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I’d much rather that instead of rushing into an RNS or planning decisions Lorna takes her time to properly analyse the data she has and what has been learnt from the completed drills. There s probably various potential routes that she could take and interested 3rd parties and for once time is on her side with the prime drilling season a couple of months away and money in the bank. Patience is needed here.
Joe how expensive would the full well test be roughly. We raised the best part of £5million would that easily cover it. I guess a partner would require full testing prior to a JV or would a stem test suffice
I expect the lab results to be back within the next couple of weeks and be very similar to the results already announced but do we know if the flow testing is being run concurrently and if there is a timescale for results.
Back when Minchin was in charge I don’t remember this obsession with this morning or this afternoons share price. I suppose back then the majority of people posting on this board had been posting for many months and actually believed in the project. I couldn’t care less about todays share price there is obviously very big news to come over the next few weeks and months that will fundamentally affect the price for better or worse.
The posts feel very similar as during the Tai 1 drill with lots of hopeful predictions. Of a future selling price. After such a long depressing period of no rig a faulty rig fears of placing it’s actually quite refreshing. At the end of the day we re in such a better place than during the Tai 1 drill in terms of geological knowledge Also the ownership of the correct type of rig. With no more placing incoming times are definitely improving
I feel quite sorry for Lorna. Unlike others I don’t doubt her sincerity or honesty. I’m sure she s a very capable geologist. I don’t even think she s necessarily out of her depth as a CEO. But she s clearly been terribly advised in regard of financing and raising funds. Quite basic communication issues have led to massive dilution which I’m sure was not her intention. She is now trying to achieve a very difficult operation on a shoestring which will prove very risky. I hope she gets the breaks she ll need.
I d be very concerned to be borrowing money and using my months wages to average down here and that’s coming from someone who believes in the project. Many people advising here are seasoned traders which I doubt people averaging down significantly are. The thought of having 90% of my portfolio in any single AIM stock is brave but in an exploration stock based in Africa with a company constantly raising cash is as high risk as it comes. Diversification. That’s the safer way.
Thank goodness I resisted the temptation to average down and stuck to my golden rule of not investing more than 2.5% of my portfolio on any AIM stock. Still a painful lesson in dilution. No point in selling now so hoping for an itumbula miracle. . Not sure I’d trust this lot with more money but do suspect that someone will find commercial helium one day with deeper pockets than HE1
This isn’t incompetence and I suspect the BOD aren’t unduly concerned about the price decline. I’ve no idea why. If they were concerned they would have been tweeting images of the itumbula site, of the replacement roughneck, positive affirmations re the itumbula geology. But no effectively we need funding and silence. That doesn’t strike me as a BOD worrying about attracting funding.
Well I suppose that’s the thing with exploration stocks. things can change very quickly. Hit free gas at itumbula and the share price is totally different in minutes. It’s not like most other business even on AIM which can takes months and months of progress to move the price. It’s also the riskiest of course as we ve found out so far.
Who knows if they have already purchased the smaller diameter drill so they can drill to target depth at Tai 3. I’d have thought that if they are raising to drill itumbula it’s surely worth raising a relatively smaller additional amount to drill 100 m at a site where the vast majority of work is already complete. If they can’t find free gas at itumbula or 1600 odd m down at Tai 3 they probably would need to completely change their geological approach regardless of funds.
Well I suppose if minchin had never been replaced we d still be at 9p looking for a rig to rent. So Lornas biggest mistake might have been actually progressing to drill and apparently not finding commercial helium because if she had of course we d be in a totally different position. I do hope we can raise enough to drill itumbula which of course was originally the main target before tai 1 even and if she does manage that and comes up dry maybe it’s simply that drilling for helium isn’t a viable commercial proposition. So I remain hopeful but very aware that t itumbula is now more important than ever.
Historically there s a window of opportunity in January and February with the heaviest rain in April and May. Rig fixed December a lovely Christmas for Lorna and Co and then off we go early January. Back to Tai February.
It’s easy to be negative now. The rigs broken. The narrative will change when it’s fixed and drilling restarts whether that’s next week next month or next spring. It’s an exploration investment in deepest Africa. Is anyone really surprised this is problematic? When the drill restarts we re back to where we ve always been a potential massive upside with a load of risks.