Member Info for Legalwolf

And others are burying their head in the sands and pretending everything is perfectly rosy, having not made any correct calls here in months. Just making it all up as they go along. This is going to happen, that is going to happen, blah blah blah. They wouldn't even call out a fire, even if they were burning in it.

I have NO idea if or when there will be a placing. I'm not saying it has or hasn't happened, or will or won't happen. The share price has had a sharp fall and people are speculating as to why that might be. Some have suggested manipulation, some have suggested a forward sold placing, some have said large seller(s). NONE of us know.

Usually, I would understand why talk of a placing would be seen negatively. I get that, and many people do use it to de-ramp a share but that is BEFORE the share price has fallen!

What I am saying is that because the share price has ALREADY fallen, if I was an ORCP shareholder, I would much rather it was because of a good reason (like the company getting a placing out of the way and raising cash for its next 6 months), than a bad reason (like manipulation, or some large shareholders have had enough).

Unfortunately, there are some folk who are so SIMPLE or blinkered that they can't actually see or think beyond the word "placing". It is a bad word and only bad can come of it. Can't see the bigger picture and realise the logic and sense in what I am saying. All imo and DYOR

If you think about it and the implications, wouldn't it actually be better, in the long run, if this fall has indeed been to do with a forward sold placing? At least it would be out of the way and you can look forward and you could understand the reason for the fall. Otherwise, if there is no share price moving news soon, then it will mean the next raise will have to be discounted from these levels, and I can't see how that is somehow better than having it already discounted from last week's 0.15p? That's how I would see it anyway. All imo and dyor

Do we know if NHE will be reporting a CPR for its targets?

LB said the COS has NOT changed from the previous CPR, so not sure how DM could have said 100%?

Let's hope so Tamer. Yes, I think he said we are fully funded for Hurricane drilling, but I'm not sure we have funds to drill Lolworth, albeit there are not plans to drill Lolworth this year by the sounds of it?

There's not much positive to say about that RNS. Looks to me like CB's ECR is no more, and the focus will now be on AH's ECR. I like his Queensland projects, but they've wasted all the cash on these Victoria duds - CresWick has to go into that category for now, simply on the basis that any nuggety gold there is just too elusive and hence to expensive to locate.

And so now it becomes an issue of the finances for me, and whether/what they have left in the tank to get drilling in Queensland? All imo and dyor

In this market, I would imagine that it would need one of the IPOs to announce something BIG (a JV with a major, or a discovery) for it to have any impact on POW? GMET is very early stage and not likely to have that kind of impact for a while yet.

The problem is, you can't actually rely on LSE to accurately tell you whether trades are buys or sells. Unless you have access to better data, all you can say is that the recent drop has been significant and on very high (relative) volume. From that, you can conclude that there has been much more selling than buying, in order to cause the drop? Now the drop itself might still be manipulated, co-ordinated, or just a large holder dumping, etc, but I can't see how the share price can drop 30% if the buying has been stronger than the selling? All imo and DYOR

To be fair, when do soil sampling results move a share price, regardless of whether it's from one of the IPO projects, or our own projects, and in these rubbish market conditions?

Starting to tick up with heavy volume already this morning and some very large buys coming in the 7s. One way or another, we now know from today's announcement (from NHE) that the waiting is now to be measured in days, and not weeks. News could land next week? All imo

They also said on 2 May that they would find out the identity during this current finalisation process. They have today said via ASX announcement that they are close to finalising the farmout, which wouldn't be the case if they still don't know the identity AND not knowing the identity is a deal breaker. On the contrary, they would have said that talks had broken down.

Do we really think NHE are stringing us all along here, as well as the ASX, HE1, SLB, other drill contractors, the Tanzanian authorities, and countless others? What would they gain from doing so, and what would be the point other than to harm their own reputations and trustworthiness? I believe their CEO is the largest shareholder and is going to be very rich, very soon (if he isn't already). All imo and DYOR

Well, when ECR results are delayed, you have to fear the worst. And this continues that pattern of foretelling. Does AH trust AJ to get it right in Queensland, because in any other junior explorer, AJ would probably have gone by now? His track record as the GEO of ECR is shocking. Maybe that's why CB decided property investment was better than relying on AJ's geological prowess.

Still we have another two bites of the cherry coming up, and the share price probably had priced in the failures in Victoria. Only way is up from here (hopefully). All imo

Who says Noble don’t know who their partner is? They will announce the identity when the process is complete in about a week or so. They can’t announce it part way through the process. All imo

Really good update that for us. The farmout IS progressing and must be progressing well if NHE are looking to conclude it within a week or so, which is also the original timescale they gave. Rig contract has been negotiated and is ready for signature. He1 to go first and still on for August. SLB to provide integrated services. Rig to be mobilised mid June. Great stuff. I wonder if we will get a similar update from He1 in the morning. GLA

KR - we know that Prime Energy are acting on behalf of a mystery bidder. That might or might not be a wealthy investor, but more likely to be a company or consortium. They do have a decent client list already, and might well have introduced NHE as an opportunity to them, given their own investment into NHE.

I would imagine that the main issue will be for Prime Energy to establish the mystery bidder's 'proof of funds' and then agree the transfer of those funds to NHE. I would like to think that some initial qualifying checks will have been done already on the 'proof of funds' before Prime Energy was chosen as the winning bid, otherwise it makes little sense to for NHE and its London advisers to have allowed them to win the bid in the first place. Unless it was the only bid!

Anyway, NHE have said they were looking to finalise this farmout in May, so not long left now for it to (hopefully) be concluded. All imo and DYOR

Prime Energy were still a holder as of September 2022, as they are listed at page 46 of the Annual Report issued on 29/09/22. That's the most recent top 20 shareholder list that I can find. All the presentations since then only list the largest 3 shareholders.

That's a really encouraging find if it is the same company? It means the 'preferred bidder/nominee' is actually already invested in NHE and will, therefore, likely have had a pre-existing relationship with the company? This would explain why they won the bidding process?

Because they have a 1% stake in the company, I don't think they would do anything to harm their own recent investment i.e. bid for the NHE farmout, and then not be able to deliver the goods, and in the process, prevent NHE from going with other credible bidders, and cause their own investment to crash. This might also explain why the Noble CEO has been very confident throughout this whole process, in that they might already have known from Prime Energy that there was strong interest from its client(s) base in NHE? All imo and DYOR

KR - if the farmout fails, then of course, so does He1's Plan A for Q3 drilling. We would then be reliant on Plan B, going it alone, but we don't know if He1 have a workable Plan B, or if going it alone is possible? So yes, I would agree with you on that one.

But the critical question is - why do you and others think NHE's farmout is going to fail? They made the announcement weeks ago, and so what has prompted the concern now, given that as recently as 18 May, the CEO was giving bullish interviews, and we have not had anything to the contrary from He1 either?

For those involved in the IPO and holding since then, they have had to wait a year for an opportunity to exit. For those involved in the placing, they have had to wait 6 months. 6 to 12 months is a very long time to be holding for those who were looking for quick profits. Therefore, it would not be surprising that they have taken the opportunity when it has finally presented itself. Indeed, the smart play would be to sell your placing shares into the rise to $0.25 and make a handsome profit on them. Then buy back at lower levels, when the price stabilises?

Either way, the selling in March/April is unlikely to be anything to do with the farmout. All imo and DYOR

Absolutely, IF GCAT actually does what it says it will do this time i.e. obtain the non dilutive financing AND return impressive gold production in successive quarters, then sentiment should start to return, and the buying should be strong enough to start absorbing all of the cheap shares. So the next 3-6 months will reveal whether this time its for real, or another false dawn.

I'll continue to monitor developments with close interest. Good luck to all here though, I hope it does actually deliver this time round (and might well look to join if I can see that point arriving on the horizon).