knows. I mean at ~ $7 million per well (yes not all of that is on the Rig), and with drilling in 2023 and 2024, maybe one or more of the other Rig providers have come forward and offered better terms than Sofori. Maybe the LOI was a ruse to draw in offers?

I still can't work out whether the longer this takes, the more likely it is to be a positive outcome or a negative outcome!!!

DO - I'm not sure any of the spinouts are any more closer to making a discovery than POW is? As for Uranium, it will have to be some boom in order to find its way to POW, as we are very early stage even with our Uranium licences.

And then none of it matters, unless the Mr Market starts to see value in POW. Great fundamentals doesn't always mean great investment. It only becomes a great investment when Mr Market jumps on board.

I'm afraid I don't see Mr Market jumping on board POW anytime soon, but of course, you can never say never. All imo

Did ECR actually proceed to finalise Blue Mountain and issue those shares to Panther. The initial RNS spoke about it being conditional, and there is no mention of it in the recent interim report?

He sounded a bit flustered to me, speaking hurriedly and long answers at times. Several times the interviewer was waiting for him to finish his answer. The problem, as always, is that there is so much going on, yet there is no near term discovery/or other share price moving development within the portfolio, and therefore it hard for investors to get excited for the near term. Any newcomer listening to that would probably find it overwhelming to follow and wonder whether and what the USP is, and where the near term share price growth is going to come from, and when.

I can foresee significant problems for POW, given that it doesn't actually have anything happening on the exploration front and which has the potential to generate share price moving outcomes? (I don't think surveys and sampling in the Athabasca basin will do it, unless it coincides with a boom in the Uranium market.) All imo

Yes, even with RR's company, we weren't given all of the details of the Subscription Agreement that his company have entered into with POW. It is usual under such agreements for shares to be issued at the prevailing share price (calculated against the VWAP) or even at a discount to the prevailing share price (again calculated on a VWAP). I believe RR initial tranche were issued at 0.85p, but what price does he get to purchase at in the future? Will it always be 0.85p, or some other calculation? All imo

Both make valid points and I guess it has to come down to investing in markets and sectors that are producing returns, rather than ones which are promising those returns but then failing to deliver them, either because the company is not delivering or is in a sector that is not in vogue. At the moment, POW falls into the latter category.

I'm afraid I don't think we have seen the bottom and can see POW breaking to the downside again. I say that because a) market conditions, and b) I really don't get a sense that POW has any share price moving news to release right now - but could be wrong of course!

Therefore, I'm avoiding for now. All imo and dyor

How I see it is that there are two different aspects to this measured in time:

1) The TIME it is taking to announce the Rig contract. This is disconcerting.

2) The TIME we have left for an August spud. This is NOT an issue right now. And in any case, an August spud is a desirable, not a must drill. If we don't spud until September, that is no big deal. We just need to spud in Q3, whether that is in August or September!

Therefore, I am not yet worried about 2 above. We still have time in that sense - and plenty of it.

In terms of 1 above, we have to acknowledge that both He1 and NHE have not been issuing comms of late. The last tweet from NHE was 14 June. NHE also have a vote to get through on 27 July. If there is no Rig announced by then, who will want to take shares at 0.18p, when they will be able to buy them for much cheaper than that if Q3 drilling falls through for NHE?

Therefore, I would suggest that NHE simply have to be in a position to re-assure its shareholders that Q3 drilling is on, otherwise won't those investors withdraw their tranche 2 funding. I note their CEO is doing another investor event on 20 July.

I remain "expectant" that we will get an update in the next 10 days. And I remain "hopeful" that it will confirm Q3 drilling (whether that is August or September). I can't put it higher than that though. All imo

If it's been NT to buy in large amounts today, imagine the scramble that is going to result if the news is indeed positive. And especially if its Rig contract AND mobilisation in the same RNS (as could well happen if we want to spud in August). All imo

And just like that, the bid and ask is raised once again, and NT to buy in small amounts. I would say the current price action is also NOT a reliable indicator of what might or might not happening behind the scenes. This could be a tree shake ahead of positive Rig news, every bit as much as it might be a pre-cursor to negative Rig news. In fact, you would have to favour the former imo...

The last RNS on the Rig specifically mentioned the LOI with Sofori. I agree that if either the collaboration with NHE and/or Sofori has fallen through, then it should have been RNS to the market, with that RNS then saying they would pursue one of the alternative options. It's impossible to guess here, because there are a multitude of plausible explanations, some positive and others negative.

The trend is downward at the moment. If POW don't have anything other jam in the future to release, then they can only expect continuing share price falls as of the present. I can see this making new lows. All imo

NHE have the funds from the first tranche of their recent equity raise. They DON'T have the funds for the second tranche, because that needs voting through on 27 July 2023. On the question of whether or not they can sign a Rig contract before 27 July 2023, only NHE, He1 and Sofori can answer that definitively. All I would say is that IF they were not able to sign a Rig contract before 27 July, how could NHE give a timeline of end of June for getting the Rig on a boat? Surely they would have said that Rig contract will be signed after their vote on 27 July, but that is not what was said.

NHE's share price seems to be doing okay, in contrast with ours. Maybe that's a reflection of the fact that we have had a number of Rig failures, so are expecting the worst, whereas for their shareholders, they are looking forward to drilling with optimism, like we were when we raised funds prior to Tai 1.

The other aspect to this is how will NHE get their vote through on 27 July, if they don't have a Rig contract? The very reason for raising the funds is for Q3 drilling?

Not followed ORR in recent months, but wasn't funding news from that investment bank supposed to land by now? What is the latest on that?

Similar thoughts on initially reading that. It's very quiet on the exploration front. Is POW looking to conserve cash for when the market conditions are better?

I doubt Sofori will be playing hardball. Their Rig has no onward commitments, and getting a contract to drill 3 holes, and then more drilling in 2024, and raising their profile in the process, is a fantastic opportunity for them and one you would think they would be anxious to secure.

I honestly think that what has probably caused all this time being taken is NHE wanting to contract the Rig for 2024. They are probably getting such a good deal from Sofori, that they don’t want to lose this Rig for the drilling needed for 2024. So it’s probably gone from a contract for 2023 to a contract for 12 months. That’s also why NHE are seeking authority for further equity raises on 27 July.

Remember what Invictus did with the Exhalo Rig? All imo

Aligator - "What do you think an LOI is, an empty piece of paper?" Well, according to our new CEO, and in her very first address to us at the AGM - "LOI are worthless". She then said in an interview afterwards that she didn't even want to RNS it! You are absolutely kidding yourself if you think that LOI provided any framework or the legwork for the actual Rig contract.

To be clear, I have no doubt that NHE (and therefore He1) will not have been able to finalise this contract until NHE has finalised its finances, and then its drilling programme based on its finances. How many times has NHE's stated drilling plans changed just in the last 6 weeks? I've heard 3 or 4 different plans from them. If in June they were still working out what they wanted to drill and when, then how at the same time would they have been signing the Rig contract? That simply doesn't make any sense. Engage with this point, or just gloss over it, your choice, it matters not.

And don't get me wrong, I am NOT sitting here feeling intensely relaxed and saying all will be well. Rather, we are still within my window of expectation for the RNS, and not past that point, never mind well past that point and therefore cue panic. That said, what I have found more disconcerting than the time being taken to update on the Rig, is the lack of any other media activity.

Overall, I am open to all possibilities, from positive Rig RNS, which remains my most likely outcome, to bad news on the Rig, or even something out of the blue that we have not even considered (a JV deal, or less happily, difficulties with the Tanzanian authorities).

Finally, please accept my apologies for the more personal comments. You are quite right, no need to get personal and that was a bit intemperate of me. Let's see what next week brings, if anything!

Aligator - in the 3 months since that LOI was signed, how many positive posts have you sent, as against the more doomsday and FUD posts about this Rig. You are not some kind of contrarian thinker, going against the masses here, but coming across as a blatant (and pretty amateurish) de-ramper. Most of us have seen right through your act and pretence.

I presented you with some facts, which you wilfully chose to ignore, namely, how on earth could they progress contract negotiations without the following:

1) Knowing how much funding they had.

2) Finalising their drilling programme and schedules, in accordance with 1 above.

3) Co-ordinating their respective drilling programmes and the sharing of the Rig between them.

4) Agreeing the terms around Rig retention.

Whilst a lot of the contractual terms will be industry standard (and even here, note we are dealing with a Tunisian operator, so what is industry standard for them?) a lot of the tailored and bespoke provisions will only have been possible once funding and drilling programmes had been finalised. There would, I am sure, have been some negotiating over the price as well.

It's ludicrous to suggest that much of the key terms will and could have been agreed before June. It is equally possible and likely that much of it could only have commenced once NHE had decided what they wanted to do in June.

And also, we are assuming its just the Rig contract that needs finalising before the RNS. What about things like repair, maintenance and inspection/testing re the Rig, import and export documentation, and even things like drilling permits etc from the Tanzanian authorities? Do we know for sure that its just the Rig contract? No we don't! All imo

Agree D2B and made the same point before - if resolvable within the Q3 timescale, then for a company that has a past of issuing bad Rig news, I can see why LB wouldn't want to start her reign by continuing this Rigmarole. And so if she thought she could execute a plan B within the Q3 timeline, but at the cost of delaying market updates, it is something she might have decided would be worth it in the end.

But it doesn't make it easier for us, with all these competing possibilities and speculation.